Important: Stripe has added a new field for KYC verification for businesses registered as anything other than "individual." Even if you've already connected Stripe, please follow the steps below to ensure your payments aren't potentially marked as fraud.
Table of contents
Note: This article is intended for individuals who have already set up their Stripe accounts. If you are still needing to set this up, please follow the following article for a full walk through:
Type of business
Only businesses that are listed as a company type need to make changes to the descriptor in their business details.
If you chose “company” during the setup process, the MyStudio > payments > view Stripe payouts section will show personal details as “not applicable” and there will be a green checkmark next to both the business details and payout details. These accounts will need to be updated.
If you chose “individual” during the setup process, the MyStudio > payments > view Stripe payouts section will show company details as “not applicable” and there will be a green checkmark next to both the personal details and payout details. This update does not apply to these accounts.
Statement descriptor
Stripe has added a section during setup for public details. The public details will contain a statement descriptor which is the label that is attached to customers' payments. This descriptor needs to match your business name so that payments don't get potentially marked as fraud.
To edit this information, the MyStudio account owner will need to login and go to payments > view Stripe payouts. Then, click the pencil next to business details.
This will redirect you to your Stripe info where you will see the public details in the middle. Currently you may see a website as shown in the image below.
This descriptor instead needs to be your business name that your customers will recognize. If it is not, click "edit" next to the public details in order to update.
For example, the business name in the screenshot above is "Ranshaw Dojo" so the statement descriptor matches the name of the business.
If you are part of a franchise, this statement descriptor needs to match the business plus location. For example, Incourage has multiple locations, so the Fairfax location would label the statement descriptor as "Incourage Fairfax."