For companies with many vendors, collecting and manually entering W-9 data is an error-prone and costly business process. Why spend 10 minutes entering data for each W-9, when you can automatically capture the data in seconds, with greater accuracy than humans can achieve? What is the cost to your business if W-9 or other tax form information is manually entered incorrectly?
The Veryfi Intelligent Document Processing platform uses Artificial Intelligence (AI) to capture, extract, and transform W-9 forms into structured data. Our customers save from 10 to 30 minutes per document that they previously entered manually, which adds up to massive efficiency gains with improved accuracy.
Additionally, unlike alternate solutions, the Veryfi AI-powered OCR platform doesn’t use templates or humans-in-the-loop. After years of training, our platform has learned how to automatically “understand” common business documents and extract their data.
What is a W-9 Form?
Form W-9, Request for Taxpayer Identification Number and Certification, is a form used to provide a vendor or other recipient information. The form is kept on file until the need to provide (typically) a summary of payment for services exceeding the threshold of $600, requiring the recipient of said services to provide the vendor with Form 1099.
A W-9 form is used for Real Estate Transactions, Mortgage Interest, Contributions to IRA, or income paid to a vendor or service provider.
Form W-9, although an Internal Revenue Service (IRS) form, is not actually sent to the IRS and is used only to provide a Taxpayer Identification Number (Social Security Number for an individual, or EIN for a corporate entity).
A special usage will be if a vendor is subject to ‘Backup Withholding’, a flat rate of 24%, which must be indicated on their W-9 form.
What data fields are in W-9 forms?
Form W-9 fields are fairly straightforward:
- Legal Name
- Doing Business As,
- Incorporation classification (Individual, C corporation, S corporation, Partnership, Trust, LLC, or Other)
- Address
- TIN
- Date
The above are also followed by a signature on the document.
The Veryfi W-9 data extraction model is pre-trained to instantly capture, extract, and transform those W-9 fields into structured data that you can utilize in your HR, AP, Tax, and Payroll applications.
Why Veryfi W-9 Data Extraction?
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Zero humans in the loop
No humans. Zero. With W-9 forms we’re dealing with PII data, after all, and using humans rather than machines is not only less secure but also breaches trust with your customers.
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Process W-9 in 3 seconds
Crazy fast W-9 processing. Your customers will thank you for providing a superior and delightful product experience.
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#1 in Customer Support
The Veryfi customer success team will help you onboard and get up and running in hours vs days. Multiple support options are available: Email, Private Slack channel, and SLA plans.
