--- title: "Verification Requirements by FinCen: Why Payment Providers Need Your Personal Information" description: The U.S. Treasury’s Financial Crimes Enforcement Network is rolling out new requirements for financial accounts obtained after May 11, 2018. image: https://blog.payjunction.com/hubfs/BLOG/FEATURED%20IMAGES/financial-account-fincen.svg --- [tel:1-800-601-0230](tel:1-800-601-0230) 800-601-0230 - Features - Solutions - Developers - [Pricing](https://www.payjunction.com/payments/pricing.html) - Resources [See a Demo](https://www2.payjunction.com/tour-payjunction) Features - EXPLORE PRODUCTS [No-code Payments Integration®](https://www.payjunction.com/payments/no-code-payments-integration.html) [ZeroTouch Terminal](https://www.payjunction.com/payments/smart-terminal.html) [Portable Terminal](https://www.payjunction.com/payments/portable-credit-card-reader-terminal.html) - ACCEPT PAYMENTS [Invoices](https://www.payjunction.com/payments/electronic-invoices.html) [ACH Electronic Checks](https://www.payjunction.com/payments/ach-payments.html) [SmartSurcharge®](https://www.payjunction.com/payments/smart-surcharge.html) [Cards on File](https://www.payjunction.com/payments/store-credit-card-info.html) [Rapid Refunds](https://www.payjunction.com/payments/credit-card-refund.html) [Recurring Billing](https://www.payjunction.com/payments/recurring-payments.html) [Ecommerce](https://www.payjunction.com/payments/ecommerce-merchant-services.html) [Mobile App](https://itunes.apple.com/us/app/payjunction/id1324839420?ls=1&mt=8) - EXPLORE CAPABILITIES [Overview](https://www.payjunction.com/payments/payment-processing-solutions.html) [Integration Marketplace](https://integrations.payjunction.com/) [Remote Signature](https://www.payjunction.com/payments/signature-capture.html) [Multi-Location](https://www.payjunction.com/payments/enterprise-payments.html) [Sales Reports](https://www.payjunction.com/payments/sales-reports.html) [Search and Export](https://www.payjunction.com/payments/transaction-history-search.html) [Customization](https://www.payjunction.com/payments/custom-payment-software.html) Solutions - [Veterinary Streamline payment workflows and get paid faster with up-front deposits and payment schedules for high-cost procedures. Get time back and spend it with furry patients.](https://www2.payjunction.com/payment-processing-veterinarians) - [Dental Simplify patient payments with multiple means of collection at your dental practice. Meet patient expectations and elevate the payment experience.](https://www2.payjunction.com/payment-processing-dentists) - [Auto Dealer Manage dealership payments by department, brand and location. Get automated reports for simplified end-of-day close and save on processing fees.](https://www2.payjunction.com/automotive-merchant-services) Developers - [API Documentation See how to embed omnichannel payment features into your software, using your choice of our intuitive integration methods.](https://developer.payjunction.com/) - [Developer Experience Explore the developer journey and learn how our full-service partnership model helps you maximize merchant payment adoption rates.](https://www.payjunction.com/payments/payment-api.html) - [No-code Payments Integration® Rapidly integrate payment acceptance features into any SaaS application in minutes using our easy-to-use Chrome browser extension.](https://www.payjunction.com/payments/no-code-payments-integration.html) - [Integration Marketplace Check out our growing marketplace of integrated solution partners that streamline payment acceptance and help businesses automate and scale.](https://integrations.payjunction.com/) [Pricing](https://www.payjunction.com/payments/pricing.html) Resources - [About Us Learn how our people-first culture at PayJunction helps us earn widespread recognition and awards.](https://www.payjunction.com/payments/about.html) - [Careers Join us in our pursuit to deliver exceptional experiences to customers and partners.](https://www2.payjunction.com/careers) - [Support Get helpful information about how to use features, troubleshoot problems and contact us.](https://support.payjunction.com/) - [Blog Gain useful insights into payment industry trends and PayJunction solutions.](https://blog.payjunction.com/) - [Guides Up your payment processing knowledge with our in-depth eBooks and White Papers.](https://guides.payjunction.com/) - [Tutorials Read articles and watch videos about how to use valuable features on the PayJunction platform.](https://blog.payjunction.com/topic/pj-university) # Verification Requirements by FinCen: Why Payment Providers Need Your Personal Information ![Verification Requirements by FinCen: Why Payment Providers Need Your Personal Information](https://blog.payjunction.com/hubfs/BLOG/FEATURED%20IMAGES/financial-account-fincen.svg) [![Picture of PayJunction