Stripe is the payment processing provider that RepeatMD has partnered with to provide our practices with seamless marketplace transactions. With Stripe taking care of the complexities of compliance and money movement, you can focus on running your business.
A Stripe Connect account allows RepeatMD to transfer funds from client purchases in your RepeatMD app directly to your bank account. Stripe Connect eliminates the need for RepeatMD to store sensitive personal information, making it a secure choice for everyone involved.
1. Getting started - How to create your Stripe Connect account
Step 1: Sign up for a Stripe account.
Once you begin onboarding with RepeatMD, your Onboarding Specialist will provide you a unique Stripe Connect link for your app. The link expires within 7 days of being sent to you so please complete setup in a timely manner.
Step 2: Verify your email.
You will immediately receive a verification email from Stripe after signing up with your unique Stripe Connect link.
Step 3: Complete your business profile in order to activate your account.
Fill in the required business and ownership information to finish setting up Stripe Connect. This grants access to features such as payouts through Stripe, and enables your clients to add to cart and checkout in your RepeatMD app.
Steps 4: Verify your business.
Within your Stripe Dashboard, you will need to provide documents to complete verification for the legal entity, business address, bank account, and domain. To learn more, click here.
Step 5: View balances and manage payouts.
Payouts will automatically deposit into the connected bank account within 2 business days. To manage account details or update the connected bank account, navigate to the Payout settings in your Stripe Dashboard. To learn more, click here.
2. Stripe Connect setup and payments
Q: Do I need a Stripe Connect account to use RepeatMD?
A: Yes. Having a Stripe Connect account allows RepeatMD to transfer the funds from purchases made by clients in your RepeatMD app directly to your bank account.
Q: Can I connect my existing Stripe account to RepeatMD?
A: No. Stripe Connect accounts are designed specifically for RepeatMD apps.
Q: How long does Stripe Connect take to set up?
A: Typically it only takes a few minutes. The account approval is instantaneous.
Q: What information is required to create my Stripe Connect account?
A: The information required depends on your practice’s business type. Common requirements include:
Legal Business Name and DBA
Business Type (ie Company, Individual)
Business Structure
Business Tax ID
Website (RepeatMD App URL)
Ownership Information
Bank Account
Stripe follows Know Your Consumer (KYC) and Know Your Business (KYB) regulations, as mandated for financial institutions.
Q: What website URL should I provide during the Stripe setup process?
A: Please enter the URL of your RepeatMD app, not your business website. Stripe’s underwriting team will review the URL listed on your Stripe account during auditing to ensure compliance with Stripe’s terms of service.
Q: I have a Stripe account linked to my bank account. Am I able to set up RepeatMD’s Stripe Connect account with the same bank account?
A: Yes. Stripe doesn’t limit the use of a single bank account across multiple Stripe accounts.
Q: My business manages transactions from multiple RepeatMD apps through multiple bank accounts.
A: Each bank account requires a unique Stripe Connect account. Your Onboarding Specialist will provide unique Stripe Connect links for each RepeatMD app. Please contact your RepeatMD Onboarding Specialist if you have any questions.
Q: What will appear on my bank statements?
A: The Statement Descriptor will appear as “RepeatMD Marketplace Payout” on your bank statements.
3. Account verification and information update protocols.
Q: I have created my Stripe Connect account. What do I need to verify my Stripe Connect account?
A: Acceptable verification documents can be found here. Examples include:
The individual creating the Stripe account (for example, name, date of birth)
The business associated with the Stripe account (for example, name, address, tax ID number)
Any individual who ultimately own or control that business (for example, name, email)
The verification process may take up to 24 hours for individual accounts and 1-3 business days for ownership verification of Stripe accounts. During this period, the information provided in the submitted documents will be compared to the information on the Stripe account.
If any discrepancies are found, you may be asked to resubmit the documents or update your Stripe account.
After making any updates, you will be required to accept Stripe’s Terms of Service.
Q: How can I view the verification status of my account?
A: If there are any outstanding requirements for your account, you will see a red banner at the top of your Stripe Express Dashboard. If you do not see a red banner at the top, your account is good to go. To learn more, click here.
