In February 2019, Stripe started to review all new Connect Platforms based in the USA. This is because of some new regulations. You'll have to provide some details about your business and Stripe 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.
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?
3 - Tell us more about your platform's product or services, Tell us about the sellers, services providers, or contractors your platform plans to manage payments and payouts for.
You can mention that your marketplace website is running on Sharetribe Go.
5 - Questions about your customers
- Where will end customers pay for your products or services?
Select "On the connected account's page within the platform's website or app".
- Whose name will appear on a customer's card or bank statement?
Select "Only the platform's".
- Who is the best contact for customer in case of a dispute or complaint?
Select "The platform".
8 - Review your answers and send them.
Stripe 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 firstname.lastname@example.org or via the chat widget in your admin panel, and share your Stripe 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 mandatory for US accounts? What happens to Stripe Platforms in other countries?
Right now, this process only applies to new Stripe Platform in the US. This doesn't apply to any other country supported by Stripe.
This verification process is a requirement at Stripe, following recent US regulation changes: 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).