Add Tax Information

Tax information allows us to create a separate, secure bank account (called an FBO account) to safely hold your group’s health plan funds, including monthly premiums and claims funding.

Why is tax information required?

Our portal uses Stripe Connect (custom accounts) to enable group banking features such as ACH payments, FBO/treasury accounts, and card issuing.

An FBO (“For Benefit Of”) account allows a payment platform to hold and manage funds on your organization’s behalf. FBO accounts ensure that your funds are:

• Fully separated from the administrator’s operating funds
• Protected and traceable in compliance with financial regulations

Stripe is a regulated payments provider and is legally required to verify each business through KYC/KYB (Know Your Customer / Know Your Business) before activating these services. Due to that requirement, we collect tax information on each group.

What tax information is required?

To set up your FBO, we request basic tax and personnel information.

Business information

• Legal Business Name
  Your official, registered business name (not a DBA).
• Business Structures
  For example: LLC, S-Corporation, C-Corporation, Nonprofit, Sole Proprietorship, etc.
• Industry (SIC Code)
  This helps Stripe understand your primary business activity. To find your SIC code:
  1. Visit a search tool such as NAICS Association or SICCODE.com
  2. Enter keywords describing your main business (e.g., “software development,” “manufacturing,” “retail”)
  3. Select the 4-digit SIC code that best reflects your primary revenue-generating activity
• Estimated Number of Employees
• Fiscal Year End Date
• Annual Revenue
  Selected from a dropdown range (e.g., under $1M up to $1B+). This is required for Stripe’s KYC and AML (anti–money laundering) compliance.

Tax & Personnel Information

• Employer Identification Number (EIN)
  Please ensure the EIN entered in the personnel section is accurate and matches your legal business name exactly.

  Stripe verifies your legal name and EIN directly against IRS records. Mismatches will cause Stripe to flag or reject the account, which can delay onboarding.

Terms & Agreements

Stripe requires explicit acceptance of the following agreements:

• Stripe Services Agreement
• Treasury Terms
• Connected Account Agreement
• Issuing Terms

Acceptance is recorded with an IP address and timestamp and securely transmitted to Stripe to meet regulatory requirements.