When signing up with Anchor, verifying your business through Know Your Business (KYB) is essential for compliance with regulatory requirements.
This process involves two key steps: collecting business information and information about the people associated with the business, and verifying the accuracy of that information.
Usually, the details you provide upfront are enough to verify your account. However, for higher transaction volumes or additional regulatory checks, we may need more information to complete the process and confirm your identity.
We use Persona to securely collect and verify your information, ensuring everything meets international standards so payments can be processed smoothly. Learn more here.
What Information Is Required?
The KYB process involves two key parts:
1. Business Details
This includes key information needed to verify your business, such as your legal name, business address, Tax ID or EIN, business type, and proof of business registration.
Proof of business registration requires one of the following documents: a 147C or SS-4 form. To avoid any delays in the verification process:
Make sure the business name and EIN you enter in the Business Details screen match exactly as shown on the provided document.
Before uploading your document, first select the correct document type. For example, if you’re uploading an SS-4, be sure to select “SS-4” as the document type before proceeding.
If you’re a sole proprietor, you may alternatively upload one of the following: a business license, state registration certificate, Articles of Incorporation, or an IRS notice or letter referencing your sole proprietorship. Be sure to upload a clear photo where all information is visible.
As part of this process, you will also need to select your Merchant Category Code (MCC). This code classifies your business based on the products or services you provide and is used for processing credit card payments. Once assigned, your MCC will be stored in your Anchor account and referenced in tax-related documents, such as 1099-K forms.
2. Individuals Associated with the Business
We’ll also verify individuals who have significant control or ownership of the business. This includes collecting their full legal name, date of birth, and contact information.
• U.S. individuals are required to provide a Social Security Number (SSN)
• Non-U.S. individuals must provide a passport number
All individuals must also upload a clear image of a government-issued ID, such as a passport or driver’s license.
If there are additional owners with more than 25% ownership, they will also need to provide the same information and documentation.
Important: If the KYB process isn’t completed, transactions might be delayed. Completing it quickly ensures uninterrupted use of the platform.
State and Territory Limitations
Currently, Anchor does not support KYB validation for the following US states and territories: American Samoa (AS), Micronesia (FM), Guam (GU), Marshall Islands (MH), Northern Mariana Islands (MP), Palau (PW), United States Minor Outlying Islands (UM), and Virgin Islands (VI). Businesses registered in these regions will not be able to complete the KYB process.
FAQs
What proof of registration documents are required?
What proof of registration documents are required?
Only one proof of registration document is needed. Acceptable documents include either an SS-4 or 147C form.
I have an EIN but I’m missing the required documents. What can I do?
I have an EIN but I’m missing the required documents. What can I do?
You can request a Letter 147C by calling the IRS Business & Specialty Tax Line toll-free at 1-800-829-4933.
I'm a sole proprietor and don’t have an EIN just yet—can I use an SSN instead?
I'm a sole proprietor and don’t have an EIN just yet—can I use an SSN instead?
Yes. Simply select sole proprietor under Business Type to enter SSN.
Do I have to provide my full SSN to verify my identity on Anchor?
Do I have to provide my full SSN to verify my identity on Anchor?
To comply with U.S. financial regulations, our payment processors require a full SSN for identity verification. This is a standard industry requirement to ensure compliance, prevent fraud, and facilitate secure payment processing.
While verification methods may vary in certain cases, providing a full SSN is mandatory to keep your account in good standing and allow payments to process without disruption. Since this requirement is set by the payment processors, we are unable to override it.
What should I check if my document upload fails?
What should I check if my document upload fails?
Ensure the business name and EIN on the document match the details you’ve entered in the system.
Upload a clear copy of an IRS-issued document (e.g., SS-4 or 147C).
Verify that all required fields are filled out before attempting to upload the document again.
What should I do if my business is a DBA and I don’t have the required documents?
What should I do if my business is a DBA and I don’t have the required documents?
A DBA (Doing Business As) lets you operate under a different name, but your business information must still match what’s on record with the IRS.
In the first step of the KYB process, you can enter your DBA name (e.g., Books & Keeper). For the rest, use your legal business name (e.g., Dani Amitay Books & Keeper LLC) as it’s registered with the IRS. Make sure to enter all other business details as recorded by the IRS.
If you have an EIN, you can request a 147C or SS-4 form. If you don’t have these documents, call the IRS Business & Specialty Tax Line toll-free at 1-800-829-4933 to request a Letter 147C.
What if I don’t have a website?
What if I don’t have a website?
If you don’t have a business page, you can provide a social media profile instead - just include the full URL where you promote your business. This can be a Facebook Page or a LinkedIn Page for your business.
If you don’t have a business page, you can also use your personal Facebook or LinkedIn profile (e.g., https://www.facebook.com/firstname.lastname/ or https://www.linkedin.com/in/yourname/).