These are some of the frequently asked questions about Stripe.
How do I set up a Stripe account?
When you create a new event, or as you start setting up one of your events that involves online payment processing, you'll be asked to set up a Stripe account. It will only take a few minutes to provide the information you need to get started. To save time, have your Tax ID, usually your EIN, and your bank account information handy. See this step-by-step guide for more information.
If you already have an event running and using WePay, you can add Stripe via the Legacy Processors link in your Account Menu. Here's an overview video, guiding you through the first few steps. This Step-by-Step Guide shows the rest of the process.
Who can add Stripe as a payment merchant in FundEasy? Only Admins who receive invoices can add a payment merchant. You can see who has this permission level by clicking on the Account Users page from the account dropdown in the upper right hand corner.
How long does the process take? After you submit your application, for most organizations, the account approval process is nearly instantaneous and you will be able to accept payments right away. If Stripe needs more information about your business or expects a longer delay in approving your account, they will reach out to you immediately.
What information and documents do I need to sign up for Stripe? To sign up for an account, you'll need an email address and password. To activate your account, Stripe will need details about your business and about you. Common follow-up requirements include photo identification documents and address verification. You can find a full list of requirements here. Tip: Make sure you've added the website associated with the goods and services you're using Stripe for.
Why does Stripe need my personal information? To fulfill its regulatory obligations, Federal law requires Stripe to obtain, verify, and record information that identifies each person who opens an account. As part of the process of setting up your account, they may ask for your name, address, date of birth, last four digits of your social security number, and other information that allows them to identify you. This article in Stripe's knowledge base has more information.
Why was my account rejected? As Stripe provides financial services, there are a number of restrictions that they have to operate under. Stripe has outlined these in their Services Agreement, which they've tried to make as readable as possible. You can also read more detail on this here.
Can I switch processors for my current event? All events that process online payments will use Stripe as the payment processor as our previous partner, WePay, has discontinued its services. For the time being, Stripe is the only payment processing option.
What are the Stripe processing fees? Default Stripe processing fees are 3.6%+ $0.30 per transaction. However, Stripe offers a nonprofit rate! Please see this article with instructions about applying for that nonprofit rate to reduce your fees to 2.9% + $0.30 per transaction. Please note that Stripe's fees for American Express may vary from our advertised fee structure. To verify this rate or to request to disallow American Express in your account, please contact Stripe. Rates that deviate from our advertised fee structure will result in reporting discrepancies.
Can my donors pay the processing fees? Yes! Your Peer-to-Peer, Crowdfunding, and pay-to-attend Attendance events offer the option for your registrants and donors to pay the fees for transactions up to $250. If you'd like to change that limit, contact FundEasy Support. You'll find these settings in your Event Preferences.
Are donor-paid processing fees tax deductible? Please check with your accountant about how donor-paid fees should be handled according to your relevant tax code. FundEasy receipts itemize the donation and the processing fees separately and list processing fees as not tax deductible.
How often are deposits made into my bank account? In supported countries, your default payout schedule is daily automatic. You can change this in the Stripe Dashboard to weekly automatic, monthly automatic, or manual payouts. When selecting a weekly or monthly schedule, you can specify the day of the week or month that you want payouts to arrive in your bank account. See this Stripe Knowledge Base article for more information about deposit schedules.
Why haven't I received my first deposit yet? There is typically a 7 day waiting period for the first payout. This delay is necessary for risk mitigation and cannot be waived under any circumstances. See this Stripe Knowledge Base article for more information about the waiting period for the first deposit.
Can I customize the name that appears on credit card statements? Yes! The statement descriptor (or soft descriptor as it was known in WePay) is the wording that appears on bank and credit card statements and it can be set when you set up your Stripe payment account. You must use separate Stripe accounts for each event/campaign - this will allow you to customize the descriptor for each event/campaign to make it even more recognizable to your supporters when they see it on their statements. If you need to change the statement descriptor later to correct a typo or make it more clear for that specific event, see this Stripe Knowledge Base article for instructions.
How do I add additional Stripe accounts for different events/campaigns? Stripe requires each event/campaign to have its own account. If you need to set up another account for a different event, just repeat Steps 1-3 listed in these instructions. Once created, you can easily toggle back and forth between accounts from your account dropdown in the upper left hand corner of your Stripe platform account.
How easily can I change my bank account information? Very easily. If you need to change the bank account information, just log into your Stripe account. Bank account details can be updated directly from the Stripe Dashboard. See this Stripe Knowledge Base article for instructions.
Can I add additional Stripe users? Yes. From inside Stripe, click Business Settings > Team, and then select + New Member from the top right. This Stripe Knowledge Base article has more information about inviting team members.
Does Stripe work with my tax software? What other software does Stripe work with? Stripe offers a rich third-party ecosystem with hundreds of integrations ranging from tools for email alerts, shipping, taxes, and more. You can explore Stripe integrations here.
Where can I find transaction/payout reports? You can view payment information in the Reports & Exports tab where it refers to donor/registration information. For reports specifically related to individual online transactions and payouts, please visit your Stripe dashboard by logging into Stripe.com.
How do I issue a refund in Stripe? Refunding payments requires two steps - one in Stripe and one in FundEasy. Returning the money needs to be done from within your Stripe account. After initiating the refund in Stripe, you will need to mark the payment as Refunded in FundEasy from the person's transaction log. Editing that status in the transaction log marks it refunded for internal FundEasy reports. The refund does not go to the customer until it is completed in Stripe.
Where would I find the Stripe Services Agreement? You can view Stripe's Services Agreement on their website here.
When should I contact Stripe and when should I contact FundEasy?
You can contact FundEasy by chat or email about questions like:How to enable Stripe as a Merchant and begin the onboarding process
How to apply for the Stripe nonprofit rate
How financial transactions are viewed in FundEasy.
You can contact Stripe Support for:Questions regarding a specific charge, refund, payout, or dispute
Account-related issues, including account lockouts
Using the Stripe Dashboard's functionality and settings
How do I contact Stripe? Contact Stripe's support team through your Stripe Dashboard. Stripe can respond quickest if you use the following guidelines:
Log into Stripe first, then submit a request here. Logging in ensures that Stripe knows which account you’re inquiring about. It also shows Stripe that you’re an authenticated user of the account.
Include formatted IDs to help them solve your issue as quickly as possible. If your inquiry is regarding a specific card, please include as much information about the card as possible, such as the expiration date, last 4 digits of the card number, and the card brand. However, please never share or send a full card number or CVC. Stripe recommends including pertinent IDs such as:
Customer Name: Johnny Example
Customer Email: johnny@example.com
Any other relevant Stripe IDs:
Charges begin
ch_***orpy_***Transfers begin
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