Stripe is updating its terms of service for Connect account users in the US. This change affects all marketplaces that are using Stripe and that have providers located in the US. This change will come into effect on October 1st, 2022. If you are using Stripe in the US, as a marketplace administrator, you should notify your providers about Stripe’s terms updates
What you should do
You need to contact providers that are using Stripe and are located in the US to let them know about this change. An email containing the correct information should be enough to keep up with this change.
What information to include in your communication
Stripe provides a paragraph that can be added to the notification you send to your providers:
“Stripe is updating the Stripe Services Agreement and related terms. You can read the entire Stripe Services Agreement here. The updates to the Stripe Services Agreement will take effect on October 1, 2022. No action is needed from you, but by continuing to use Stripe’s services on or after October 1, 2022, you are agreeing to the updated Stripe Services Agreement.”
The update applies to US connected accounts
Remember that terms update only applies to Connect users with Custom accounts in the US, so accounts outside the US are not affected (and don't need to be notified). However, even if your own platform account is not in the US, you should still contact your US providers.
If you are only using Stripe and all providers on your marketplace are from the US, you can send an email update through your Admin Panel. We have a guide on how to contact different user segments here. There is no specific segment to contact all Stripe users, but you can use other segments according to your needs. Or you can find the right segment of your users outside the marketplace. You can do that by requesting a CSV of your users. Find out how to export your user data.
If only some of the providers in your marketplace are from the US, you will need to segment your users to make sure that you email only US providers.
To segment your providers that are from the US, you can export data from Stripe. You can do this through your Stripe dashboard by following the steps below:
Log in to your Stripe account
Click “Connect” in the top bar of your dashboard
On the “All Accounts” Section, Click “Filter”
Select “country”, choose United States and click Done
Click Export, and select all for “Connected On Date range”
In “Columns”, select custom, and make sure that the box “Email” is checked. The other checkboxes are optional.
Click export to download the CSV file. You can open the file using Microsoft Excel, Google Sheets, or a text editor app like TextEdit
And voilà, now you have at your disposal all the emails of the US Connect users. You can now notify them of the terms update via using your email provider.