Social Security Number
Why do we need this information?
By federal law, we are required to verify the controller’s identity using the Social Security Number or Social Insurance Number.
According to credit card and bank regulations, all entities that are accepting payments are under the "Know Your Client" regulations. Without this information, your processing account will be delayed and in most cases will not be opened at all.
The information is required to confirm that there is a human entity authorized to act on behalf of the business. This prevents unauthorized people from creating an account on behalf of your business. This is also required by the processor to comply with KYC (Know Your Customer) requirements of the Patriot Act, along with complying with AML (Anti-Money Laundering) laws like a financial institution. Your full social security number will only be required if the processor is unable to verify your identity with the last four digits.
Beneficial Ownership FDIC Document