Covered in this Article:
Stripe Setup Topics
- About Stripe
- Processing Fee & Payor Preference (Seller vs Buyer)
- Stripe Account Requirements
- Accessing Your Stripe Account Screen
- Setting Up Your Stripe Account
- Pending Review - Account Verification Process
- Connect Existing Account
Post-Stripe Setup Topics
- Setting up Your Registration Form with Stripe
- Setting up Your Online Store with Stripe
- Managing Your Stripe Account & Settings
- Stripe Support Process
Stripe is one of the largest payment processors in the world. As a secure (Level 1 PCI compliant) payment provider, Stripe enables easy online payments, eliminating the need to track a paper trail of check payments. Stripe accepts all major credit cards (Visa, MasterCard, Discover, and American Express), and Google Pay can be used to checkout (No Apple Pay at this time).
With no setup costs or monthly fees, Stripe is the preferred (and only supported) payment processing partner of SwimTopia.
➞ See our Stripe FAQs article to learn about the benefits of using Stripe and answers to the most common questions.
» Note: You are agreeing to the Stripe Services Agreement - United States when you use Stripe's services.
Processing Fee & Payor Preference (Seller vs Buyer)
➞ Processing Fee: Stripe charges 3.4% plus 30¢ per transaction to process card payments. (The fee is the same for for-profit and non-profit 501(c)3 organizations)
➞ Payor Preference (Registration Fee Only): Stripe's processing fees can be paid by the seller (you) or the buyer (your members). The default is set to the seller but is configurable from the Registration form > Payment tab.
➞ "Buyer pays processing fees" details:
- "Buyer pays" only applies to the initial registration fees. It does not apply when capturing conditional fees, or on the online store (if you are using those features).
- There are states with laws prohibiting merchants from charging consumers with surcharges on credit card transactions. Click to see which legal jurisdictions are included.
- If the buyer is paying the processing fees, an amount necessary to cover the fees is added to the total amount of the order, and the processing fees are calculated based on this new total amount. As a result, processing fees are, in effect, paid on the processing fees, which results in a net higher processing fee rate relative to a configuration where the seller is paying the processing fees.
- For simplicity's sake, consider increasing your registration fees to cover the transaction cost or use an acknowledgment to charge a non-refundable transaction fee of your choosing.
» Tip: In this "buyer pays processing fees" example, the team sets a registration fee of $100 and the total amount charged is $103.83. An alternative option would be for the team to raise their registration fee to $104 (for example) to cover these fees, so they still end up with $100 (and change).
|Total Amount Charged to Card||$ 103.83|
|Less 3.4%||$ (3.53)|
|Less $0.30||$ (0.30)|
|Amount Captured by Team||$ 100.00|
Stripe Account Requirements
Setting up a Stripe account can go smoothly when you have all of the required information on hand.
As a payment services provider, Stripe is required by law to verify the legitimacy and identity of businesses and individuals before opening new accounts in accordance with Section 326 of the Patriot Act.
» Note: SwimTopia is not able to provide any legal or tax advice. Stripe, like any payment services provider, is accustomed to working with businesses and may not understand how teams are organized, but this does not change what is required to open an account. We recommend that you speak to your tax advisor with any questions or concerns about tax reporting.
➧ What information will I need?
Before you begin, we suggest gathering up the following information to ensure a quick setup:
- Website - This will be pre-populated to your team site but may need to change if your team's Stripe account will be managed by your HOA, Country Club, PTO/Booster Club, etc., and that organization has its own website.
- Mobile# - used to send a verification code for access to your account
- Email - used for account updates
- Legal Business Name - can be different from your team name if your team's Stripe account will be managed by your HOA, Country Club, PTO/Booster Club etc.
- Employer Identification Number (EIN) - Federal Tax Identification Number used to identify a registered business or nonprofit. ➞ See the EIN section within our Stripe FAQs article for more details on this requirement and how to easily create a free EIN, if needed.
- Business Address/Phone# - a valid address is required, but a home address can be used if you do not have a business address.
- Personal Address/Birthdate/SSN - Stripe requires this information to confirm who is authorized to act on behalf of the business/team. This prevents unauthorized people from creating an account on behalf of your business.
