Why do you need my Social Security Number for VendorPay direct deposit?

Felicia -

Snapdocs uses Stripe as its payment system provider for VendorPay direct deposit. Stripe is required to verify your identity and confirm the legitimacy of your business, as it is part of their responsibilities to their financial partners. This is also typically known as "Know Your Customers" (KYC) regulations. To do this, Stripe needs your Social Security Number and date of birth.

When setting up your VendorPay payment details, you'll be asked for your date of birth and the last four digits of your SSN. Usually, this information is enough for Stripe to verify your identity. In some cases though, Stripe will need your full SSN in order to successfully verify your identity. This can happen if the information you've provided does not exactly match what is entered with the IRS or Social Security Administration. This can also happen if you've received a large enough amount through direct deposit and Stripe is unable to verify your identity based on the information provided so far.

We understand that your Social Security Number is confidential information. This is why we ask that you securely enter it through your Snapdocs account, instead of providing it over email, fax, or phone. The most secure way to provide your SSN information and allow Stripe to verify your identity is by inputting it into your Snapdocs account.

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