Due to The U.S. Patriot Act's "Know Your Customer" (KYC) checks, payment processing companies are subject to strict regulations regarding the verification of individuals and companies making and accepting payments online. The primary reason for this is to ensure individuals representing businesses on Storefront are not on a "Prohibited Persons" list. This is so we can collectively combat crimes related to money-laundering, terrorism, and other terrible things.
Storefront does not require all of your personal information upfront, however, per these regulations, accounts are frequently reviewed by our Stripe, our payment processing company, by random selection, when there is frequent payment activity, or when large transactions take place. Therefore, if you've already accepted bookings and payment on Storefront, you may still be subject to new information requirements.
Much like other marketplace platforms (Airbnb, Indiegogo, etc.) the additional pieces of information that may be required are:
- Last 4 of your Social Security Number
- Full Social Security Number
- Personal Mailing Address
- Copy of your Photo ID
- Company EIN
Anytime you provide this information directly in your Storefront account, it is securely sent to Stripe and used purely for verification purposes.