Why Some Personal Information is Required to Open a Merchant Account
According to the 2001 U.S. Patriot Act, providing your social security number and home address is required when opening a merchant services account. It helps ensure identities are protected and protects against illicit activities.
In today’s world, being able to accept credit cards is a vital part of any business. In order to do so, you would need to open a merchant services account. Once you decide which provider you would like to do business with, there will be an application process. The application will ask for to fill out some personal information, such as your social security number and home address.
Why is Providing my Social Security Number Required?
The simple fact is that providing your social security number when applying for a merchant services account is required because it verifies and protect identities. Requiring this information falls under