PaymentWorks verifies your business identity using several factors, including a match between your business’ legal name and Tax Identification Number (TIN) with the United States Internal Revenue Service (IRS).
If your business legal name changes, follow these steps to update your new legal name for all of your connected customers:
Step 1: Update Your Business Registration with the IRS
Before making changes in PaymentWorks, you’ll need to update your business registration with the IRS to reflect your new legal name. Once this is complete, request documentation from the IRS that confirms the change.
Step 2: Log In to PaymentWorks and Update Your Company Profile
After updating your business registration with the IRS:
- Log in to your PaymentWorks account.
- Click on the My Payee Profile in the side navigation menu on the left.
- Navigate to the Legal Entity Information section.
- Click View or Edit Details.
Important Note on Tax ID Changes
If your legal name change includes a Tax Identification Number (TIN) update, we strongly recommend reaching out to your customer to start a new registration in PaymentWorks. This approach ensures your customer has accurate, up-to-date information and avoids potential complications from extensive edits to your existing company profile.
Important Note on Updates
When your legal name is updated, PaymentWorks automatically sends an update to your connected customers.
Additional Resources
For more detailed instructions on updating your business name with the IRS, visit the IRS website: IRS Business Name Change Instruction