Why We Need Your Social Security Number
It may seem like a simple process, but behind the scenes, processing credit cards is a complex process. Think about it. You’re basically reaching into someone else’s pocket and withdrawing what can sometimes be thousands of dollars at once with just a few clicks. And with your Chesed Fund campaign, you might be doing this dozens of times a minute.
This process of charging cards, has the potential to be manipulated via fraud, deception, or money laundering. Which is why the entire credit card industry is regulated by the federal government, and why when you apply to a credit card processor to become a merchant, you actually have to go through an underwriting process where they asses whether they will take you on as a client.
Every card processor does this, including huge names like Stripe. A few of them, such as Stripe, allow you to begin processing cards immediately, but behind the scenes, they continue running background checks to make sure everything is legit.
At The Chesed Fund, we do the same – you can generally start processing right away, but our credit card processor needs to keep looking into things to make sure everything is above board. They are the first line of liability if a client charges back or complains illicit behavior. Therefore, it is incumbent upon them to protect themselves and fulfill federal regulations.
This is where your social security number comes in. Every credit card processor will ask for this as part of the process of signing you up. It’s part of linking the person signing virtually online with a real human with a real history and address. It allows the processing company to run checks to make sure the applicant is a trustworthy individual.
Rest assured, The Chesed Fund keeps no record of your personal info. We collect the information on a secure page and pass it directly to the processing company, which has advanced security measures in place to keep your information as secure as possible.
Thank you for working with the Chesed Fund to make chesed a safe, easy, and secure process for others.
This process of charging cards, has the potential to be manipulated via fraud, deception, or money laundering. Which is why the entire credit card industry is regulated by the federal government, and why when you apply to a credit card processor to become a merchant, you actually have to go through an underwriting process where they asses whether they will take you on as a client.
Every card processor does this, including huge names like Stripe. A few of them, such as Stripe, allow you to begin processing cards immediately, but behind the scenes, they continue running background checks to make sure everything is legit.
At The Chesed Fund, we do the same – you can generally start processing right away, but our credit card processor needs to keep looking into things to make sure everything is above board. They are the first line of liability if a client charges back or complains illicit behavior. Therefore, it is incumbent upon them to protect themselves and fulfill federal regulations.
This is where your social security number comes in. Every credit card processor will ask for this as part of the process of signing you up. It’s part of linking the person signing virtually online with a real human with a real history and address. It allows the processing company to run checks to make sure the applicant is a trustworthy individual.
Rest assured, The Chesed Fund keeps no record of your personal info. We collect the information on a secure page and pass it directly to the processing company, which has advanced security measures in place to keep your information as secure as possible.
Thank you for working with the Chesed Fund to make chesed a safe, easy, and secure process for others.
Updated on: 02/13/2023
Thank you!