Frequently asked questions about Stripe
♦ What is Stripe?
Stripe is an online payment service. It allows you to transfer money by way of a credit or debit card transaction, as well as receiving payment to your nominated bank account. Stripe is gaining popularity in the eCommerce world, not only in small businesses, but also among big brands, like Pinterest, Lyft, TaskRabbit, Airtasker, and many more. You can find out more about Stripe here.
♦ Why not PayPal?
Both Stripe and PayPal are known for being super easy to use, and both Stripe and PayPal’s services are PCI Complaint. In other words, they meet the strict standards of the Payment Card Industry and your cardholder data is stored securely. Hey Fritz uses Stripe as it not only provides a secure payment solution, but also for its user identification process to ensure maximum trust on the platform.
♦ Why does Stripe ask so many questions?
We understand sometimes it feels scary to provide personal information on the internet. However, we believe having a platform that is free of scammers, where everyone is accountable is very important. For this reason, we make use of Stripe Connect onboarding and user identify verification process. This is a web form hosted by Stripe that takes care of collecting identity verification information from users. It dynamically adjusts the information that it collects to reflect the connected account’s capabilities, country, and business type. User identity verification is mandatory to everyone that would like to use the platform.
♦ What information will be asked by Stripe?
Stripe Connect platforms collect the required information from users and provide it to Stripe. 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. Stripe then attempts verification. In some cases, Stripe may be able to verify an account by confirming some or all of the keyed-in data provided. In other cases, Stripe may require additional information, including, for example, a scan of a valid government-issued ID, a proof of address document, or both.
♦ Is my personal data safe with Stripe?
Stripe provides a comprehensive outline of their best-in-class data security tools and practices here. In short, Stripe is an extremely safe platform for paying and receiving payments. Stripe is PCI compliant, all card numbers are encrypted at rest with AES-256, even the Hey Fritz team cannot see your bank details.
♦ What happens if I choose not to set up a Stripe account?
You absolutely have the right not to sign up for a Stripe account. We use Stripe for ID verification, as well as secure payment handling. The safty and the integrity of the platform is cruicial to building a trusting community. Without a Stripe account, you can still sign up to be part of the community and view what is available, however you will not be able to list or rent any item on the platform. If your Stripe setup process is incomplete, while you may be able to list items, you will not be able to get the proceedings from any booking of your items until you complete the ID verification process.
♦ When do I get paid?
Congratulations on making a transaction! Payout availability depends on a number of factors such as the industry and country you’re operating in, and the risks involved. When you first start, you won’t receive your first payout until 7–14 days after receiving your first successful payment. The first payout usually takes a little longer in order to establish the Stripe account. Processing subsequent payouts then happens within 2 business days.