Comprehensive Guide to Verifying and Troubleshooting Your Bank Account
Ensuring successful verification of your bank account can involve different steps depending on your business type and the specific challenges you encounter during the process. Below we provide a detailed overview of the key steps, required documents, and troubleshooting strategies to help finalize your account setup.
Overview of the Stripe Account Verification Process
Stripe requires businesses to go through a verification process that confirms their legal identity. This process ensures compliance with legal and financial regulations. Depending on your business type, you may be required to submit different types of information and documentation.
Required Documentation
1. Business Verification Documents
To verify your business, Stripe accepts the following documents:
Valid government-issued ID
Corporate profile report
Notice of Assessment by the Canadian Revenue Agency
Articles of Incorporation or Association
Notice of Articles
Company Summary
Results of a Quebec registry search (for Canadian businesses)
Business license
Partnership agreement or registration
Utility bill
Resolution for account opening
2. Tax Identification Documentation
If the Employer Identification Number (EIN) provided does not pass verification, Stripe accepts the following documents:
SS-4 Confirmation Letter
Letter 147C Ensure these documents are accurate and well-formatted, including correct capitalization and punctuation. These can be uploaded directly through Stripe's verification platform. For guidance, visit Stripe Support Article.
3. EIN vs. SSN for Verification
For businesses set up as entities such as partnerships or corporations, you may provide your EIN instead of an SSN. However, for sole proprietors or individual accounts, an SSN is required to complete verification.
Troubleshooting Verification Issues
Common Document Submission Issues
If you encounter messages indicating that submitted documents are unacceptable, this means they do not meet Stripe’s requirements. Ensure you review the specific documentation guidelines or use alternative, valid documentation.
Next Steps for Troubleshooting Document Issues
Double-check that the document submitted matches the name and information on your Stripe account.
Ensure all text and details on the document are clear and unaltered.
Consider resubmitting other valid government-issued IDs if initial documents were not accepted.
Additional Steps After Verification
When changing your business type to "company," you’ll need to provide additional information:
Enter your EIN and legal business name.
Complete all required fields, such as linking a bank account and completing identity verification.
Navigate to your "Payment Method" section on Stripe and click "View Details" on the verified account to confirm all details are up to date.
Further Resources
For more detailed instructions, consult Stripe's support articles or contact their customer support if your issue persists despite using all suggested documents and troubleshooting steps.