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Stripe Account Setup - Definitions

  • Updated

This article explains the components of the Stripe Account Setup process and is designed to enhance your understanding of the information required to successfully configure your account.

Use this document in conjunction with the Stripe Account Setup - Company or Stripe Account Setup - Individual/Sole Trader articles, depending on your business type. 

 

Shortcuts to article sections

Initial Details 

Personal Details 

Business Details

Business Representative Details

Payout Details 

Verification Summary & Confirm Details

 

INITIAL DETAILS

  • Country of Business
    • Where is the business registered?
  • Business Entity Type 
    • Is the business registered as an Individual/Sole Trader or Company?
  • Mobile Number
    • This will be used to provide Two Factor Authentication (2FA) throughout the setup process, and ongoing when updating sensitive information.
    • Make sure you choose a mobile number that you will have access to when required.
  • Email
    • This is used to register the account and will become your login name for Stripe.
    • If you plan to create multiple Stripe Accounts, you will need a different email for each account created.
    • Stripe will use this email to communicate with you if required.
    • This email can be different from the one used in the Personal Details section below.

PERSONAL DETAILS

Note: Some of these details are sent to the merchant/credit card companies.  They may become public-facing if a patient enquires about a transaction on their account.
Note: You may not need to fill in all of these details. 

  • Legal Name of Person
    • This needs to be the Individual/Sole Trader and must match the bank account holder.
    • The Legal Person is used as an internal validation check, and will not be made public.
  • Email Address
    • Contact email address for the Legal Person.
    • This could be made public if a patient enquires about a transaction with their bank.
    • This does not need to match the email used in Initial Details section above.
  • Date of Birth
    • The Legal Person's date of birth.
    • This is used as an internal validation check and will not be made public.
  • Home Address
    • The Legal Person's home address.
    • This is used as an internal validation check and will not be made public.
  • Phone Number
    • This could be made public if a patient enquires about a transaction with their bank.

BUSINESS DETAILS 

Note: Some of these details are sent to the merchant/credit card companies. These details may become public-facing if a patient enquires about a transaction with their bank.
Note: You may not need to fill in all of these details. 

  • Legal Business Name
    • This needs to be the legally registered name of the Company.  
    • The name you provide must exactly match the name associated with your tax ID.
    • This information could be made public if a patient enquires about a transaction, if you do not use the 'Doing business as' option. 
  • Company ACN/ABN
    • This is your Australian Company Number or Australian Business Number. 
    • If required, use the links to learn more about ACN/ABN or applying for one.  
    • This is used as an internal validation check and will not be made public.  
  • 'Doing business as'
    • This is optional. 
    • Use this if your company's trading name is different to the legal name provided above.  
    • This information could be made public if a patient enquires about a transaction, instead of the Legal Business Name.  
  • Registered Business Address
    • This is the registered business address of your company.
    • If you do not have one, use your home address.  
    • This is used as an internal validation check and will not be made public.  
  • Business Phone Number 
    • This is your company's business phone number.  
    • This could be made public if a patient enquires about a transaction with their bank.
  • Industry
    • All payments require a Merchant Category Code which is based on your industry.
    • Review the list and pick the most suitable choice for your business.
  • Business Website/Product Description
    • Click the blue link to change between Business Website/Product Description.
    • This information could be made public if a patient enquires about a transaction with their bank.
    • This information could be shown on a bank statement.

BUSINESS REPRESENTATIVE DETAILS

Note: Some of these details are sent to the merchant/credit card companies. These details may become public-facing if a patient enquires about a transaction with their bank.
Note: You may not need to fill in all of these details. 

Note from Stripe: This account must be activated by an executive, senior manager or someone who otherwise has significant responsibility for the control and management of your business.  If that's not you, please ask the right person to fill out this form.  

  • Legal Name of Person
    • This is the representative for your company/business.  
    • The Legal Person is used as an internal validation check, and will not be made public.
  • Email Address
    • Contact email address for the business representative.
    • This is used for an internal validation check and will not be made public.
  • Job Title
    • This is the job title of the business representative.  
    • This is used internally by Stripe to satisfy compliance regulations.  
  • Date of Birth 
    • The Legal Person's date of birth.
    • This is used as an internal validation check and will not be made public.
  • Home Address
    • The Legal Person's home address.
    • This is used as an internal validation check and will not be made public.
  • Phone Number
    • This is used for an internal validation check and will not be made public.
  • Ownership/Board Member
    • Due to regulatory guidelines, Stripe are required to collect information on anyone who has significant ownership of your business. If required, use the link to learn more.  
    • This is used internally by Stripe to satisfy compliance regulations.  
    • Use the tick boxes to indicate:
      • Whether you own 25% or more of the company, and if you are the only person who owns 25% or more.  
        • If you are the only person who owns 25% or more, your details will be automatically filled in. 
        • If you not the only person, you will be able to enter the Legal Name and Email of the person/s.  
      • Whether you are a member of the governing board of the company, and if you are the only person who is on the board.  
        • If you are the only person who is on the governing board, your details will be automatically filled in. 
        • If you are not the only person, you will be able to enter the Legal Name and Email of the person/s.

PAYOUT DETAILS

Note: Review the Direct Debit Request Service Agreement, located at the bottom of the screen.  The link will open in a new tab and will not disrupt the Account Creation process.  

You will require the following details to complete this section: 

  • BSB Number
  • Account Number

VERIFICATION SUMMARY & CONFIRM DETAILS

Note: Review the Stripe Connected Account Agreement, located at the bottom of the screen.  The link will open in a new tab and will not disrupt the Account Creation process. 

  • Review Business Details
    • Allows you to return and update Business Details section.
  • Review Management & Ownership
    • Allows you to return and update the Personal Details or Business Details section.
      • Note: Click on Update then Edit to change the details.
  • Payout Details
    • Allows you to return and update the Payout Details section.

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