Stripe Compliance

Are you getting ready to launch your business? Make sure your Stripe account is compliant to avoid getting shut down in the future.

Stripe is a certified PCI Service Provider Level 1. This is the most stringent level of certification available in the payments industry. To accomplish this, they use the best-in-class security tools and practices to maintain a high level of security at Stripe.

This certification allows Stripe to process payments securely and offer a high-level of services to thousands of businesses.

To maintain this certification, Stripe is required to audit their customers heavily. They are not willing to take risks on customers that could put them at risk of losing this certification. Because of this, Stripe regularly shuts down Stripe accounts that are not compliant or appear to not be compliant with their terms of service.

Any business using Stripe must meet a set of checks and requirements designed by Stripe, their financial partners, the credit card networks, and regulators.

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Learn more about Stripe's security practices here.

Setting Up Your Stripe Account

You can create a Stripe account at https://www.stripe.com.

When setting up your Stripe account, you will be required to provide information about your business such as:

  • Name, Business Type, Business Structure
  • Your Personal Name, DOB, Personal Address, SSN
  • Business Industry, Business Website, Product description
  • Fulfillment Details
  • Public Details

Providing a Sufficient Business Description

The setup process if fairly simple and should not take much time. However, the Business Industry, Business Website, Product description part is extremely important. Don't take this part of the process lightly. Spend time on this and make sure it is done properly. More often than not, the reason that Stripe accounts get shut down isn't because of disputes or fraud. It's because the account owner didn't properly describe their business.

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Stripe employees manually review your business information to determine compliance. Treat this like a homework assignment where you're trying to earn an A+.

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Industry

  • If you are selling software, select Digital Products > Software as a Service.
  • If you are selling any other type of digital product like a membership to a Discord community, select Digital Products > Other Digital Goods.

Business Website

Stripe will confirm that your website is working, and that it is owned or maintained by your business. Because of this, your website must provide an accurate and thorough description of your product. Your website needs to include the following:

  • Complete description of the goods or services offered
  • Transaction currency
  • Customer service contact details (phone, email, address)
  • Return/refund and shipping policies (if shipping physical goods)
  • Legal or export restrictions (if applicable)
  • Consumer data privacy policy
  • Terms and conditions of any promotions
  • Security capabilities and policy for transmission of payment card details

If you don't have an official website, you can provide the full URL to your business Twitter page. Make sure your Twitter bio includes an accurate and thorough description of the accounts services/products.

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Example Twitter Bio

DiscordXYZ is a paid Discord community for sneaker enthusiasts. Customers are charged in USD. Contact us at include_an_email_here for support.

Product Description

Describe your product and the features it offers in a way that does not provide any promises of profit or personal gain. If you're selling memberships to a Discord community, focus on the community aspect of your business.

Avoid mentioning anything related to Stripe's Restricted Businesses List.

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Example Product Description

DiscordXYZ is a paid Discord community for sneaker shopping enthusiasts. Members get access to exclusive guides on how to purchase exclusive sneakers through Nike.com and Adidas.com. Members also get access to tools such as dedicated customer support from our team of sneaker experts. Members are charged $50.00 USD initially and then $20.00 USD per month on a recurring basis going forward. Memberships are managed through Hyper (https://hyper.co/) and can be cancelled at any time.

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You must assume that the people reviewing your product description at Stripe know nothing about Discord, bots, scripts, software, etc. It's important that you describe your product in a way that can be easily understood by a regular person.

Additional Information

If, at any time, Stripe is unable to confirm that your business meets these checks or requirements, they may ask you to send them more information or fix the problem.

Depending on the severity of the issue, your account may not be able to process payments or receive transfers until the issue is resolved. Stripe will let you know if that’s the case.