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Concern about Stripe update stuck in pending in Simple Practice and a deadline approaching on April 16, 2024

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2 comments

  • AUTUMN RICHARDSON

    I am having this same issue and also concerns re: why my personal SSN was required for my business - this is quite irregular.

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  • Sara Zingsheim

    I looked into the reason behind them (Stripe) needing the full SS number and found this on "Stripe Support":

    Why does Stripe ask for the business representative’s/owner(s) full 9 digit SSN/ITIN at $500K of lifetime payment volume for the account?

    • If your business representative, who is also an account owner, has only provided the last 4 of your SSN/ITIN at onboarding, they will be required to provide their full 9 digit SSN/ITIN at $500K of the account’s lifetime payment volume to confirm we have the correct SSN/ITIN on file.
    • All listed owners of the Stripe account will need to provide their full 9 digit SSN/ITIN at $500K of the account’s lifetime payment volume to confirm we have the correct SSN/ITIN on file.

    I did some digging, and also found this in Stripe's Privacy Policy:

    As a current or potential Business User, an owner of a Business User, or a shareholder, officer, or director of a Business User, we need your contact details, such as name, postal address, telephone number, and email address, to fulfill our Financial Partner and regulatory requirements, verify your identity, and prevent fraudulent activities and harm to the Stripe platform. We collect your Personal Data, such as ownership interest in the Business User, date of birth, government-issued identity documents, and associated identifiers, as well as any history of fraud or misuse, directly from you and/or from third parties such as credit bureaus and via the Services we provide. 

    And also this: Compliance with Legal Obligations. We use Personal Data to meet our contractual and legal obligations related to anti-money laundering, Know-Your-Customer ("KYC") laws, anti-terrorism activities, safeguarding vulnerable customers, export control, and prohibition of doing business with restricted persons or in certain business fields, among other legal obligations. For example, we may monitor transaction patterns and other online signals and use those insights to identify fraud, money laundering, and other harmful activity that could affect Stripe, our Financial Partners, End Users, our Business Users and others. It looks like 

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