Our processing bank, Nuvei, requires a Social Security Number to designate a financially responsible person for the merchant accounts.
This requirement exists because the Auto-Debit System® allows you to accept pre-payments for future care. If your business were to close before those services are rendered, the bank needs a designated individual to be responsible for refunding those funds to the patients. Nuvei does not assume liability for these pre-paid funds; therefore, a personal guarantor is required for all merchant accounts.