If you’ve been asked to provide personal information to set up a merchant account, 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 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, customer testimonials, and, most importantly, independent validation of our security posture, 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
