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 setup Stripe in your Sharetribe Go marketplace. When enabling Stripe Connect and registering your Platform, you may be prompted with some additional questions. Here they are.
Note that there may be some variations based on your country or industry. Stripe advise to contact their support team however their reply rate and quality hasn'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.
1 - Intro with some explanations about the process
2 - Which of these categories best matches the kind of products or services you plan to sell?
Here you can choose an option that closely resembles your marketplace business type.
3 - Where do your customers purchase products or service?
Select "From your platform's website or app".
4 - Whose name is listed with the transaction on a customer's credit card statement?
Select "Your platform's name". This information can be found and defined in the Statement Descriptor section in your Stripe Dashboard.
5 - Who should customers contact if they have a dispute or complaint?
Select "Your platform". Currently, only admins can process refunds in Sharetribe Go. You can learn more about refund process with Stripe here.
6 - Review your answers and send them.
Stripe promise they will approve your account within one business day and you'll be able to run online payments in your Sharetribe Go 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!
- contact us at email@example.com or via the chat widget in your Admin panel, and share your Stripe account email and date you've applied. We'll be happy to contact our Stripe priority support line to move things forward faster!
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).