answersLogoWhite
Credit and Debit Cards
Retirement Planning
Social Security
Business Finance
Merchant Accounts

Why do merchant account need your social security number?


Top Answer
User Avatar
Wiki User
Answered 2013-05-28 05:11:05

Merchant Account being offered are based on your credit score and a risk the acquiring bank takes on you (the merchant). Hence, your Social Security number is required for purposes of obtaining your credit report, and also reporting back on the report.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Related Questions


If you are a corporation, you can apply for a merchant account without a social. The problem with doing this is that there is no guarantee that you will be accepted. Your merchant account provider will need copies of your financial statements dating back 2 years and other information. Seems like a lot of work for 9 digits. The reason a social is the standard when opening a merchant account is because your merchant account is essentially a bank account. You need your social when you open a business bank account to protect the bank against fraud. It works the same with merchant accounts.


Open a credit account, steal their identity, keep your social security number as safe as you can.


The people will take money out you account and you will have to give the money to the person who social security number you was using


Get StartedFederal and state legislation is moving increasingly in the direction of prohibiting the use of key personal identification information (e.g., your social security number) as your account number. Without waiting on such legislation, you should be proactive in limiting the use of your social security number to those situations where it is essential. For example, if a company uses your social security number as your account number, your are at a higher risk of becoming a victim of identity theft.


Yes. Whenever a person wants to open a bank account, his social security number has to be submitted to the bank. So, by using the SSN, police and federal officers can track the bank account records of a person.


No. Unless there is a VERY strange coincidence, no.


You don't buy a social security number. You go to your local social security office and apply to receive your own personal social security number.Buying a social security number is against the law.


No. The red numbers on the back of a social security card are control numbers that verify the authenticity of the card. They serve no other purpose.



social security number social security number


Till date, 450+ million SSNs have been issued, but with just under 1 billion possible number combinations, there has never been a need to recycle numbers, and the SSAhas clearly mentioned that it does "not reassign a Social Security number (SSN) after the number holder's death."To know more about the social security benefits statement you can visit the Social security my account. It describes even a single bit of the information about the social security.


Accounts that have social security and ssi fund contained it it can not be levied account to federal law.


You do not. Use of the Social Security number is the exclusive venue of the Social Security Administration as established by the Social Security Act.


Social Security Number, also known as SSN, is a nine-digit number issued to track individuals for Social Security purposes. All types of Social Security cards show Social Security Numbers.


You are not legally required to know your social security number, however, there are many situations in which you will need to know it; you cannot apply for a job or open a bank account without a social security number.


Check the Social Security site to look up your account to see the number of quarters you have accumulated and your estimated pension. They no longer send out the annual letters.



There are nine numbers in a Social Security number.



how to find deceased social security number


No, your social security number does not change when you get married.



When you pay your taxes to the state, you have an account number that identifies your company. When you pay, the amount is credited to the employer's account. It's the same as paying your taxes using a Social Security number.


Social Security funds are protected against a lien on your checking account. However you will have to prove that the funds in your account are from Social Security. If there are other funds "commingled" then unprotected funds may be seized




Copyright ยฉ 2021 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.