Below are sample answers to common questions that your connected accounts may have about why Stripe or your platform is requesting sensitive personally identifiable information (PII).

Why does my business need to provide sensitive information to Stripe?

Payments regulations aim to create a safer, more secure financial ecosystem by helping prevent crimes like money laundering, fraud, and tax evasion. Stripe, our payment processor, has certain “Know Your Customer” (KYC) obligations that require us to collect, verify, and maintain identity information about our users, and for any individuals who ultimately own, control, or direct them. These requirements are frequently updated by Stripe, financial service regulators, card networks, and other financial institutions.

Stripe uses PII to fulfil these KYC obligations. We take your privacy and the security of your data very seriously. Stripe’s security tools and best practices ensure that your sensitive information is safely stored and encrypted. Learn more about the safeguards in place to protect your information: Stripe Privacy Center.

I already provided information when I onboarded, why do I have to provide it again?

KYC requirements are frequently updated by Stripe, financial service regulators, card networks, and other financial institutions. If, at any time, we are unable to confirm that your business meets these checks or requirements, we may ask you to send us more information or fix the problem. Depending on the severity of the issue, your account may not be able to to payout funds, receive transfers, or accept payments until the issue is resolved. We’ll let you know if that’s the case.

Why do I need to provide my Social Security number (SSN)?

To comply with federal regulations, Stripe must collect and verify KYC information about users who accept payments in the US.

For these checks, Stripe needs to collect specific details to confirm your identity. When a user first onboards with Stripe, Stripe attempts to verify you using the minimum requested information: your legal name, date of birth, and the last 4 digits of your Social Security Number (SSN). If we’re unable to verify your SSN using the last 4 digits, we’ll need to collect all 9 digits.

Previously I only had to provide the last 4 digits of my SSN, why are all 9 digits needed now?

Stripe collects the full 9-digit SSN for users who accept payments in the US when the total lifetime payments volume reaches $500K. If the full ID number fails verification, you'll need to upload an ID document.

This is in accordance with regulatory obligations that apply to the financial institutions through which Stripe processes payments. These regulations require financial institutions to collect identification numbers directly from their customers and the beneficial owners of their customers. For US-based individuals, the identification number must be an SSN or ITIN.

What happens if I don’t provide updated information?

If you don't provide the updated information, or if Stripe cannot successfully verify your information, then you might not be able to receive payouts and accept payments until the information is provided and verified.