KYC Stripe account creation
KYC Stripe account creation
“KNOW YOUR CUSTOMER” legal obligations.
“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.
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.
Stripe KYC Vendor account creation steps:
STEP 1 - Set up your connection details: email address & phone number.
STEP 2 - Verify you represent this business - This form must be filled out by someone with significant control and management of your business, member of the governing board or owning at minimum 25% of the company. The answers will configure the verification summary required in the 4th step.
STEP 3 - Add your bank to receive payouts - A payout is the transfer of funds from Stripe to your bank account.
STEP 4 - Verification summary - Modify the details of your business. All red highlighted fields are required.
The “Business details” field opens “Additional information” page where you have to fill in the company profile information. The “INDUSTRY” field is of high importance as it assigns a Stripe Merchant category code (MCCs) Stripe to your activity and there could be restrictions on some activities. The MCCs to be selected, corresponding to the main vendor category are:
FBO & Airport operations – Industry Transportation / Other transportation services (MCC: Airports, Flying Fields 4582)
Aircraft hangar & parking – Industry Transportation / Parking Lots (MCC Garages 7523)
Helicopter transport – Industry Transportation / Other transportation services (MCC Transportation Services not Elswhere Classified 4789)
Fuel Provider – Industry Transportation / Other transportation services (MCC: Fuel Dealers Non Automotive 5983)
Catering Supplier – Industry Food & Drinks / Caterers (MCC: Caterers 5811)
Taxi & limousine – Industry Transportation / Taxi & Limos (MCC: Taxicabs/Limousines 4121)
“MANAGEMENT AND OWNERSHIP” fields verify the people’s identity and level of responsibility. In some countries, identity verification through document as ID card could be compulsory. In that case, the field will remain red highlighted until the document has been submitted. Meanwhile, the account creation would be on hold status “LIMITED”. Status “ACTIVATED” is provided when identity documents have not been provided but could be asked later when the account has reached an important transaction level. The status “TERMINATED” means the account has been fully validated and wouldn’t be conditioned by other requirements.
