Why do you need my Social Security Number?

Our payment processor plays an important role in transferring campaign funds to your bank account. 


Any organization that sends funds to individuals, businesses, etc., is required to collect and verify information about the recipient, known as “Know Your Customer” (or KYC) checks. To perform these checks, the payment processor must collect and verify your personal information.



Why is your payment processor asking for my full SSN?


Sometimes, the payment processor uses the minimum requested information (such as legal name, date of birth (DOB), and last 4 of your Social Security Number (SSN)) to verify your identity. 

Other times, we need to collect a little more information about a customer to fulfill the payment processor's KYC checks, which is why your full SSN and government-issued ID may be requested. 


Why is your payment processor asking for my full SSN?


We definitely understand there are people with US bank accounts who might not have an SSN, such as foreign students studying in the US. In this case, please enter your ITIN. If you have any trouble with this, please don't hesitate to contact us.


I'm raising funds for a business/nonprofit organization. Do I still need to provide my SSN?


If you are raising funds for a non-profit, business, or other organization, our payment processor will still need to verify the representative of the funds. 

When setting up your campaign, please enter the key controller connected to the organization in the legal name and DOB fields. Preferably this is the owner or director, but it could also be a treasurer or other member. Once you have started raising funds and are at the point you need to add additional information, please have the representative enter their SSN. 



Need further support? Reach out to a LaunchGood Expert at help@launchgood.com!

 

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