This article details all the required information needed by Veem to send Claimless Payments.
Claimless Payments allows funds to be automatically deposited into a first-time Payees bank account and they are not required to sign up for a Veem account to accept the payment. Since Payees (recipient, vendor, supplier, receiver, etc.) don't need to have an account, Veem requires more information upfront in order to verify who the recipient is, and basic details so we can deposit the funds to their account.
The required information is broken up into three sections:
- Contact Details
- Contact Business Details
- Contact Bank Details
ALL INFORMATION IN THESE SECTIONS ARE REQUIRED FOR A PAYMENT TO BE SENT CLAIMLESSLY.
Let's break down each section.
1. Contact Details
2. Contact Business Details
There are a few key details with this section depending on the type of business your contact is.
If your contact is a:
- Corporation, LLC, Non-Profit, or Partnership, it will ask you for their TIN/EIN.
- Contractor or Sole Proprietorship, it will ask you for the last four digits of their Social Security Number
Note: If you do not know the companies TIN/EIN, please fill the space using "0000". This will allow Veem to still send the payment claimlessly.
In addition, the business name needs to match the bank account Veem will be sending the money to.
- If you're sending money to a Corporation or LLC, the business name should be the name of their business.
- If you're sending money to a Contractor or Sole Proprietorship, the business name should be the contact's legal name.
3. Contact Bank Details
Once you've filled in all required information for your contact and added them to your network, you're now ready to send Claimless Payments to your recipients.
Still need help? You can chat or call our Customer Success team here.