New Vendor Setup Form Template
Onboard new vendors efficiently with a comprehensive form that captures tax information, banking details, and compliance documentation.
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What is a New Vendor Setup Form?
A new vendor setup form collects all information needed to establish a vendor in your payment system. It includes legal details, tax forms, and banking information for payments.
Proper vendor setup prevents payment delays and compliance issues. Tax forms (W-9) are required for 1099 reporting. Banking details enable efficient payment processing.
Vendor verification protects against fraud. Confirming business legitimacy and verifying banking information prevents misdirected payments.
Key Features
Legal Information
Business name, address, entity type
Tax Documentation
W-9, tax ID for compliance
Banking Details
Account and routing for payments
Contact Information
Primary contact and AP contact
Payment Preferences
Check, ACH, wire preferences
Document Upload
W-9, insurance, certifications
Why Use This Template?
Faster Onboarding
Complete info enables quick setup
Tax Compliance
W-9 collection for 1099 reporting
Payment Accuracy
Verified banking prevents errors
Fraud Prevention
Verification protects against scams
What's Included in This Template
Legal Business Name
textOfficial name for payments and tax
Business Address
textareaAddress for 1099 and correspondence
Tax ID / EIN
textRequired for tax reporting
W-9 Form
fileTax certification document
Bank Name
textFinancial institution for payments
Routing Number
textBank routing for ACH payments
Account Number
textAccount for payment deposit
Payment Method
selectCheck, ACH, or wire preference
Perfect For
New Suppliers
Onboarding new product suppliers
Service Providers
Adding professional service vendors
Contractors
Setting up independent contractors
Partner Companies
Establishing business partnerships
Frequently Asked Questions
Is W-9 required for all vendors?
Required for US vendors receiving $600+ annually. Corporations are exempt from 1099 but W-9 still recommended. International vendors need W-8BEN.
How do I verify banking information?
Send small test payment and verify receipt. Callback to verify changes. Use bank verification services. Never accept banking changes via email without verification.
What payment methods should I offer?
ACH is cheapest for recurring. Check for occasional. Wire for large or international. Credit card for suppliers who accept. Match to vendor preference and your costs.
How do I handle international vendors?
Require W-8BEN instead of W-9. Collect SWIFT/IBAN for wire. Consider currency. Withholding requirements vary by treaty. Consult tax advisor.
How often should vendor info be updated?
Request updated W-9 annually. Verify banking annually or when changes. Update contacts as needed. Review inactive vendors for removal.
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