Stripe, our credit card payment processor, aids in the dispersion of funds to you. Stripe can verify the identity of a business with an EIN number, however they must also verify the identity of the individual representing the business. 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. Stripe first attempts to verify you off of the minimum requested information:
- Legal Name
- DOB
- Personal mailing address
- Last 4 of your Social Security Number
Note: Stripe may ask for your full SSN. Why?
These requirements are primarily so the U.S. Government can ensure that money is not being transferred to individuals or individuals representing a business who are on a “Prohibited Persons” list.