Team](https://blog.payjunction.com/hs-fs/hubfs/PayJunction%20Logo%20Cropped%20-%20Vertical%20Grey.png?width=48&height=48&name=PayJunction%20Logo%20Cropped%20-%20Vertical%20Grey.png) PayJunction Team](https://blog.payjunction.com/author/payjunction-team) 5/10/2018 If you’ve been asked to provide personal information to [set up a merchant account](https://blog.payjunction.com/merchant-account-setup), it’s completely normal to have questions. We hear this often. And the short answer is simple: it’s required by law and designed to protect you and your business. ## Verification Required by FinCEN Payment providers like PayJunction are required to collect and verify certain information under regulations from the Financial Crimes Enforcement Network (FinCEN). These requirements align closely with the rules that banks and other financial institutions follow and help prevent fraud, money laundering, and other financial crimes. That means we must verify the identity of anyone who owns 25% or more of a privately held business, along with at least one executive officer or authorized signer. For each individual, we’re required to collect a Social Security number, date of birth, and residential address. With the rise in fraud and identity theft, this standard verification process helps ensure accounts are opened for the correct individuals, reduces the risk of fraud, and minimizes the likelihood of account holds or disruptions later on. ## Who You Trust Matters When you’re sharing sensitive information like Social Security numbers, it’s important to work with a partner that takes security seriously. Look for established providers with years of experience, a proven track record for protecting sensitive data, and essential [third-party security certifications](https://trust.payjunction.com/) that verify their security systems and processes. Not all providers operate the same way. Some may prioritize speed and ease of onboarding, but a certain level of diligence, and even a bit of friction, can be a positive signal that proper safeguards and controls are in place to protect you and your business. Choosing the right partner shouldn’t just be about features or cost, it should be about long-term trust and security. ## PayJunction's Approach to Security We understand wanting to protect your personal information, it’s why PayJunction strives to maintain the highest security standards when it comes to handling sensitive data. We follow strict regulatory requirements, use secure systems to protect your information, and prioritize transparency so you understand exactly why this information is needed. Providing personal information is a standard and necessary part of setting up a merchant account. It’s required by regulation and designed to create a safer, more stable payment environment. Even so, we believe in earning trust from the merchants we work with to show how we handle that information responsibly. That’s why we encourage merchants not to rely solely on our word, but to look to [third-party review sites](https://www.trustpilot.com/review/payjunction.com), [customer testimonials](https://blog.payjunction.com/how-statewide-ford-simplified-payments-offset-over-50-of-processing-costs-with-smartsurcharge), and, most importantly, [independent validation of our security posture](https://trust.payjunction.com/), including PCI DSS compliance, SOC 2 attestation, alignment with NIST CSF 2.0, and adherence to HIPAA requirements.  ## Visit Our Trust Center to Learn More About How We Protect Your Data [![Trust Center](https://blog.payjunction.com/hs-fs/hubfs/MAXXTRAXX-POPUP/button.png?width=203&height=52&name=button.png)](https://trust.payjunction.com/)   [Merchant Account](https://blog.payjunction.com/topic/merchant-account) [Industry News](https://blog.payjunction.com/topic/industry-news) --- ##### [![A Safer Way to Take Over the Phone Payments for Your Vet Practice](https://blog.payjunction.com/hubfs/BLOG/FEATURED%20IMAGES/over-the-phone-payments-vet.svg) A Safer Way to Take Over the Phone Payments for Your Vet Practice](https://blog.payjunction.com/over-the-phone-payments-vet) ##### [![How to Process Credit Card Payments After Signature Rule Change](https://blog.payjunction.com/hubfs/BLOG/FEATURED%20IMAGES/process-credit-card-payments-signature.svg) How to Process Credit Card Payments After Signature Rule Change](https://blog.payjunction.com/process-credit-card-payments-signature) ###### About Author ![Picture of PayJunction Team](https://blog.payjunction.com/hs-fs/hubfs/PayJunction%20Logo%20Cropped%20-%20Vertical%20Grey.png?width=200&height=200&name=PayJunction%20Logo%20Cropped%20-%20Vertical%20Grey.png) ### PayJunction Team Content written by the PayJunction team encompasses broad business topics including marketing, brick-and-mortar business operations and management. ###### Related Posts ## [![What are Embedded Payments and Are They Right for Your Software?](https://blog.payjunction.com/hubfs/BLOG/HERO%20IMAGES/Embedded%20Payment%20Solution.png) What