KYC
Stripe is subject to KYC (Know Your Customer) regulations, which means that you will need to provide some basic information about yourself and your business. Learn what KYC is, and how to comply with it.
When updating this information, make sure you have selected the correct Stripe account.
Introduction
This document explains how to make sure you comply with KYC (Know Your Customer) regulations, and don't provide any false or incorrect information. This applies to the information you provide during the onboarding process, which looks like this:
For a complete example, we will "Create a new business" in the next screen. You can however select an existing business if you have one, and thoroughly check the information you provided. You can also select "I am an individual" if you are a sole proprietor, but this is not recommended. If you are a sole proprietor, we recommend creating a business entity (LLC, Corporation, etc.) and using that for your MGSM instance. This will help you protect your personal assets and limit your liability.
Business Type
Business Location
The country you select here will determine the type of business entity you can create. For example, if you select the United States, you can create an LLC or Corporation. If you select Canada, you can create a Corporation or Partnership. If you select the United Kingdom, you can create a Limited Company or Sole Trader.
If you are a registered company/business of any type, you have to select the country where your business is registered, not where you live. If you are a sole proprietor, you can select the country where you live.
Type of Business
The type of you business, you want to select "Company" here (or your local equivalent).
Business Structure
What structure does your business have? This is a very important question, and you should select the type of business you're registered as, or the one that best describes you if you're not. If you're not sure, you should check your business registration documents, or ask your accountant or lawyer.
Business Details
This is mostly straightforward, but there are a few things to keep in mind:
- Legal Business Name: This is the name of your business, and it should match the name on your business registration documents.
- VAT Number: This is your VAT number. If you have are, you are required to provide it. If you don't have one, you can leave it blank.
- Business Name: The public-facing name of your business. Has to be a registered trade name for registered companies.
- Business Address: This is the address of your business, and it should match the address on your business registration documents. If you are a sole proprietor, you can use your home address.
Industry
This is the industry your business operates in. You can select the one that best describes your business. Most MGSM users should select "Games".
If you're not sure, you can check the NAICS codes for your country.
Business Website
This is the website of your business. We highly recommend providing the URL of your MGSM instance/storefront here, as it provides all information Stripe expects to be present on a business website.
The following information must appear on your website to be compliant:
- Your business name
- Descriptions of the goods or services offered
These must align with the information you've provided to Stripe.
By the time you start selling, the following information also has to be on your website:
- Customer service contact details (this can be phone, email, address, contact form, or an online messaging service contact)
- Return policy and process (if physical goods are sold)
- Refund and dispute policy
- Cancelation policy (if applicable)
- Legal or export restrictions (if applicable)
- Terms and conditions of any promotions
Product Description
This is the description of the products you sell. This should be a short description of your products, and it should match the description on your website. This should at least include the following information:
- The type of products you sell (e.g. "Digital Goods" for MGSM)
- When you typically charge customers (e.g. "During checkout" for MGSM)
For example:
We sell digital goods (personalized gaming content), and typically charge customers during checkout (it is worth noting that we offer subscriptions). We do not sell physical goods or licensed content/material.
Personal Details
This one is straightforward, and you're going to have to do this one all by yourself! This is your information, not your business information.
Make sure you provide the correct information here, as this is used to verify your identity. If you provide false or incorrect information, your account may be suspended or terminated. Depending on where you are from, you might have to provide ID verification documents (e.g. passport, driver's license, etc.) to verify your identity.
Bank Details
This is the bank account where your payouts will be sent. This is usually a business bank account, but it can also be a personal bank account if you're a sole proprietor. If you're not sure what information to provide, you should contact your bank or financial institution for assistance.
Public Details
Please read Stripe's description on the fields here, one thing to note:
You might want to uncheck "Show your phone number on receipts and invoices" if you are a sole-proprietor. This is because your personal phone number will be visible to customers, and you might not want that. If you're a registered business, you should leave this checked.
TAX Calculation
This is a paid feature, and you can find more information about it in the Stripe documentation. You can also find more information about tax calculation in the MGSM documentation.
If you opt-in to Stripe Tax (which MGSM recommends), please select "Digital goods" as the primary product type.
Final Steps
In the next screen you will see an overview of the information you submitted, please review this thoroughly. If your business has multiple owners, you will need to provide their information as well.
After completing the onboarding process, you will be taken to the Stripe dashboard. Here you can manage your account, view your transactions, and access other features. If you ever need to update the provided information, you can do so by going to the Settings page (gear icon in the top-right), and clicking on Business. You can also find the Tax information tab here, which is where you can update your tax information.