Why does Stripe want my personal information, such as my address or social security number, if I am applying on behalf of a business?
Stripe uses this information to legitimize the business. Without it, anybody could look up company information in public records and create fraudulent accounts on behalf of a business they are not associated with. By having this information they can more easily weed out fraudulent attempts to leverage Stripe to start billing stolen credit cards. That being said, Stripe does not perform any kind of credit check, you can see more information on this here.
The business is responsible for any resulting liabilities and any funds that would be pulled from the account. The one scenario for pulling funds from an account is called a chargeback. Even if a chargeback happens it would be pulled from the business checking account that they connect to Stripe.
What is a chargeback?
A chargeback is what happens when a charge with Stripe is disputed. For example, if clients don’t recognize the charge on their card they sometimes call to dispute and the credit card company then starts a chargeback process. The business has an opportunity to respond and prove that it’s a legitimate charge and both the bank and payment gateway will make a determination if it is.
So what am I personally liable for with a Stripe account?
In short, nothing. In fact, there’s no potential for liability other than chargebacks.