Adding Payout Method
To set up your payout method:
- Click on "Settings."
- Navigate to your "Payments" tab.
- Follow the steps to set up either direct deposit (with Stripe) or PayPal, depending on your country.
Stripe will inform you of the banking data you will share that is required to set up an account. As an Online Payments Company, these details are required.
Further details regarding your shared banking data:
- The account number is needed onboarding for the purpose of Payments and Payouts, but stripe will not see the full account number, only the last 4 digits.
- Stripe balances and transactions data are shared to assist users etc, if there is a query.
- Stripe will see your account names, but the type is only related to Stripe Account (standard, express etc)
- Contact info such as email and phone number are either callable/ non callable so Stripe can contact you if needed.
Find more information regarding your shared banking data with Stripe here: Stripe Security Document
Identity Verification In Stripe
As of October 2022, if you are based in the United States, we'll need to verify your identity before you can apply to projects. Stripe will verify you based on your name, date of birth, Social Security Number, and tax ID number. This verification is meant to ensure accurate 1099s for you for the year. We will not be able to pay you unless this information is verified. Your verification status will be displayed in your payout settings.
Why is Stripe requiring my Social Security Number and Birthdate?
This information is required as part of Stripe’s mandatory identity verification requirement: Stripe must collect, verify, and maintain information on the individuals associated with every US Stripe account, as required by our regulators and financial partners. This is intended to promote transparency and prevent individuals from using complex company structures to hide terrorist financing, money laundering, tax evasion, and other financial crimes.
Stripe uses an individual's information like date of birth and SSN to programmatically verify their identity so they can start accepting payments immediately.