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.