Why Do I Need to Provide My Full Social Security Number to Stripe?

When setting up your Stripe account through the Simply Bread App, you might be prompted to provide your full Social Security Number (SSN). We understand that online security is a major concern, and we want to assure you that this request is standard practice for financial transactions and compliance purposes. Here’s why Stripe requires this information:

Compliance with Tax Regulations

Stripe, as a certified credit card processor, requires your SSN to comply with tax regulations in the United States. The primary reason for collecting your SSN is to issue a 1099-K form, which is necessary for your annual tax filings if your transactions meet the IRS thresholds for reporting.

Security and Identity Verification

Providing your SSN helps Stripe verify your identity to prevent fraud and ensure that your account is secure. This step is crucial in safeguarding your financial transactions and maintaining the integrity of your payment processing.

Data Privacy

Please be assured that Simply Bread does not have access to your SSN or any other personal information provided to Stripe. All your financial data is managed directly by Stripe, which employs robust security measures to protect your information.

Trusting Stripe

Stripe is a globally recognized and trusted payment processor used by millions of businesses. They adhere to strict data protection regulations and use advanced security protocols to protect your information.

What to Do if You Have Concerns

If you have any hesitations or additional questions about providing your SSN, we recommend visiting Stripe's official security page to learn more about their practices and how they keep your information secure. Alternatively, feel free to contact our support team, and we can help address any concerns you may have.