What’s changing in the verification process in 2024, and why am I requested to submit additional information?
Zoho Payments regularly reviews your account details to ensure compliance and may request additional information to verify any updates you’ve made to your business or user details.
In addition to this, accounts that were onboarded to Zoho Payments before February 2024 would’ve received a notification requesting more information for verification. Though this could seem repetitive, please note that this information is necessary to stay in line with our processor’s requirements, enhance the platform’s security, and meet regulatory changes.
Insight: If you’ve created an account after February 2024, these details are already requested as part of your onboarding process.
You may receive a request to update the following fields if they do not meet the requirements mentioned below:
Business Profile
| Field | Updated Requirements |
|---|---|
| Business Description | - The description should have more than 10 characters explaining what your business does. - The description should have actual details of the business and cannot contain just the website URL. |
| Business Website | - Your website should include service details, policies for returns, refunds, disputes, promotion terms, and security and privacy policy for card and customer details. - If you do not have a business website, you can provide your social media page’s URL and add more details in the Business Description section. |
| Business Address | - Sole Proprietors and Single Member LLCs must provide a business address. This can even be your residential address if you operate from the same. |
| Taxpayer Identification Number (TIN) | - Your TIN will be verified when your business’s transaction volume exceeds $600, or within 30 days from the first payment, whichever comes first. |
Business Representatives and Owners
| Field | Updated Requirements |
|---|---|
| Date of Birth | - If your business representative is around 13-18 years old, contact support with the details of their legal guardian to consent to the Terms of Service of Zoho Payments. |
| Residential Address | - Sole Proprietors and Single Member LLCs operating from the residential address must ensure that the business and residential address are the same. |
| Social Security Number (SSN) | - Full SSN of the business representatives and owners if the SSN cannot be verified with the last 4 digits. If you do not have an SSN, enter your full ITIN (Individual Taxpayer Identification Number). - Business representative’s full SSN will be verified when your business’s transaction volume exceeds $500K and there are no business owners. |
Branding and Public Information
| Field | Updated Requirements |
|---|---|
| Statement Descriptor | - Your descriptor must match your Legal Business Name, Doing Business As, or Website Domain name. This allows customers to identify transactions with your business and reduce any disputes. |
Note: Requirements for onboarding change over time based on processor and payment compliance standards, and you might be requested to update them accordingly.
Warning: We recommend updating the required details at the earliest, as payments and payouts will be restricted for accounts if you do not submit the required information for verification.
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