How to Set Up a Stripe Wallet for Payouts on Crowdfunder
Setting up a Stripe wallet is an essential step for project owners on Crowdfunder to enable match funding payouts. This guide provides the necessary steps to streamline the process and avoid any delays.
Overview of the Setup Process
Your funding wallet and Stripe setup can be initiated from the Crowdfunder project dashboard. The process includes completing steps in Stripe to upgrade and verify your wallet and providing essential documentation.
Step-by-Step Guide to Setting Up Your Stripe Wallet
Initiate Wallet Setup - Navigate to the Crowdfunder project dashboard and begin the setup for your funding wallet.
Stripe Account Upgrade (for match funding) - If your project received partner funding, Stripe may automatically upgrade your existing account to handle match funding. You’ll see a "Complete setup" button turn blue once the upgrade is ready. If your wallet is already upgraded, you'll be asked to agree to Stripe's terms.
Update Information in your Financials section - After the upgrade, log in to your Stripe wallet. Provide any additional requested details in your Financials section, often including contact information. Stripe will proceed to verify this information.
Add Bank Details - Once Stripe verifies the provided information, you will be prompted to:
- Add your bank account details
- Upload a bank statement.
Completing these steps finalises the wallet setup process.
Important: To ensure successful verification, the bank details you provide (account name, sort code, and account number) must exactly match the information on your bank statement, and the statement must be dated within the last 6 months.
Key Considerations
Documentation Requirements: Ensure that the bank statement provided matches the organisation’s details to avoid delays or rejection.
Stripe Notifications: We will notify you through your dashboard or email about any additional steps or verifications needed during the setup process.
Wallet Under Review: If your Stripe wallet is under review, no immediate action is required. We will communicate any additional steps needed. If prompted to reconfirm your bank details or re-upload your bank statement, ensure the details match exactly as per your statement.
Following these steps ensures that your Stripe wallet is fully set up and ready to receive payouts, enabling you to access funds seamlessly from your Crowdfunder projects.