Newly created Stripe accounts are reviewed the following day for eligibility. If the day following account creation is a Friday or holiday, the account is to be reviewed the next business day. As part of the review process, the validity of the account is looked at.
If an account appears to be fraudulent, suspicious or cannot be verified on time, the account’s payouts are paused to prevent funds from being disbursed.
How do I validate a new Stripe account for EveryAction?
Sources for Validation
The following are sources utilized to validate the information associated with the new account:
- FrontDoor
- LexisNexis
- IRS Website
- IRS Determination Letter (LOD)
- IRS SS4 (Application for EIN)
- State Registry
- Registration Documents
- Organization’s Website
Sending Outreach
If the items listed in the Validating the Account, NPO & Contact section, cannot be verified with the provided information and available sources, outreach is sent via Intercom to the representative to request for additional information and documentations. The applicant is asked to register, complete the application form, and to upload the required documentation for review.
Additional Requirement - Banking Information
If the information cannot be verified and outreach is required, the representative is asked to provide proof of banking information as an additional source of verification. Acceptable forms of proof included:
- A bank statement from the organization’s bank account with the account number, bank name, and the organization’s name
- A letter from the bank, on their official letterhead, and signed by a bank officer that includes the account number, routing number, and the organization name on the account
- A voided check from the organization’s bank account (pre-printed with the organization’s name and address)
Reponses
The additional information and documentation(s) need to be submitted via the application form link for security reasons.The applicant needs to click on the link provided in the email to register, complete the application form, and to upload the required documentation(s) for review.
Escalations
If at any point during the review, the information feels suspicious, fraudulent, or just off, the account is escalated for further investigationAs part of the elevated review, the representative may or may not be asked for additional information and documentations.
Reasons why Bonterra, Inc. Has Paused Payouts
The Account is/was Restricted by Stripe
Stripe will restrict payouts for the account if information they deemed required are missing.
If the account is restricted by Stripe, Bonterra will pause the payouts to prevent payments from going out.The representative will need to provide the missing information to Stripe before the account can be reviewed as many of those missing information is required for review.
Additional Information/Documentation is Required to Verify the Account
If upon review, the provided information cannot be verified, there is missing information, or if the information does not match up, payout is paused to conduct further review.
What Happens if a Stripe Account Cannot Be Verified?