Stripe payments: Account details update FAQ

This feature can be used with the following license packs: Basic, Professional, Enterprise

For customers using credit card payments in Lyyti via Stripe, here's a summary of Frequently Asked Questions to help you further.

1. Our organisation is requested to update our information in Stripe. Why is this?
   The information is used for two purposes: to provide the service, and to confirm compatibility with EU legislation (click here to read more). This is not a requirement from Stripe alone, but it affects all companies providing payment transfer services.
   
   
2. Is there a deadline for updating the information to Stripe?
   Yes, by May 31st, 2020. (Note: Some may have heard about an earlier deadline in March, but Stripe prolonged the period of due to the COVID-19C weighing on consumers and businesses around the world and causing possible interruptions to day-to-day operations.)
   
   
3. What if our account details are incomplete after May 31st, 2020?
   
   • Your payouts will cease
   • You won't be able to collect payments in Lyyti events
     
     
4. Who can update the information?
   Your company's Lyyti admin user. You also need to have sufficient permissions in your organisation to agree Lyyti & Stripe payment terms or a person with such rights needs to fill the form with you.
   
   
5. What to do to update the information?
   You need to be your company's Lyyti admin user. Log into Lyyti and go to the organisation's settings  (top right corner), and follow the instructions.
   
   
6. What documents do we need to update our details into Stripe?
   The questions may vary depending on your company's location. In most cases, Stripe needs information about the type of legal entity, business information, bank accounts, representatives' personal information, information on companies' all directors, information on all beneficial owners (click here to read more).
   
   
7. I updated our information, but the account status doesn't change. Why?
   Stripe goes through all the uploaded documents manually, so it may take a while for the status to change. Please be patient, but if it seems to last longer than a day, you can contact Lyyti's customer support.
   
   
8. What about other payment methods in Lyyti?
   This only affects payments done via Stripe. If you are using other payment methods in Lyyti, they are not affected by this, and you may continue using those payment methods as usual.
   
   
9. Our organisation doesn't want to continue using Stripe, but disable the account. How do I do that?
   Please contact Lyyti's customer support help(at)lyyti.com or +358 2 480 911 91, so they can have it deactivated.
   
   
10. I didn't have enough time to fill in the details. When and where was this informed?
    We wanted to do our best to make sure everyone affected by this update is aware of the needs and have as much time as possible to provide with the required details. We have informed all customers that have an active Stripe account, starting in February 2020 (emails, calls, notifications in Lyyti).
    
    
11. Who to contact if I have questions?
    You can find more info on Stripe's own webpage. If you need help or have any questions, please contact Lyyti's customer support: help(at)lyyti.com or +358 2 480 911 51.