Invalid Tax ID and Legal Name Combinations
Forte merchant accounts are typically enabled to begin processing payments within 48 hours of being established. Merchant accounts with an invalid Tax ID and Legal Name combination will have funds held until resolved. After 30 days, accounts that remain unverified will have their transaction processing capabilities disabled. Merchant accounts unverified after 60 days will be closed due to lack of compliance and funds will be handled in compliance with state laws, which may include escheatment to your state for disbursement.
How to Correct Invalid Tax IDs and/or Legal Name
If we are unable to verify a merchant’s Tax ID and Legal name during the application process the account will be flagged for review by Risk Management Department. Merchants will initially be notified via their Dex invite that action is required to correct the invalid Tax ID and Legal Name combination. Additional communication may follow from our Risk Team.
Step 1: Review for Accuracy
To ensure that Tax ID and Legal Name can be validated please check the following before submitting to our Risk Team:
- Confirm the full legal name provided is listed exactly as it was registered with the IRS. Abbreviations of “Company to Co.” may cause a mismatch.
- Ensure there are no typos
- Confirm that Tax ID digits are accurate as listed in your IRS documents
Step 2: Submit for Review
- Email the correct Tax ID and Legal Name, along with your forte Location ID to email@example.com.
- Check your email for any follow up correspondence from our Risk Team
Step 3: Verification Status
A member of our Risk Team will review your request, typically within 3-5 days of receipt, to validate your Tax ID and Legal Name.
- Verified Tax ID and Legal Name
- Once your account has been reviewed and validated your funding hold will be removed and funds released within 3-5 business days, if there are no other risk factors identified.
- If there are additional risk factors, you will be contacted by a member of the Risk Team who may request additional information to remove the hold.
- If your legal name changes outside of grammatical and abbreviation corrections you may need to complete a new application in order to continue processing with Forte. Our Risk Management team will provide additional details should that occur.
- Unverified Tax ID and Legal Name
- If we are unable to validate your Tax ID and legal name, your funds will continue to be held and a Risk Analysts will contact you to request valid information.
Please see the below timeline for additional details related to invalid tax ID and legal name combinations
Unverified Tax ID and Legal Name Timeline
- Day 1 - 2:
- Merchant Account Created
- Processing Capability Enabled
- Merchant notified about Invalid Tax ID and Legal Name Combination
- Funds held
- Day 2 - 29:
- Forte makes multiple attempts to contact merchant to verify invalid information
- Day 30:
- Unverified accounts have processing capabilities disabled
- Funds continue to be held until account is verified
- Day 30 – 59
- Forte makes additional attempts to contact merchant for verification
- Day 60:
- Merchant account is closed due to lack of compliance