What to consider when using Stripe to connect your bank
- Connecting your bank account to Stripe is an easy process. This process does not give Byeuni access to your bank accounts, and we cannot see any of the personal information within your online bank account at ANY time.
- The bank account you connect still needs to match the name you’ve entered with your personal information. Do not sign into someone else’s bank account, it will not be verified.
- Stripe primarily supports checking accounts. Transfers to savings accounts often aren’t successful, so we recommend using a checking account when possible.
- If you’re having trouble logging into your bank account, double-check to make sure the username and password are correct, and if you continue to have trouble, we advise reaching out to your bank directly.
Most important question:
Will I have to pay taxes or report this money?
No. It is a gift. Meaning, nothing has been required in return. You may not sell, or give anything in return, according to our Terms of Service policy.
Please see: https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes
Stripe Set Up Basics:
Stripe will call you a “business”. It’s OK.
Choose “United States”
Choose “Individual”
Continue
Here’s where Stripe verifies your identity.
Put in your Name, email, date of birth, address, phone and last 4 of SSN
Continue
Select your industry (doesn’t matter what you pick here)
Your website – byeuni.com
Product description “Gifts only”
Continue
Banking information – pick your bank or type it in if it’s not on the list. This should be easy to populate as it will go through your established account. You will have to verify with your bank as usual.
NOTE: You are giving access for 365 days only
Select the account to link and hit Done
You can add more than one account but we urge you to just do one at a time to avoid confusion.
Add public details for customers – you can write your name and whatever you would like your donors to see here. For example Byeuni.com Gifts4Jen
Shortened descriptor “Jen Gift” or something that is unambiguous – this is what will show up on their credit card statement.
*BE CLEAR – if they don’t recognize it and forget about it, they will dispute it and it will come back out of your bank account. There’s nothing we can do about that because the money goes directly from them to you.
Your “Customer Support” information is just the same info that you put in. Please don’t change it, we might need to contact you in the future with it.
Agree and submit and that’s it! Any money you get will go directly through Stripe and to your bank account as it comes in and is processed by Stripe. Because Byeuni doesn’t handle your money if you have a problem getting your money you must contact Stripe directly.
