Stripe is updating its terms of service for Connect account users in the EU, UK, Norway, and Switzerland. This change affects all marketplaces that are using Stripe and that have providers located in the EU, UK, Norway, and Switzerland. This change will come into effect on February 24th, 2023. If you are using Stripe in the EU, UK, Norway, and Switzerland, 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 EU, UK, Norway, and Switzerland 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 its legal terms. You can read the Stripe Connected Account Agreement (incorporating the Stripe Services Agreement) and related terms here. The updates to the SSA will take effect on 24 February 2023. No action is needed from you, but by continuing to use Stripe’s services on or after that date, you are agreeing to the updated SSA. You can learn more about these updates on Stripe’s FAQ page here."
The update applies to EU, UK, Norway, and Switzerland connected accounts
Remember that terms update only applies to Connect users with Custom accounts in the EU, UK, Norway, and Switzerland, so accounts elsewhere in the world are not affected (and don't need to be notified). However, even if your own platform account is not in the EU, UK, Norway, or Switzerland, you should still contact your EU, UK, Norway, and Switzerland providers.
If you are only using Stripe and all providers on your marketplace are from the EU, UK, Norway, or Switzerland, 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 EU, UK, Norway, or Switzerland, you will need to segment your users to make sure that you email only US providers.
To segment your providers that are from the EU, UK, Norway, and Switzerland, 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”, select all relevant countries (countries in the EU, UK, plus Norway and Switzerland) 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 EU, UK, Norway, and Switzerland Connect users. You can now notify them of the terms update via using your email provider.