are Embedded Payments and Are They Right for Your Software? What is Embedded Finance? Embedded payments are part of a bigger umbrella term called “embedded finance” that is defined as “the integration of financial services into non-financial websites, mobile apps, and business processes.” Simply put, software companies partner with banks and technology providers to extend a seamless experience to customers on their platform.](https://blog.payjunction.com/embedded-payments) ## [![How to Effectively Collect Patient Payments](https://blog.payjunction.com/hubfs/BLOG/FEATURED%20IMAGES/patient-payments.svg) How to Effectively Collect Patient Payments Medical payments are confusing: Explanation of Benefits (EOB) statements, co-pays, prescription coverage, Medicare plans, separate bills for doctors vs. labs, HDHP, HSA, FSA. The list goes on. It’s no wonder that recent surveys found nearly 40% of Americans are confused by medical bills.](https://blog.payjunction.com/patient-payments) ## [![4 Features for Easy-to-Use Veterinary Payment Software](https://blog.payjunction.com/hubfs/BLOG/FEATURED%20IMAGES/easy-veterinary-software.svg) 4 Features for Easy-to-Use Veterinary Payment Software If you’re a veterinary practice owner or manager, there are a number of good reasons why you should prioritize ease of use when selecting practice management and financial software. For one, receptionist and admin roles often experience high turnover, so a short training period is crucial to helping your business operations run smoothly.](https://blog.payjunction.com/easy-veterinary-software) ## Meet a Payment System You’ll Love - ###### FEATURES [No-code Payments Integration®](https://www.payjunction.com/payments/no-code-payments-integration.html) [ZeroTouch Terminal](https://www.payjunction.com/payments/smart-terminal.html) [Portable Terminal](https://www.payjunction.com/payments/portable-credit-card-reader-terminal.html) [Invoices](https://www.payjunction.com/payments/electronic-invoices.html) [ACH](https://www.payjunction.com/payments/ach-payments.html) [SmartSurcharge®](https://www.payjunction.com/payments/smart-surcharge.html) [Cards on File](https://www.payjunction.com/payments/store-credit-card-info.html) [Recurring Billing](https://www.payjunction.com/payments/recurring-payments.html) - [Ecommerce](https://www.payjunction.com/payments/ecommerce-merchant-services.html) [Customization](https://www.payjunction.com/payments/custom-payment-software.html) [Remote Signatures](https://www.payjunction.com/payments/signature-capture.html) [Rapid Refunds](https://www.payjunction.com/payments/credit-card-refund.html) [Multi-Location](https://www.payjunction.com/payments/enterprise-payments.html) [Sales Reports](https://www.payjunction.com/payments/sales-reports.html) [Search and Export](https://www.payjunction.com/payments/transaction-history-search.html) [Mobile App](https://itunes.apple.com/us/app/payjunction/id1324839420?ls=1&mt=8) - ###### BUSINESS SOLUTIONS [Auto Dealers](https://www2.payjunction.com/automotive-merchant-services) [Veterinary](https://www2.payjunction.com/payment-processing-veterinarians) [Dentistry](https://www2.payjunction.com/payment-processing-dentists) - ###### RESOURCES [Product Overview](https://www.payjunction.com/payments/payment-processing-solutions.html) [Integrations](https://integrations.payjunction.com/) [Blog](https://blog.payjunction.com/) [Guides](https://guides.payjunction.com/) [Support](https://support.payjunction.com/) [Service Status](https://status.payjunction.com/) [Tutorials](https://blog.payjunction.com/tag/pj-university/) [API](https://www.payjunction.com/payments/payment-api.html) - [Trust Center](https://trust.payjunction.com/) [Request a Demo](https://www2.payjunction.com/payjunction-demo) [Pricing](https://www.payjunction.com/payments/pricing.html) [About Us](https://www.payjunction.com/payments/about.html) [Careers *HIRING*](https://www2.payjunction.com/careers) [Press](https://media.payjunction.com/) - ###### RESOURCES [Integrations](https://integrations.payjunction.com/) [Guides](https://guides.payjunction.com/) [Tutorials](https://blog.payjunction.com/tag/pj-university/) [API](https://www.payjunction.com/payments/payment-api.html) [Request a Demo](https://www2.payjunction.com/payjunction-demo) [About Us](https://www.payjunction.com/payments/about.html) [Careers *HIRING*](https://www2.payjunction.com/careers) [Press](https://media.payjunction.com/) [Trust Center](https://trust.payjunction.com/) [Service Status](https://status.payjunction.com/) - ###### BUSINESS SOLUTIONS [Auto Dealers](https://www2.payjunction.com/automotive-merchant-services) [Veterinary](https://www2.payjunction.com/payment-processing-veterinarians) [Dentistry](https://www2.payjunction.com/payment-processing-dentists) ##### 800-601-0230 SIGN UP FOR OUR NEWSLETTER  Become a better advocate for your business. 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