Lyyti Stripe payments allow you to accept credit card payments and other local payment methods around the world.
Requirements to activate Lyyti Stripe payments
To activate credit card payments (Stripe), you need to have the following information:
- You need to have Admin user permissions in your user account
- You 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.
- Necessary information to comply with "Know-your-customer" requirements (see below). Current legal requirements are for example company information, information about company directors, contact person information, photos of ID documents, and IBAN code for payouts.
- Your organisation must reside in the EU and you must be either a company, non-profit or public organisation.
How to activate
To activate Lyyti Stripe payments, go to your organisation's settings at the top right corner in Lyyti. Click Stripe Payments to start creating a new Stripe account and activate Stripe payments.
- Enter your banking details.
- Accept the terms and conditions and confirm you have sufficient authority to accept them.
- Confirm banking details: Check that the given bank account number is correct and edit or confirm it to proceed.
- You'll see the agreed payment commission for your Stripe payments.
- Click Continue to Stripe to move on to Stripe. Stripe will guide you through the next steps. After competing the form in Stripe, you will be redirected back to Lyyti, to the same page where you left.
- Payment services are now automatically activated and you are ready to start collecting payments from your participants! If your situation changes, you can edit the information again in Stripe.
In order to automatically activate Stripe payments in your account, you need to provide necessary information for Stripe. This information is used for two purposes. Firstly, to provide the service, and secondly, to confirm compatibility with EU legislation.
Depending on your company's location, some questions may be different. In most cases we will collect the following information:
- Bank Account. Currently you can only add one bank account to Stripe. This account uses the same currency as your company in Lyyti.
- Business information. Name and country of Business, Tax ID, contact information.
In some cases we also require verification documents, such as business registration documents. A list of such documents by Country can be found here
- Representatives personal information. A representative must activate the payments and confirm the Stripe and Lyyti agreements. This person needs to have significant management responsibility or control over the organization, and be authorized to agree to Stripe’s terms., such as Name, Address, Date of Birth and scanned photos of Personal Identification Document.
A representative needs to be either an executive, or have an ownership off 25% or more of the company.
In some cases, a second validation document may be required to prove the persons address. The list of valid documents can be found here.
- For companies, information on all directors must be collected. Directors are members of the governing board of the company. In some cases, a validation document, e.g. an ID-document, may be required.
- Information on all beneficial owners must be collected. Beneficial owners are persons who exercise significant management control over the business (executives) or who own more than 25% of the company (owners).
In some cases, a validation document, e.g. an ID-document, may be required.
We understand that collecting this information can take time and effort. We only collect it to comply with current regulations set by national and EU legislation. In order to start using the payment service, the user needs to agree with the conditions and terms of the usage. It is the responsibility of the admin user to confirm that they have the necessary permissions to complete this action in their company.