2 min read
All connected merchant accounts will have to submit business details to Stripe in order to complete verification.
Once verified by Stripe, sellers will be able to process payments on PriceBlocs.
Requirements differ based on a variety of factors including:
- The country of origin for the connecting account.
- The business type (e.g. individual, company) and structure (e.g. public corporation, private partnership).
- Company, representative and owner information
- and more...
Most of these details are standard requirements for operating a business, so the business owner likely has them available.
Some categories and details which may be required include, but are not limited to:
- Account / business
- Business type
- Product description
- Tax ID
- Date of birth
- Tax ID
A more comprehensive list with descriptions per country and business type can be found here.
A merchant account has a variety of different statuses which describe whether it is in good standing and can begin to accept payments and receive payouts. An account will transition through these states as infomration has been sumbitted for verification:
- (1) Details not submitted:
- Account has not submitted its verification information.
- This is the default state for new Stripe accounts.
- (2) Details submitted:
- The account has submitted all required business information to Stripe and is awaiting verification.
- The verification process happens asynchronously, but is often completed within 1 business day.
- (3.a) Charges enabled:
- All submitted details have been verified and the acount now supports creating charges.
- At this point, sellers can now begin to process payments with payment links.
- (3.b) Payouts enabled:
- Payouts to the connected merchant bank account are enabled, and all successful payments will be eligible for payout.