PayPal is one of the most popular money transfer services on the Internet. If you plan to set up a business online you will definitely use this service. However, you may wonder about supplying your social security number (SSN) or similar details. Some of the questions you may ask include the following:
- Does PayPal ask for SSN details, and if so, why?
- Why does PayPal need this number?
The above questions are important and understandable. After all, you do want to learn why private information, such as your SSN or an employee identification number (EIN), is needed to transfer money. The following information will give you a better idea about why SSN or EIN numbers are requested.
Does PayPal ask for SSN Details to Verify my Identity?
When you sign up for PayPal, you may ask, “Does PayPal ask for SSN details to confirm my business or identity?” If you do make this inquiry, you will find that this number is often needed for just this reason.
Some of the Details
When you sign up for PayPal, you are asked for the following details:
- Name and address
- Phone number
- Debit and credit card information, including account numbers
- Banking information, along with account numbers
- Social security number or SSN, in some instances.
While you don’t need to supply your SSN for making purchases online, you will need to include your SSN for loan repayments for tax purposes. Both these reasons tie into verifying and confirming a PayPal user’s identity. I can answer your questions about getting the most out of PayPal for conducting business online. Simply email me at email@example.com today to get further details.
Does PayPal ask for SSN Details When I Apply for PayPal Credit?
If you want to make full use of PayPal’s services as a business, you probably will ask, “Does PayPal ask for SSN details when I apply for PayPal credit?” In this case, the service will ask the question, especially if you wish to use PayPal Credit to make purchases.
PayPal Credit is a line of credit that PayPal customers can use to buy items for business and personal use. By making regular loan repayments to the credit source, you can maintain a healthy cash flow. Again, you need to provide your SSN so you can repay the funding. PayPal requires that you give your SSN so that money borrowed from the line of credit can be repaid.
If you don’t provide your SSN for verification, or a PayPal account is not verified, your PayPal balance can only be held in your PayPal account or transferred to a linked bank account or debit card. You cannot send money and purchase items online without being verified.
How Does PayPal Ask for SSN Details When I am Verified?
You may wonder, when you are verified, what exactly you have to provide. Also, how does PayPal ask for SSN details? Do you have to provide the whole number online? For example, when you become verified on PayPal, you provide the following:
- Your contact details (name and address)
- Your date of birth (DOB)
- Your SSN – the last four digits
When your account status is limited or has not been verified, you need to give the above information to ensure confirmation of your account. Doing so is necessary, especially if you want to easily perform bookkeeping and money transfers online. I can give you further pointers on how to use PayPal to the best advantage. Send an email to firstname.lastname@example.org today.
If you do need to supply your SSN for verification, you will find that supplying the information can help you greatly. Not only can you start selling products, but you can also easily accept payments from customers. In addition, the ability to access PayPal will help you track payments, manage your customer accounts, and integrate PayPal invoicing with your bank account.
If you want to expand and grow as an online business, you need to know what information is needed for money transfer and why. You really cannot function as a business unless you provide an SSN or EIN on PayPal. While you don’t need the numbers to shop online, you will need to share them if you wish to actively bill customers and make PayPal loan requests.
Does PayPal Ask for SSN and Other Major Documents When an Account is Limited?
You may wonder, “Does PayPal ask for SSN and other major documentation, especially if I have a limitation placed on my account?” In this case, you do have to supply this type of information to lift the limitation. When an account is limited and has not been verified, you need supporting documentation along with your SSN.
Proving Your Identity
This documentation may take the form of the following:
- A government-issued ID, such as a driver’s license, state ID, or passport
- A picture ID issued by your company
- A permanent residence card
You may also have to show a proof of address. This can be easily demonstrated by presenting a copy of a utility statement or credit card or bank statement that is no more than three months old.
PayPal may use an SSN to verify a user’s legal name change as well. To show this type of modification, PayPal needs one of the following forms of identification:
- Certificate of commitment
- Certificate of name change
- Marriage certificate
- Divorce certificate
Limitations on business accounts can be removed when an SSN or EIN is supplied, along with a copy of a company’s business license, articles of incorporation, or similar proof. You can refer to PayPal’s terms and conditions if you better want to understand your rights legally.
What Happens if You Have a Limitation Placed on Your Account?
If you do have a limitation placed on your PayPal account, PayPal will notify you by email of the status, and provide the reasons for the limitation. It will also state what you need to do to remove the limit and verify the account. This information is usually shared in the Resolution Center on PayPal’s platform.
Limitations Placed on Accounts that Have Been Verified
A limitation may be placed on an account after it has been verified. If this happens, PayPal will not need you SSN, as it will be already on file. Instead, your account will be limited while PayPal performs a review. You may have a limitation placed on your account if your account features a high level of chargebacks or customer complaints.
How Can I Get My Business Questions Answered Legally?
Working on PayPal can be a boon to your business. You can find out more about how to successfully use PayPal services for business growth and expansion. I can help. Contact me at email@example.com today for all the details. I can answer any business organization questions and help you with establishing your company for growth.
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