Stripe, our credit card processor, can verify the identity of a business with an EIN number, however they must also verify the identity of the individual representing the business. This happens in a few different ways, and sometimes calls for a user’s full Social Security Number. The primary reason Stripe might ask for your full SSN is because something mismatched a government record and Stripe needs to verify that you are not on a “Prohibited Persons” list per the The U.S. Patriot Act.
Once an information mismatch occurs and a new piece of information is required (e.g. Full SSN), it cannot be reversed. All payments are halted until all new information requirements are met.
This may happen even if you’ve provided your company’s EIN or retroactively added other pieces of information.
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I've already been doing business with Storefront.
When would there be a mismatch of information?
In many cases, a mismatch initially occurs because the last 4 digits of your SSN are not accurate, or because the address added under “Legal Representative Information” on your account does not match the address on your IRS filings. As a Legal Representative of the business, you must provide your personal mailing address so Stripe can verify that you are not on a “Prohibited Persons” list.
To avoid mismatches of information you can update your account details, personal address, etc. in your Storefront account.
There, you can add your personal mailing address. If the address populated here is the same as the company address, or does not match what the IRS has on file for you, it will trigger more information requirements that cannot be reversed. In many cases, the additional information needed is your full Social Security Number or a copy of your Photo ID. Stripe determines which piece of information it requires per U.S. law. If you already provided your company’s EIN number, it may still require your personal mailing address under The Patriot Act’s “Know Your Customer” checks.
Stripe, our credit card payment processor, aids in the dispersion of funds to you. Similar to any organization that sends funds to individuals, businesses, etc., Stripe is required to follow the The Patriot Act’s “Know Your Customer” (or KYC) checks to collect information about individuals & companies. To enable these checks, Stripe needs to gather certain information so they can verify your identity. This is all to ensure that our users are not on a “Prohibited Persons” list so we can fight things like money-laundering, terrorism, and other terrible things.