Understanding the Stripe Terms of Service & Business Verification
We understand you might have a few questions about the Stripe Terms of Service & Business Verification. To start off, here are some of our most Frequently Asked Questions!
Important Note: If you are a Publicly Traded Company please head to our Publicly Traded Company FAQ by clicking here.
Why is Motivosity requiring us to fill out the service agreement?
Due to new banking enforcement and regulations, employers are now required to complete a verification process and accept new service agreement terms to continue the use of the Motivosity ThanksMatters card.
Why does this company need my personal information for an agreement?
The SSN for the main representative of the company is used to validate that they are a real person and not a fabricated representative of the organization. This personal information is used only by the bank to compare against public and federal record to verify several different points of identification, like name, date of birth, and listed address.
What kind of information is going to be required to complete the verification process?
Your company MUST have a Valid US address and you must be able to provide an Employer Identification Number (EIN), or a Social Security Number (SSN), or a Tax Payer Identification Number (TIN).
If you are a Publicly Traded Company, please get a hold of your Customer Success Representative (or email SuccessTeam@Motivosity.com if you're not sure who that is), they will help you see if you qualify and help you get set up.
If you are a Private Company, your owner(s) with 25% or more ownership (or the owner of significant control if all owner(s) have less than 25% ownership) must have a US address and be able to provide their SSN.
When is the deadline for the verification process and accepting the new service agreement terms?
This agreement will need to be signed by June 30, 2023 to avoid card deactivation.
What are the terms and agreements? The issuing agreement from Stripe can be found here.
The issuing agreement from Stripe can be found here: Stripe Issuing Accountholder Terms, Issuing Bank Accountholder Terms, and Spend Card Apple Pay Terms
Is this something that an HR manager can complete or does it have to be the CEO?
If you are a Private Company, your owner(s) with 25% or more ownership (or the owner of significant control if all owner(s) have less than 25% ownership) must do this process.