How To Set Up Stripe Banking

Overview

Stripe is one of the payment processors that CrowdChange is partnered with.

Stripe Connect platforms collect the required information from users and provide it to Stripe. Every country has its own requirements that accounts must meet for Stripe to be able to pay out funds to individuals and companies. These are typically known as Know Your Customer (KYC) requirements. Regardless of the country, this may include information about the legal entity and personal information about the representative of the business, as well as those who own or control the business.

Setting up Banking Settings

Banking settings can be updated by following these steps at the fundraiser level:

1. Go to your fundraiser's main page and Log in to your CrowdChange account.

2. Next, go to "Profile > My Profile" and click "My Banking".

3. Fill out the required fields with your organization's banking and representative information and click “Save”.

PLEASE NOTE: All banking and representative information must be an exact match to what has been documented by your bank in order for Stripe to approve your account for payments/ payouts. 

The Account Type you select will determine what information is required by Stripe to activate the account and follows the basic guidelines below:

• Individual—Collect information about the representative & associated bank account.

• Company—Collect information about the company & representative. (Ensure both the Company name and Business Number / Tax ID or EIN match exactly with IRS documentation).

PLEASE NOTE: The Country & Account Type cannot be changed once confirmed.

If you require assistance, please contact CrowdChange support (support@crowdchange.co).

Additional information on the representative
The connected account needs to be activated by a person, known as a representative, with significant responsibility to control, manage, or direct the organization; and is authorized by the organization to agree to Stripe’s terms.

If Stripe is unable to verify the representative, you may need to provide additional ID documents, for example, a scan of a valid government-issued ID, a proof of address document, or both.

Verification can take Stripe anywhere from a few minutes, to a couple business days to complete, depending on documents provided.

Credit card statement descriptor prefix

This is a short prefix that will be shown on your donors' credit card statements. For example, setting this field to `CC` will be displayed as `CC* EVENT NAME` on the credit card statement. Must be between 2 and 10 characters long and should contain at least one letter.

Payouts

Stripe processes all donations on a seven-day rolling basis, meaning that a donation is processed one week after it is received by your fundraiser. After a donation is processed it will be deposited directly into your bank account depending on the payout schedule that you selected when setting up your banking (weekly or daily payouts).

Looking for Support?

Having issues with your banking setup? CrowdChange Support would be happy to help!

Simply click the blue Help button in the bottom right corner of this page, fill out the details, and our support team will get back to you as soon as possible!