Stripe Connect Registration - What You Need To Know
Going forward, all payments on iDonate will be processed through Stripe Connect. There are a number of reasons for this, largely to align with regulations and for better financial governance.
This does mean that all Causes registered with iDonate will also be required to register with Stripe. We will assist however we can with this signup process, please see below the details you need to know.
How to Begin the Stripe Connect Signup
Login to your Cause account on iDonate.ie, at the login page here: https://www.idonate.ie/login.html
In your admin dashboard, go to Settings, then click the option for Manage Stripe Connect. In the next page, select your Account Type, then click Get Started.
If you do not have an existing Stripe account, registering this way will register you with Stripe and link to your iDonate account in one process.
Which Account Type Should I Choose?
There are three account types to choose from when registering with Stripe: Non-Profit Organisation, Individual/Sole Trader, or Company.
Which account type you choose will determine the details you will be required to provide.
If your organisation is a Company, you will be asked to provide information on company directors and relevant documents.
In most cases with iDonate users, the applicable choice would be Non-Profit. Many charities are non-profit organisations, and this option applies to schools and sports clubs as well.
Non-Profits will be asked to provide some details that may not be applicable, here is what you need to know:
- When asked for a Company Number, enter all zeroes (000000) if your organisation does not have one.
- For details on your director, enter the details of the administrator of the account. Be advised, anyone added as a director will potentially be required to provide identification to confirm.
- You will need to provide some documentation to confirm the details of the account, please provide any documents requested.
- If any documents are rejected, please get in touch with us by email at helpdesk@idonate.ie, we can refer to Stripe to learn more.
- Choose 'Electronic Attestation' to complete the signup process quickly.
In the case where Sole Trader/Individual is the most applicable option, you will be required to provide fewer details than the other options, so the process should be very straightforward.
What Happens Next?
Once you have registered and/or linked your Stripe account, you are good to go! iDonate will continue to operate as expected, you can run fundraisers and events, all of the existing account features and reporting will work the same way it did before.
The biggest difference is that, instead of the donations going to iDonate and then being transferred to you each month, they will now go directly to your Stripe account. All donations have been processed through Stripe anyway, this really just cuts out iDonate as the middleman in the transfer of funds.
Also, as the funds are already going through Stripe, there are no changes to transaction fees. This process will not cost you or the donor anything further.
Payments will still be processed monthly, your donations will be sent to your bank account each month. In the near future, the option to manually move funds will be added, allowing you as the Cause to draw down your donations as soon as three days after the payment is made.
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