Can a prospective merchant who is a foreign citizen and owns a US business, but has no social security number get a US merchant account? No, you cannot get a merchant account with any US financial institution due to financial regulations, including the US Patriot Act.
A social security number is not specifically mandated to get a merchant account. The US Patriot Act requires financial institutions to create and maintain procedures to verify identity, and the social security number is a tool universally chosen to do that.
Your alternative options include finding a US partner. The partner would have to own more than 50% of the company, and as an officer have signature authority. Another option is to find an offshore company that provides merchant services to US businesses. If you’re processing at least $12 million annually, we can refer you to resources. The final option is alternative payments. With this option, you’re not opening a traditional merchant account, but accept alternative payment method. Paypal is one of the most widely available programs with international options.
Hi, when you say “offshore company that provides merchant services to US businesses”, can you recommend some of them? Thanks