Why do you need my Tax ID Number?

The Tax Identification Number is required

As part of our legal responsibility to ensure that all electronic payments can correctly be traced to a real company and real people, Dharma is required to collect the Tax Identification Number for every new account.

For most businesses, this is your Employer Identification Number as issued by the IRS; in the case of a Sole Proprietor business, this may be your personal Social Security Number if you don’t have an EIN. Providing this number is mandatory for all new accounts.

What happens if I make a mistake?

As part of our due diligence for new accounts, the TIN will be checked against IRS records. If there is a mismatch for any reason – you made an error in the number you gave us, or the business name you have on file with the IRS is different than what you gave Dharma – you will get a TIN Mismatch.

You will be notified of the TIN Mismatch when you next login to MX Merchant. If you are notified of a TIN Mismatch, you will have a chance to cure the problem by providing your IRS EIN Letter (Form SS-4 or its IRS-issued replacement, Form 147C), or for a Sole Proprietor, your SSN Card, to Dharma Support.

Please Note: It typically takes four to eight weeks for the initial investigation into the TIN to be completed, so don’t fret if MX Merchant doesn’t show your TIN status right after account approval.

What happens if I don’t cure the mismatch?

If you have an ongoing TIN Mismatch, and are unable to cure it by providing the appropriate documentation, you will be charged a TIN Mismatch Fee of $49 / month until the mismatch is cured.

Please note: In addition to the ongoing fee, failure to cure a TIN Mismatch may result in your account being closed permanently by the processor.