Starting from February 2019, Stripe started to review all new Connect Platforms. They don't seem to review all of them, and they haven't shared how they select which one to review, but it might happen. They've said that this is because of recent regulations. You'll have to provide some details about your business, and Stripe promise they will review and enable your Stripe Platform within one business day.
How to apply for Connect review at Stripe
You should first follow the regular instructions to set up Stripe in your Sharetribe Go marketplace. When enabling Stripe Connect and registering your Platform, you may be prompted with some additional questions. The steps 1-4 show examples of what kind of questions you may be asked during the registration process.
Note that there may be some variations based on your country or industry. Stripe advises to contact their support team; however, their reply rate and quality haven't been top-notch, so let us know if you face any issue, we'll be here to help.
You can reply easily: there is no character limit and no need for attachments.
To get started with the Connect review, click on the "Complete your platform profile" on the Connect page:
1. Select the industry that best matches your business
Pick the answer most suitable to your business.
2. Whose name is listed with the transaction on a customer's credit card?
You should pick "Your platform's name".
3. Who should customers contact if they have a dispute or complaint?
You should pick "Your platform".
4. Provide more details
Stripe may ask specific questions about your particular industry and business model. In this example, we've selected product/e-commerce and received questions about the sale of products. Another industry selection may prompt different questions.
An example of a question that Stripe may ask about your marketplace:
I haven't heard from Stripe after one business day. What's next?
Stripe claims that they will review things within one business day. If that takes any longer, you should check your emails to make sure that Stripe didn't ask for more details. Don't forget to check your spam folder!
Why is it required for most new Stripe Platforms?
This verification process is a requirement at Stripe, following recent regulation changes (for example, in the US, the Financial Crimes Enforcement Network (FinCEN) Customer Due Diligence (CDD) rule requires the collection of information on companies’ ownership and management when opening certain types of accounts with financial services companies).
This is also after some updates to the own Stripe policies. New data requirements represent an evolution of Stripe’s policies. These policies are based on Stripe's experience (including Connect Platforms and marketplaces).