PocketSuite wants you to get paid quickly and securely. Our third-party payment processor is adding a few more requirements to their identity verification process to stay up to date with Know Your Customer (KYC) obligations. This means that business owners must provide additional information, including their 9-digit SSN before they can be approved to accept payments through PocketSuite. This information will only be used to verify your identity and will help protect you and your clients from fraud.
We made it easy for you to get verified and maintain your payment verification status in a few simple steps.
In this article:
- Learn how to complete one final step for verification or maintain your existing verification status
- Read our FAQs
If you completed our payment verification process before this update and did not submit your full SSN, you may have to submit your full 9-digit SSN to continue processing payments on PocketSuite. If this applies to you, the red banner below will appear on your home screen dashboard. Tap to "Maintain payment verification".
Fill out the full nine digits of your Social Security Number. Tap Submit.
And you’re all set! You will have completed the verification process and/or be able to resume collecting payments and receiving payouts through PocketSuite.
FAQ
- Do I have to submit my full SSN to complete verification or to continue receiving payouts?
Yes, when you see the "Maintain payment verification" banner in the app, you must provide your 9-digit SSN to complete verification or, if you are already verified, to continue to receive payouts through PocketSuite. - I was already verified to process payments on PocketSuite. Why is this happening now?
Our payment processor routinely conducts reviews of all accounts and requests additional information to stay in compliance with federal Know your Customer laws. If you have already completed payment verification but did not previously provide your full SSN, you must provide the full 9 digits of your SSN to continue processing payments through PocketSuite. - What are Stripe’s Know Your Customer (KYC) obligations, and how does it apply to my business?
PocketSuite uses Stripe to process your payments quickly and securely. We are compelled by federal Know Your Customer (KYC) rules to collect information on businesses that use the platform. These obligations come from regulators and are designed to support 1099K reporting requirements and to prevent financial abuse. This means that business owners may be required to provide additional information, including their 9-digit Social Security Number, to accept payments through PocketSuite. - I have an EIN for my business. Can I use that instead of my SSN? You can absolutely add your Employer Identification Number (EIN). However, your individual SSN will still be required to authenticate your identity as the business owner. If you would like to use an EIN to complete the verification, please note that you will also need to share additional information, such as your SS4 documentation, entity structure, legal business address, and information about any other business owners. Please first complete the requested "Start Getting Paid" or "Maintain payment verification" information in the app and then reach out to our support team in the app to share that you would also like to add your EIN to your merchant account profile and use it for 1099K tax filing purposes.
- Why are you asking for a photo of my ID? During the payment verification process, we will request a photo of your government Identification (ID). This will help PocketSuite to verify your identity quickly and to protect you and your clients from fraud.