FAQ - Setting Up Your Stripe Account/Security

1. Why must I provide sensitive information like my Social Security Number (SSN) to create a Stripe Account? 

The last four digits of your Social Security Number are required for identification purposes to comply with the United States' FinCEN's anti-money laundering and fraud prevention requirements.

These requirements are consistent with opening any bank account in the United States.

If you have additional questions, please review Stripe's "Know Your Customer" Obligations and "Why do I need to provide sensitive information?".

“Know Your Customer” (KYC) obligations for payments require Stripe to collect and maintain information on all Stripe account holders. These requirements come from our regulators and are intended to prevent abuse of the financial system, provide your potential customers with clear and useful information, and prevent material loss to your business or to Stripe. You can read more on that here.

The information Stripe is required to collect differs from country to country, and typically includes (but is not limited to):

• The individual creating the Stripe account

• The business associated with the Stripe account

• Any individuals who ultimately own or control that business (includes Custom Connect accounts)

If, at any time, we are unable to confirm that your business meets these checks or requirements, we may ask you to send us more information or fix the problem. Depending on the severity of the issue, your account may not be able to process payments or receive transfers until the issue is resolved. We will let you know if that’s the case.

Additional Information

We do not use this information for any other purposes, and we take your privacy and the security of your data very seriously.

Stripe’s security tools and best practices ensure that your sensitive information is safely stored and encrypted. You can read more on that here. You can learn more about the safeguards we've put in place to protect your information in our Stripe Privacy Center.

Please make sure to keep your login credentials for your Stripe Dashboard secure.

Please note that Groupable does not store (and does not permit to be stored) Personally Identifying Information like SSNs or Drivers License Numbers. During the Stripe Account creation process, the last four of a SSN are handed to Stripe and never stored in groupable|m2 or any Groupable server.

FAQ - What should I expect after setting up our new Stripe Account?

1. Stripe Account Review

First, your Stripe Account will be reviewed for any immediate discrepancies or flags for fraudulent information. If Stripe can't automatically verify all information on your account, a human will manually review it within 24-48 hours. If Stripe Risk asks for more information about your business or website, please contact us promptly at support@groupable.com so we can assist you.

An account review issue can usually be resolved within a few days, but we must provide Stripe with very specific details in their required legal language.

Stripe may request different types of information to verify your Stripe Account:

1. Identity verification - upload your federal or state ID
2. Business tax ID verification - upload your EIN documentation
3. URL Website verification - provide the same URL website that Groupable provided you - your Connect "MORE INFORMATION" URL that looks like this:

2. Sign up for Stripe Account Notifications and Invite Team Members to Stripe 

Stripe, by default, does NOT send you emails when a payment is processed. You must log in to your Stripe Merchant Account (stripe.com) and opt-in to account notifications. Set these Stripe Notifications by following the instructions.

You can invite additional officers to your Stripe Account by following these instructions.

3. Check for Active Stripe Account

After your Stripe Account is enabled, you can process your first payment.

You can check that your account is enabled on your local group dashboard:

4. Email Dues Notices

Send your members an emailed online dues notice at this time. You can also text or email them the Groupable|Connect link. When they sign in to Connect, they'll see their Dues Owed and be able to make a payment.

5. After your First Payment is Processed

Once your first payment is processed, you can review the payment details in the Groupable Stripe Payments Dashboard. The Stripe Payments Dashboard will only include the information received from Stripe, and the member-specific information is on the groupable member receipt that's been automagically generated:

Please go to Income & Expenses, Officer Funds Transfers, for additional payment information and the member's groupable itemized receipt.

The Officer Funds Transfers (ONLINE = YES) will provide you an itemized receipt and full details about the payment and payout to expect for the day.

See below for an example of the Officer Funds Transfer table from Income & Expenses:

6. Receiving Your First Payout (Seven-Day waiting period) (Stripe information page)

Subsequent payouts will occur in two (2) business days, but the first payout has a seven-day waiting period. This delay is necessary for risk mitigation (e.g., anti-money and account-laundering) and cannot be waived under any circumstances. 

Any updates made to payout timing or method during this time will take effect after the waiting period. Check your estimated payout schedule on the Dashboard.

Delays more than 7 days

Your first payout might take longer, depending on your industry risk level and country of operation. For businesses in certain industries, the waiting period can be up to 14 days, and for countries such as Brazil, it can be up to 30 days. See a full list of payout schedules by country.

If you still haven’t received your payout after the designated waiting period see: Where is my payout? FAQ for missing and late payouts.

Other causes of delay

• Bank-related delays—Bank processing can be delayed by weekends and holidays. Once the bank has finished processing your payout, the funds will be deposited into your account automatically.
• Account verification issues  - Check the Dashboard and your email to see if additional information is required to verify your account.

7. My Secretary and Treasurer still use paper and do not have computers. Are they required to accept online payments? Can they continue their current practice?

Online payments are not mandatory or required, and Dues Billing in groupable|m2 is not dependent upon Stripe. Your group can print dues notices (instructions here) without changing their records system and continue to record payments manually.

FAQ - Questions when coming from WePay:

1. I had a WePay Merchant Account. What is my next step in continuing to accept online payments?

If you log into groupable|m2 and see a "Signup with Stripe" button, please sign up with Stripe! WePay and Stripe are completely unrelated.

2. I have members who have made partial payments with AutoPay, and they still owe dues. How will I collect those payments?

Based on feedback and user experience, AutoPay will be discontinued until modifications and enhancements are made.

After setting up the new Merchant Account, the secretary can email to request partial or complete payment for any members who owe dues, including anyone signed up for an AutoPay installment plan.