Why is it necessary to provide my Employer Identification Number (EIN)?
The EIN is a unique 9-digit identifier assigned by the IRS to businesses operating in the United States.
During onboarding, Zoho Payments requires you to provide your EIN to verify that your business is legitimate, registered with the IRS, and to help us comply with federal regulations.
Insight: This applies to all business types except Individual. Single-member LLCs and Sole Proprietorships can submit a Social Security Number (SSN) instead of an EIN if you use it for tax purposes.
If your business has recently registered its EIN, it may take up to 60 days to be updated in the IRS portal. During this time, or if Zoho Payments cannot verify your account through the portal, you will be required to submit your IRS SS-4 Confirmation Letter or 147C Letter.
