Originally Posted by
avatar1235
....
I find it difficult to believe that Square knows who owns the XYZ LLC. ....
In many jurisdictions this is a public record, which Square can retrieve automatically, but you will tell them who you are when you open the account.
The following information is required to activate a Square account:
Full legal name
Social Security number (SSN) or Individual Taxpayer Identification number (ITIN)
US-based bank account
Date of birth: Current credit card regulations require our customers to be 18 years of age or older to create a Square account.
US home mailing address
If you’re unable to provide the information above, you won’t be able to accept card payments, but you can still use Square to track cash payments and provide your customers with email and text receipts.
The following information is optional when activating a Square account – not required, but recommended for businesses and organizations:
Employer Identification Number (EIN): The option to enter an EIN does not replace the SSN or ITIN requirement. Adding an EIN helps us identify you as a business and is advantageous when it comes to completing your taxes.
Business bank account
Square’s card processing system meets Level 1 PCI Data Security Standards, so Square’s got you covered.
Social Security Number Requirement
We are required by banking industry regulations and federal law to ask for the Social Security number, date of birth, and full name for each of our primary account holders. The only alternative to providing a SSN is a valid ITIN. There is no way to create a Square account without this information.
Even if you plan on using Square as a business or organization, in order to create a Square account you must provide your individual name, mailing address, date of birth, and a valid SSN or ITIN.