When you set up the Stripe Express account you will have been asked to provide some verification documents as part of the onboarding process. The process is should be very simple.
If you have not provided this information you will still be able to create the account however it may not be active. Stripe will send the account holder an email to inform them that their account may be restricted if this information is not provided. You usually have 30 days from creation to update this information.
If you receive this email, it is very important you do provide this. A restricted account means you will not be able to receive any online transactions and the players will not be able to register to the tournament.
You can see the status of your account from the Stripe Dashboard. To access the dashboard follow these steps:
Step 1. Log into your Serve Tennis account as an administrator/Tournament Director
Step 2. In the Tournaments Module head to the Payment Settings tab
Step 3: Click on Manage on Stripe
If you don't see the Manage on Stripe button, this means you have a)not set up a Stripe Express account on this Serve Tennis account and/or b) you are not the Stripe Express account owner for this account.
Step 4: Clicking on the Manage on Stripe account will open up an overlay with two tabs: Payouts and Account.
If you are required to add additional information in the Accounts Tab it will show here and give you the option to add this information from this page. Once the account is verified, then you will see green ticks as below.
If you have any questions or are unable to verify this account then please reach out to customer care where we can investigate further.
Frequently asked questions on verification:
I just received an email from Stripe. Who is Stripe? Is this email real?
We work with Stripe to enable payments for your business. Updating information about your account is important and required. These updates help protect against fraud and keep your account current with global Know Your Customer (KYC) regulations.
What happens if I do not update my information by the deadline?
If you cannot update your account information by the deadline, payouts to your bank account and your ability to accept payments will be paused. We want to make sure that does not happen, so please let us know how we can help.
Why am I being asked for information about who owns and manages my company?
In certain countries, Stripe is required to collect, verify, and maintain information about a company’s beneficial owners and directors. These requirements come from government regulators and help promote transparency and prevent financial crimes.
Why do individuals have to enter the last four of their SSNs when setting up Stripe – will this have any impact on credit // taxes?
Social security being added will not affect credit/taxes. Stripe is required to verify your identity and confirm the legitimacy of your business, as it is part of their responsibilities to their financial partners. This is also typically known as "Know Your Customers" (KYC) regulations. To do this, Stripe needs your Social Security Number and date of birth.
If I am connecting to STRIPE as a business, why do I need to put in my personal information and the last four digits of my social security number?
Stripe allows users to connect as a company/business but there has to be the main individual that gets verified as a real person as the contact for the account. This is pretty standard for any online transaction. This ensures that chatbots cant set up fake stripe accounts or any bad actors that might scam consumers with fake programs. They verify Business EINs and individual social numbers for security purposes. Essentially they are acting as a bank for collecting the business's fees. When you go set up a bank account for a business there has to be a main account contact who is an individual attached to the account.
They are asking for verification documents - where can I get these?
This article provides you with what documents you can provide for verification purposes:
https://support.stripe.com/questions/using-irs-documentation-as-reference-when-entering-business-name-and-tax-id-number-tin-for-us-based-businesses