Why do we need to provide a completed W9?
Learn why a completed Form W-9 is necessary for processing gift card transactions. This guide explains the standard KYC compliance requirements and what the form is used for.
To process certain transactions, such as issuing gift cards, we are required by federal law to collect a completed Form W-9, "Request for Taxpayer Identification Number and Certification," from our clients. This is a standard procedure to ensure compliance with U.S. financial regulations.
Why is This Form Necessary?
Under U.S. law, issuing gift cards is treated as a monetary transaction. To comply with federal Know Your Customer (KYC) guidelines, which are designed to prevent financial fraud, we must collect and verify certain information from the party receiving the funds. The Form W-9 is the official IRS document used for this purpose.
What is a Form W-9?
The Form W-9 is a widely used tax document that simply confirms your taxpayer identification information. It is used to collect the following essential details:
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Your full name or business name
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Your current mailing address
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Your Taxpayer Identification Number (TIN), which is either a Social Security Number (SSN) for individuals or an Employer Identification Number (EIN) for businesses.
This form does not report income or create a tax liability on its own; it only serves to certify your identity for our records.
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