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Why does Stripe ask for personal information when setting up my account?
Why does Stripe ask for personal information when setting up my account?

Stripe requires some personal information of the account holder who will be managing your organization's Stripe account

Updated over a week ago

When creating your Stripe account, you are required to provide important information about your business (i.e. business name; Tax ID; banking information), but also some information on who is managing the Stripe account. Whether you are a board member or volunteer in charge, Stripe will require some personal information on who will manage the relationship between Stripe and your organization.

Here's some account holder information that Stripe will require from you when creating your Stripe account:

  1. Full name (example: Bob Smith)

  2. Job title (example: Treasurer)

  3. Date of Birth

  4. Last four digits of Social Security # (Stripe does NOT require your full Social Security # and requires only the last 4 digits for the account holder who is managing your organization's Stripe account)

  5. Address (example: your organization address)

Stripe requires details like this from the customer creating the Stripe account (in this case you) to manage appropriate financial compliance. It's a common tax and regulated requirement.

The exact rules vary by country, but Stripe is required to collect:

  1. The individual creating the Stripe account

  2. The business associated with the Stripe account

  3. Any individuals who ultimately own or control that business

If you are representing your organization, you would have to fill out the form. If your org is changing representatives, you will need to log into your Stripe account and change this to the appropriate representative who would be taking over. Most of the time, this is a board member (fundraising, or other leadership position deemed by your organization).

What does a Stripe Form look like?

When creating your FREE Stripe account, you will be asked to provide company account information.

IMPORTANT: Please make sure that your BUSINESS NAME MATCHES THE LEGAL BUSINESS NAME you have when reporting to the IRS. Once you complete the form, Stripe will need to verify your business name to your Tax ID to approve so please make sure you are inserting the correct information.

Personal Data on Stripe form: 

As the representative who is creating the Stripe account, you are required to insert some personal information in the form below for record-keeping on your Stripe account.

Banking Data on Stripe Form

Once you've completed your company as well as account holder information, you will next be required to insert the appropriate banking information so that Stripe knows where to send your online pledge donations. You will also be asked to create your account credentials (email; password) to access your account.

Once you've successfully completed the form, Stripe will verify your information and mark your account as PENDING. Once Stripe approves your account, you will be able to seamlessly manage all online transactions directly through the Read for My School app. Approvals can take up to 48 hrs, so it's best to authorize your Stripe account in advance so you can accept pledge donations when you launch your fundraiser.

For additional assistance, please contact our in-app support team.

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