Why do I need to provide a Social Security Number?

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 users. Even if you plan on using our services primarily for a business, we need that information to ensure the MagicPay account holder is either a citizen of the United States, or a permanent resident of the United States. There is no way to create a MagicPay account without providing a valid Social Security Number.

In addition to your SSN, we also give you the opportunity to input your Employment Identification Number upon sign up. Having your MagicPay account associated with your business EIN is advantageous when it comes to organizing and completing your taxes, and it helps us identify you as a business.