- Bank Account - required during setup to establish your weekly deposits
- Authorized ID (License, Passport, ID Card...) - upload an image or document
➧ What if I close my window or time out before completing my Stripe setup?
No worries! We suggest waiting until you have all of the information listed above, but if something comes up, you can access your Settings > Stripe Account page again and click the button to Continue Setup. You will be presented with the next step in the process from the last completed and saved screen.
Alternatively, you can choose to Restart Setup to start over.
» Note: Stripe requires all setup steps completed before considering your account active to accept payments and receive payouts. If you do not complete your setup within a certain amount of time, you will need to start over.
Accessing Your Stripe Account Screen
Go to Settings > Stripe Account to begin the setup process.
» Tip: You can also access this screen from the Payment tab of your registration form, and the Website > Online Store screen.
Setting Up a New Stripe Account
Once you have created your Stripe account, you can start collecting online payments. Follow the steps below.
➧ Step 1: Confirm and Complete Initial Org and Industry Fields
- Your Organization Name and Website URL will be pre-populated (if your team's Stripe account will be managed by your HOA, Country Club, PTO/Booster Club etc. change the Website URL to match that entity)
- If your organization qualifies as a non-profit click the checkbox
- Select your Industry from the list provided
- Click the Create Stripe Account button
» Note: Make the most logical choice for your team. Summer League, Year-round and Country Club teams will most likely fit under the "Membership Clubs" option highlighted below. The "Charitable and Social Service Organizations" option is only available to non-profit organizations.
➧ Step 2: Contact Info for Verification and Updates
- Mobile# - will be used to send a verification code for access to your account (if you enter an invalid#, you will get stuck on the next screen. To resolve this issue, you will need to go back to your Stripe Account page on your SwimTopia site and click the Restart Setup button)
- Email - used for account updates
» Tip: In general, we suggest using a generic email address such as firstname.lastname@example.org so a historical repository of Stripe account updates, registration and online store receipts (if configured) can be accessed from one location when the Treasurer changes hands.
➧ Step 3: Verification Code Access
The mobile# provided on the previous screen must be a valid# or you will receive an error and will need to update the number.
➧ Step 4: Business Details
- Legal business name - can be different from your "Doing business as" team name populated from your SwimTopia site if your Stripe account will be managed by your HOA, Country Club, PTO/Booster Club etc. (As noted below this field, the name listed and your EIN must match what is used on your tax documents.)
- Employer Identification Number (EIN) - Federal Tax Identification Number used to identify a registered business or nonprofit. ➞ See the EIN section of our Stripe FAQs article for more details and how to create a free EIN, if needed.
- Doing business as - pre-populated with the team name from your SwimTopia site
- Registered business address - a valid address is required, but a home address can be used if you do not have a business address
- Business phone number - can be the phone number for the person in charge of the account if there is no business number available
➧ Step 5: Business Representative
Stripe requires this information to confirm who is authorized to act on behalf of the business/team. This prevents unauthorized people from creating an account on behalf of your business. ➞ See the SSN/Birthdate section of our Stripe FAQs article for more details if needed.
➧ Step 6: Business Owners
We know this Business Owners terminology will not resonate with most of our customers, but remember, you are setting up a banking account and Stripe works with all types of customers.
So what you should do here during setup is click to + Add a business owner and enter the same contact information as in Step 5 for your Business Representative.
» Tip: If you don't do this during setup, you will eventually need to if you collect over a certain amount (possibly $3,000), so it's in your best interest to just enter this information now and not worry about the terminology.
➧ Step 7: Bank Account or Debit Card Setup
Most teams will select to deposit into a Team/HOA/Country Club or PTO bank account.
» Debit Card Option Not Recommended: Debit cards have a $3,000 limit on automatic payouts, so we HIGHLY suggest avoiding this option since that is a very easy number to hit quickly during registration. Your money will get stuck until you change to a bank account if you reach the limit.
» Note: Payouts occur on a weekly basis. The day of the week is configurable (Monday-Friday) after you have completed your setup. Stripe requires a hold on the first transaction for 7-14 days due to their fraud protection policy, and then payouts typically take 2-3 days to process.
