To add a stripe account to Serve Tennis see: Connecting To Stripe Express for Serve Tennis
Below are some frequently asked questions and answers about Stripe Express.
Q: Do I create an individual or company Stripe account?
A: If you will be linking a bank account belonging to your club/organization, you will want to create a COMPANY account. The business name needs to be EXACTLY the same as what is on your verification documents and bank account. Please also consider that tax implications. If you are an individual, you can set up the stripe account under your name, for more information see: https://support.stripe.com/questions/selecting-a-business-type-and-business-structure
Q: Do I have to use Stripe Express, can I not use another financial provider such as PayPal?
A: The USTA has chosen Stripe as the payment provider. We are not associated with any other payment providers. This allows USTA to offer you the best transactional fees available and provide you and your players with confidence that their personal and bank account details are secure as possible. No bank account details are held on the Serve Tennis accounts.
Q: Are Stripe payouts part of your taxable income?
A: Payouts from Stripe Express accounts are considered taxable income. This income is reported and recorded on IRS Form 1099-K. For 2022 the minimum required to trigger the filing of a 1099-K at the Federal level was $20,000.00 and a minimum of 200 transactions. At the State level, the filing threshold varies. Beginning in 2023 the Federal Threshold has been reduced to $600.00 and any amount of transactions. The Tax liability is placed on the EIN, TIN, or SSN that is used when creating the Stripe Account.
Q: What if I have questions related to a 1099-K ?
A. For questions related to 1099s please email servetennis.1099k.inquiry@usta.com
Q: I already have a Stripe account. Can I use this account for Serve Tennis?
A: No, you can not use an external stripe standard account. It has to be a Stripe Express account linked with the USTA. You can use the same Stripe Express accounts in more than one Serve Tennis account. If you have a Stripe Express account already set up in another Serve Tennis account, you repeat the same process, however, Stripe will recognize your email address to link the accounts.
If you do not already have a Stripe Express account, you will need to create one for the tournament module. Here are some resources regarding Stripe Express:
Q: How do I know how much I take home for per registration fees after Stripe Fees and Head Tax are collected?
We have a useful calculator you can use to assist you. You need to reach out to your section or district to find out if they charge head tax and how much for your level. Each section and district is different. Remember, these fees are taken at source and before you receive a payout.
See: CALCULATOR
You will also be able to see a breakdown of each transaction and fees associated in the Payments tab of the tournament. Here is a guide to assist: Transaction Report for Payments-Tournaments
Q: Do I need to use different bank accounts for each Stripe Express account?
A: No. You may use the same bank account details for each of your Stripe accounts including Stripe Express. Using the same bank account details will allow for funds to be deposited into the same bank account.
If you want to have two separate bank accounts, you will need to use a different USTA accounts for each Stripe account. It would be advisable that two different people set up each account.
Q: Can there be more than one Stripe Express account linked to our tournament module?
A: Yes. You may have more than one Stripe Express accounts linked to the tournament module if you have different tournament directors submitting tournaments. When creating the tournament application, you will be given an option for which Stripe Express account to use.
Q: Why do individuals have to enter the last four of their SSNs when setting up Stripe – will this have any impact on credit // taxes?
A: Social security being added can impact credit/taxes if you are creating an individual Stripe Account. So if you are not receiving the money from the tournament registration fees, then you should be creating a Company account and adding the EIN number. 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. From May 2024, you will also need to complete biometric verification. This means uploading your photo ID and taking a selfie photo.
Q: If I am connecting to STRIPE as a business, why do I need to put in my personal information, photo verification and the last four digits of my social security number?
A: 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.
Q: The person who sent up the account has left our organization. Can the Stripe account be transferred to another account holder?
A: Stripe accounts are set up per user and are transferrable, but only if the current account owner changes the details in the account. If they have left, then a new account will need to be created.
If the account holder has left, another Stripe account will need to be created listing the new account holder as the user and using the company details. Here is a guide to assist: Connecting To Stripe Express for Tournaments Once this is done, Customer Care can have the old account unlinked from the Serve Tennis account.
A specialist agent with access to Stripe will be able to ensure all money in the stripe account has been paid out in order to unlink the account.
Q: We need to disconnect a stripe express account?
A: To do this, please raise a ticket to customer care team who will be able to request this is done.
Q: My stripe express account is showing as restricted?
A: Stripe completes a verification on every account. Please read this article on verification support. Stripe Express Verification If you are still unable to set up the account due to bad credit or being assessed as high risk, you will need to identify someone else in your organization to set up the account. This is out of USTA control. We use Stripe as it is a verified company and compliant in the financial regulations.
Q: The TD linked his Stripe Express account to the tournament, however he is no longer the TD for this event. How do I change the payment account linked to a tournament?
A: You can edit which Stripe Express account is linked to a tournament by clicking Settings, then selecting the correct payment account. This must be done by a Tournament Admin before player selections are completed - step by step guide here. Changing Payment Settings for a Tournament.