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Stripe Verification

This article explains how to do both the first Stripe verification, future verifications, and Stripe bank account requirements

Updated over 6 months ago

When you first start with Walla, it is important to verify your business details with Stripe as soon as possible. Later on, Stripe might ask you to do this again to keep everything running smoothly.

This article explains how to do both the first Stripe verification and any future updates you might need.

☝️ Only the owner login can complete these steps. The email associated with the owner login can be found under the Company Info tile located under Business Settings.

Verifying Business Information with Stripe

Your new payment processor may request some additional verification information at the time of setup or in the future. In order to avoid disruption of service with Stripe, please complete these steps to verify your account:

  1. Starting the Walla dashboard homepage

  2. Click on your avatar in the upper right hand corner

  3. Click on Business Settings

  4. Navigate to Company Info and select Manage

  5. Navigate to Stripe Owner Info & Click View and Edit on Stripe

  6. You will be redirected to a Stripe verification page

  7. Review information, make any necessary edits or submit outstanding documents

  8. Select Agree & Submit or Verify to complete the verification

Re-Verifying Business Information with Stripe

As of 2023/2024 Stripe is updating how they verify business information and they are changing the details they need from certain types of businesses, nonprofits, and single-member LLCs. This may require an update or verification on your end.

Also, It may be necessary to re-validate your business details after onboarding. Stripe conducts routine assessments of businesses to ensure their integrity. You'll verify these details in the same location where you initially entered them following the same steps as listed above.

To review and update the information follow these steps:

  1. Select your Profile Icon on the top right

  2. Select Business Settings

  3. Navigate to Company Info and select Manage

  4. Navigate to Stripe Owner Info

  5. Choose View and Edit on Stripe

  6. You will be redirected to a Stripe verification page

  7. Review information, make any necessary edits or submit outstanding documents


Bank Account Ownership Verification Requirements

When you join Walla, please make sure that the bank account you use for Stripe payouts meets our specific requirements. If you decide to update the bank account later, please ensure that the new account also meets these requirements.

In order to ensure the security of its users, Stripe may need to verify that bank account information, such as the legal owner's name and account number, match the information on the user's Stripe account. This is a standard procedure and usually, submitting a bank account statement or a voided/canceled check satisfies this requirement.

Individual

If you are an individual, your bank account needs to be registered under the business owner name listed on your Stripe account. This means that the name on your bank account must match the name on your Stripe account.

Sole Proprietor, Partnership, or Single Member LLC

If you are a sole proprietor, partnership, or single member LLC, your bank account needs to be registered under your business DBA or representative name of your Stripe account.

LLCs, Corporations, or non-profits

For LLCs, corporations, or non-profits, Stripe requires that the bank account be in the company’s legal business name or DBA.

Usually, this requirement can be satisfied by submitting one of the following documents for US-based businesses:

  • A bank account statement

  • A letter on bank letterhead that contains the required information

  • A voided check

Document requirements

Documents must be:

  • Valid and not expired

  • Clear and large enough to read

  • Uploaded in full color (no black-and-white scans)

  • Complete and not cropped

  • Color scans in .pdf format or photographs in .jpeg or .png format are acceptable

  • Screenshots of your banking app are acceptable

  • Photocopies of documents are not acceptable

How am I notified that I need to verify my bank account information?

Verification Due Dashboard Badge

If you see a red Information Required badge on your Dashboard in Walla, then you will need to go to Business settings and select view information on Stripe to verify the provided to Stripe is correct. Or, make appropriate changes if information is not correct, then submit the information. If you do not see the red badge, then there is no action needed.

Missing Verification Requirements Notification

Walla will send an email to the address that is listed as the Owner under Company Info if verification is due.

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