All new customers to Blue Sombrero are required to enter their EIN in the payment settings before processing registration. If you have built out the program, you will be prevented from entering a division price until this has been done.
Once you have identified the EIN, you will want to go to Common>>Payment Settings to enter this information, along with the rest of your banking information. Listed below are some common questions surrounding this new change.
Please note that you will not be able to process registrations with a credit card unless your EIN has been added to the payment settings.
Q: What is an Employer ID Number (EIN)?
A: Also known as the Federal Employer Identification Number (FEIN) or the Federal Tax Identification Number, the EIN is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for the purposes of identification.
Q: Why does Blue Sombrero require an EIN?
A: US Bank’s have recently been provided a new set of compliance guidelines by the Office of Foreign Assets Control (OFAC) which are in turn being pushed down to the bank’s customers. In order to remain compliant with the new regulations Blue Sombrero must provide certifiable data to our merchant bank for all customers with whom we act as their merchant. The EIN is the most commonly used data which can be easily checked to confirm that our customers are who we say they are.
Q: What if I don’t have an EIN?
A: If you do not have an EIN there are a variety of ways that you may apply. You can apply online and receive your EIN immediately. If you prefer not to file online then you can also submit form IRS SS-4 via the mail (4-5 week response time) or fax (1-2 week response time)
Q: What if I previously had an EIN but I don’t remember it?
A: If your organization previously applied for an EIN but has misplaced it or lost record of it we suggest the following steps:
- Often times an EIN is used to open a bank account or apply for a state or local license for your business. You can contact your bank or agency to secure the EIN used during your application.
- Your EIN will be stated on a previously filed tax return for your existing organization.
- You can contact the IRS for help determining your EIN. The Business and Specialty Tax Line, 1-800-829-4933 is available from 7:00 am - 7:00 pm, Monday - Friday.c