Q: Can I update existing bank account information within my Stripe Connect account?
A: Yes. To learn more, click here.
Q: Am I able to change the SSN or birthdate on a Stripe Connect account?
A: Yes.
Unverified Accounts: SSN and birthdate can be updated directly in the Stripe Dashboard.
Verified Accounts: The account owner will need to contact Stripe Support to unverify the account. Once unverified, you can update the SSN and/or birthdate directly in the Stripe Dashboard. To contact Stripe Support, click here.
4. Account status, rejections, and support
Q: I have questions about my Stripe Connect account. Who can I contact?
A: Stripe offers 24/7 Chat, Email, and Phone support. To contact Stripe Support, click here.
Q: What are the Stripe Connect account Status badges?
A: Status badges offer a quick way to understand the status of an account. Hovering over the badges provides contextual information, and clicking the status tabs groups accounts by their status. The badges include:
Restricted: the account has payouts or payments disabled. Additional information usually needs to be collected to enable these accounts.
Restricted soon: the account has a due date for providing additional information.
Pending (enabled or disabled): the account is being reviewed or verified by Stripe.
Enabled: the account is in good standing, though additional information might be required if another payment volume threshold is reached.
Complete: the account provided all the required information and is in good standing.
Rejected: either RepeatMD or Stripe rejected the connected account. Stripe rejects accounts if they’re suspected of fraudulent activity.
Q: I created a duplicate Stripe Connect account by mistake. How do I resolve this issue?
A: To close a duplicate Stripe account:
Navigate to Account Details within Settings on the Stripe Dashboard.
Before closing, ensure any existing balances are paid out.
Export account data to a CSV file for record-keeping.
Note that closing a Stripe account does not absolve the owner of any liabilities related to the account balance.
Each Stripe account must be closed individually.
To learn more, click here.
Q: I’ve been restricted by Stripe in the past. Can I create a Stripe Connect account for RepeatMD?
A: It depends on the nature of the restriction:
If you've been restricted by Stripe previously for specific services or transaction types, please inform your Onboarding Specialist or Business Consultant at RepeatMD. While RepeatMD will strive to advocate on your behalf, certain restricted business categories cannot be appealed. To learn more, click here.
However, if you've been permanently banned from Stripe, RepeatMD will be unable to proceed with the onboarding process for your practice.
Q: What are Stripe’s Prohibited and Restricted Business Categories?
A: Please review Stripe’s Prohibited and Restricted Businesses page for a comprehensive list of products and services that cannot be sold on the RepeatMD platform. This list is regularly updated and includes categories such as:
CBD and Marijuana
Telehealth/Telemedicine
Pharmaceuticals
Nutraceuticals and pseudo-pharmaceuticals
Pseudo pharmaceuticals or nutraceuticals focused on significant weight loss or sexual performance
Non-fiat currency and stored value
Q: My Stripe Connect account is restricted. What is the cause and how can I resolve the issue?
A: Stripe’s underwriting team periodically audits transactions and business websites for compliance. If a business is restricted due to non-compliance with terms of service, Stripe will notify the account owner via email, indicating the reason for the restriction and a deadline to rectify the issue.
When this occurs, please reply to the email and CC your RepeatMD point of contact. We can assist with appealing the decision if the services provided do not violate Stripe's Restricted Business Terms of Service.
If an account is restricted due to a service, the service must be removed before re-enabling the account unless the business can provide proof that payments for the restricted services are processed by a different payment processor.
Q: My Stripe Connect account has been frozen. What is the cause and how can I resolve the issue?
A: Stripe may freeze an account when business or ownership details cannot be automatically verified. Stripe will communicate directly with the connected account owner to resolve the issue.
To identify missing information, log into your Stripe Dashboard and hover over the account status. To learn more, click here.
Q: How do I close my Stripe Connect account?
A: Please reach out to Stripe Support for assistance with closing your account. To contact Stripe Support, click here.
Once your Stripe Connect account is closed, you will no longer receive funds from your RepeatMD app.