Stripe Verification Updates

To ensure the security and efficiency of your Stripe account, Stripe is implementing updates to their verification requirements for accounts in the US and Canada. Please be advised that the deadline for completing these updates is June 16th, 2024, and failure to do so may result in your inability to process payments. This article will guide you through the process of updating your information.

How to Update Your Information

  1. Log in to Aplos.
  2. Navigate to the Merchant Center by clicking on the ‘Donations’ tab in the nav bar > click on ‘Merchant Center’. Or, you can head to the Banking Center by clicking on the ‘Fund Accounting’ tab in the nav bar > click on ‘Banking Center’
  3. If additional information is required from Stripe, a yellow banner will be displayed with a secure link to update your information. Select the ‘here’ link in the banner and you will be redirected to Stripe, where you’ll see a verification summary page with different categories of information fields. If you don’t see this banner, Stripe does not require any additional information from you and you can skip the following steps.
  4. On the verification summary page, click into each information field category and ensure that you update all fields with particular attention to the following crucial information:
    • Your full SSN OR scanned-in ID
      1. Acceptable forms of identification for the US include: Passport, Passport card, Driver license, State issued ID card, Resident permit ID / U.S. Green Card, Border crossing card, Child ID card, NYC card, U.S. visa card. 
      2. Acceptable forms of identification for Canada include: Passport, Driver’s licence (scans of front and back are required), Permanent Resident card, Provincial or territorial issued photo identity cards (scans of front and back are required), Certificate of Indian Status card, Birth certificate, Marriage certificate.
    • Provide your organization’s website. If you don’t have a website, you can use a link to a social media page.
  5. Once you provide this information, please allow 3-4 business days for the yellow banner to disappear as your information is being verified. 

FAQ

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.

What happens if I do not update my information by the deadline?

If you cannot update your account information by the deadline, settlements to your bank account and your ability to accept payments will be paused.

How long does the verification process take?

Stripe will review any new information, and in most cases, we’ll know within 24 hours if more information is needed for verification. However, more complicated reviews may take 2-3 business days.

How can I contact Support for assistance?

If you encounter any difficulties or you are still seeing the banner more than 5 days after submitting the information, our Support team is ready to assist you. Contact us.

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