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:
Starting the Walla dashboard homepage
Click on your avatar in the upper right hand corner
Click on Business Settings
Navigate to Company Info and select Manage
Navigate to Stripe Owner Info & Click View and Edit on Stripe
You will be redirected to a Stripe verification page
Review information, make any necessary edits or submit outstanding documents
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:
Select your Profile Icon on the top right
Select Business Settings
Navigate to Company Info and select Manage
Navigate to Stripe Owner Info
Choose View and Edit on Stripe
You will be redirected to a Stripe verification page
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.