Scale Confidently with Automated Compliance Solutions
Payment processors and gig economy platforms face unique challenges in managing thousands of payment recipients while maintaining regulatory compliance. TINCheck provides robust identity verification to reduce risk and ensure accurate reporting.
Why Payment Processors & Gig Economy Companies Choose TINCheck
Streamline Form 1099-K Compliance
Verify tax identities before processing payments to reduce filing errors and penalties.
Prevent Identity
Fraud
Validate contractor and marketplace seller identities against government records to protect your platform.
Reduce Backup Withholding
Minimize the need for 24% backup withholding by ensuring accurate TIN/Name combinations upfront.
Enhance AML/KYC Programs
Screen payment recipients against OFAC and other watchlists to maintain regulatory compliance.
TINCheck Solutions for Payment Processors & Gig Economy
TINCheck Bulk
Process high volumes of contractor, merchant, or seller verifications simultaneously to support platform scalability.
TINCheck Real-Time
Verify identities instantly during onboarding to create a smooth user experience while maintaining compliance.
TINCheck API
Seamlessly integrate tax identity verification into your payment platform or marketplace for automatic compliance at scale.
Industry-Specific Applications
- Payment Platforms
- Rideshare & Delivery Services
- Freelance Marketplaces
- E-commerce Platforms
- + More
Scale your platform confidently, reduce compliance risks, and create a seamless user experience with TINCheck’s comprehensive identity verification solutions.
Frequently Asked Questions
FAQs
How do the new 1099-K thresholds affect payment processors’ tax identity verification requirements?
With the reduced 1099-K reporting threshold of $2,500 for 2025 reporting and eventually $600 threshold for 2026 reporting (down from the original $20,000 & 200 transaction threshold), payment processors now need to verify significantly more tax identities. TINCheck helps you scale your verification process efficiently, handling the increased volume while maintaining compliance with these expanded requirements.
What happens if our payment platform can’t obtain a correct TIN from a seller or service provider?
If you cannot obtain a correct TIN, the IRS requires backup withholding at the current rate of 24% on payments. TINCheck helps prevent this scenario by validating TINs in real-time during onboarding and identifying discrepancies immediately, allowing you to collect correct information before processing payments.
How quickly can TINCheck validate identities during our user onboarding process?
TINCheck’s Real-Time verification provides instant results during user onboarding, typically returning verification status in less than 1 second. This speed ensures your user experience remains smooth while still meeting compliance requirements for identity verification before processing payments.
How does TINCheck’s API handle high transaction volumes during peak registration periods?
TINCheck’s API is designed for enterprise-level scalability, capable of handling millions of verification requests daily. Our system can manage peak onboarding periods common in gig economy platforms, ensuring consistent performance regardless of volume.