New on LowEndTalk? Please Register and read our Community Rules.
All new Registrations are manually reviewed and approved, so a short delay after registration may occur before your account becomes active.
All new Registrations are manually reviewed and approved, so a short delay after registration may occur before your account becomes active.
Comments
Well,
if you are operating and accepting payments as a business, there should not be a problem giving them business identity proof. EIN is required by gateways that enable you to SEND money (Payoneer, TransferWise).
But I do agree, giving a copy of SSN is way over what anyone would be willing to give.
For me SSN is basically my business registration ID. But asking for a copy of the social security card is a bit less orthodox. That's the line I'm not willing to cross.
If you are a real business it should not take more than a few min to get them the docs they ask for. For a corp you would send in a copy of your corp filling, your EIN and a proof of good standing with the tax office and you should be good to go
i dont have any issue witg them, they just request submit business cert, business owner proof and business address proof.
Though their system does not work very well with those who pay a low transaction fee (possibly due to their anti-double spend mechanism with coinbase). We eventually switched back to BitPay because of this.
Alexander
Why would they want your passport?
Giving them the needed documents from your registered business should be enough since the gov already verified you.
Not to mention that it's illegal in some countries to ask for a digital copy of your passport.
Have any US businesses been asked for this information yet? I believe we volunteered our EIN when we registered a long time ago but we were never asked for anything specifically.
I've not been asked for it.
We have left Bitpay as the result of a lots of verification in a couple of month. And we dont use the outpayment to FIA Currency. They only forward in our case from one Hand to an another Hand and for such simple cases, verification is not appropriate. We use now an another Crypty PSP, wich supports also more than one Cryptcurrency
Damn your right, after 6 years I am still only pretending to be real.
Its not the requirement, its the 5 business days notice, I already have the option to take BTC (a very small percentage of revenue anyway) through other means, I am in the process of moving, I don't keep those things stored digitally for obvious reasons and I am doing about 14 hours per day already due to some migration work.
If your a real business you don't give another business customer who has been with you 2+ years and has already verified once before 5 days notice to verify 'again' on threat of termination of the account.
Some pretty stupid comments in here, I will just assume they are skim reading and brain farting in to the thread.
Maybe its just me, but the photo id seems a bit too much.
Asking for the business docs is fine, and I actually think it's desirable.
Don't give out your SSN. You can and should get an EIN even as a sole proprietorship. They're free, instantly issued online, and you get a PDF letter to give as documentation.
It's not quite that easy/instant in my position but eventually I will. As of right now I assume all tax/legal liability directly.
That's what a sole proprietorship is. I'm not talking about incorporating or registering your business. Neither of those are necessary to obtain an EIN.
I've been on paperless billing for everything and keep all important docs in PDF form on cloud, so it wouldn't have taken more than 10 minutes to prepare and send.
Good to be in 2016.
That's fine, and that is your choice, I chose not to keep a combination everything that someone needs to steal my business identity online, mainly in part because I have to regularly deal with people who have stolen others peoples identity and validation details who chose to do what you do.
Again, if you think 5 business days is enough notice, good for you, not everyone agrees so I suppose the OP serves as a warning for those who agree, for those that don't, no problem just another copy of everything someone needs to take out a 10k credit line in your name floating around online without you knowing.
Keeping things offline is just as dangerous anyway. What if someone breaks in?
Works both ways. I've had this way for about 8 years now. I have my own security practices.
I move on with time.
Ok then.
CoinPayments is literally a huge pain in the butt. I was with a provider who used CoinPayments (can't remember the name right now) and it took over 12 hours for it to verify everything (even though more than 6 confirmations had occured).
I've really loved the payment gateway SpartanHost uses, very quick and nice UI too. I think it's called Coinify (https://www.coinify.com/).
That's not even a remotely accurate analogy. Online attacks are scalable, offline attacks generally are not.
I knew continuing the discussion at that stage was pointless
the chances of anyone physically breaking in specifically to steal my identity and be presented with the option of trying to get down the stairs with 80KG filing cabinet(s) or spending 4 hours sifting through everything while in the premises are essentially near enough zero.
He who comes with an army probably deserves to get what they want anyway. At least that's what people will say. We know which ones will write the history book
5 days isn't too bad.
In Canada, I got a 7 day notice for reporting rent receipts for tax break from Government on Friday. I sent the whole thing back in an hour. If I fail to prove that I did have a rental unit, they'd reverse tax break I got which was 2 grand.
You don't have a standard financial/tax reporting year end in Canada? odd
If there's an army coming for you, chances are that the only security metric that still matters is "how many heads is yours?"
I do but they pick random people who are renting houses and demand proof additionally to burst tax scams.
I got two of those notices so far. The first one had harsh languages and demanded proof in 7 days pronto.
Some years later, I got a second one with kinder langauge and gave me 14 days notice.
Never saw that. Federal or provincial?
Federal, I suppose. It was from Canada revenue agency.
I use online wallet and i don"t have a problem.
You disgust me.