Stripe is requesting my Username/Pw to link to my bank...is this secure?
This method of requesting the bank account username and password is a very common method in use today to confirm access to a bank account. Stripe is using a service called Plaid to verify and link bank accounts. Plaid is very widely used by a range of financial applications to securely verify bank account information.
A backup method of entering a routing number and account number is available during setup (look for small print), but this requires inputting the amounts of 2 micro-deposits to verify the account, which can take several days to complete.
➧ Step 8: Account Details Review
Do not be alarmed if you see that you are missing the required information. Stripe requires a copy of your ID that matches the name and date of birth provided. Click on the Update button to provide the requested information.
You'll have options for how you can provide a picture of an authorized ID (License, Passport, ID Card...).
» Note: If you did not complete the setup and had to come back to finish, you were likely presented with this ID Verification request already.
After you've provided all of the required information, you'll see you have an option to + Add an owner. This is related to the Business Owners in Step 6, so most likely does not apply to SwimTopia customers.
If there are additional team reps that should have access to your Stripe account, this can be done from within your Stripe Dashboard after you have created your account.
Be sure to click the Submit button to complete your Stripe account setup.
Pending Review - Account Verification Process
After submitting your Stripe information, you will be brought back to your Stripe Account page on your team site where you will see your Stripe account is in a PENDING REVIEW state.
Both Stripe and SwimTopia / Team Topia (non-swim) have processes in place to combat fraud. These processes provide protection against fraud to all parties, including your team and members. During this account verification time, the team can accept charges, but will not be able to receive payouts.
➧ Stripe Fraud Protection
As mentioned in Step 7, Stripe requires a hold on the first transaction for 7-14 days due to their fraud protection policy, and then payouts typically take 2-3 days to process.
➧ SwimTopia / Team Topia Fraud Protection
Although charges can be accepted into the team's Stripe account while the account is pending review, members who are completing registration or online store purchase will be required to complete a 3D Secure (3DS) verification directly with the issuing bank before the transaction will be approved. This extra step will only occur until a team's site is verified as legitimate.
The cardholder will usually receive a code via text, phone, or email, but the specific interface is determined by the issuing bank.
Example of a 3DS Authentication:
➞ What if there is an issue with your account status after this verification timeframe?
If Stripe requires more information from your team, you will see there is an issue with your account on your Settings > Stripe Account page.
Click on the View your account to learn more link for more details.
Connect Existing Account
This feature is useful if two or more SwimTopia teams need to share the same Stripe account, and would be used in lieu of creating a new account. (A team can only have 1 Stripe Account connected to their SwimTopia account at a time.)
» Note: Due to the specific Connect Express account SwimTopia has with Stripe, the existing account must have been previously created via SwimTopia. Payments and reporting will be shared, so separating by team will require manipulation of the data outside of the SwimTopia system. See ➞ this section of our Stripe FAQ article for more details.
Click on Connect existing account and enter your numeric Account Sharing Code.
After a Stripe Account Sharing Code has been entered and the accounts have been connected, you will see an option to Disconnect Account in case the link needs to be removed.
➞ See this section of our Stripe Account Access & Management article for more on disconnecting if needed.
Setting up Your Registration Form with Stripe
For details on how to access and manage your Stripe account ➞ See Registration: Payment Section
Setting up Your Online Store with Stripe
For details on how to access and manage your Stripe account ➞ See Setting up the Online Store
Managing Your Stripe Account & Settings
For details on how to access and manage your Stripe account ➞ See Stripe Account Access & Management
Stripe Support Process
➧ Step 1: ➞ See our Stripe FAQs article and visit the Stripe Support Center for an extensive repository of searchable topics (your SwimTopia team site uses Stripe Express Connect). It is very possible your question can be answered in one of these sources.
➧ Step 3: If we cannot answer your question, we will contact Stripe Support on your behalf, and will escalate if we do not receive a response within 24-business hours. If we determine the question requires that you contact Stripe Support directly, we will instruct you on how to best reach out to them.
» Tip: Please check the status of your account at the start of each season in case Stripe needs any information from you, to avoid last-minute panic prior to opening registration. You can do this from your Settings > Stripe Account page on your SwimTopia site.