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Stripe Connect Changes

Stripe Connect Changes2019-09-11T09:46:42-05:00

Home Support Forum WCMp Advanced Frontend Manager Stripe Connect Changes

WCMp Advanced Frontend Manager

Stripe Connect Changes Open

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  • joekoday
    Participant
    Post count: 42

    What is being done to address this?

    https://stripe.com/guides/important-update-for-connect

    What’s new with Connect
    Our goal at Stripe is to ensure a healthy financial services ecosystem, and we’re heavily invested in making these compliance tasks easier to manage so platforms can focus on building their business. We’re introducing updates to Connect to continue to meet global onboarding requirements and optimize the onboarding experience for your users:

    Conversion-optimized onboarding tools that replace the need for you to design your own identity verification flows and dynamically adapt to compliance requirements in multiple markets.
    A new capabilities framework that ensures you’re only collecting the necessary information from a user, keeping your onboarding flows lean and optimized for conversion. In some cases, this may reduce onboarding requirements for certain types of accounts.
    Improvements to our Accounts API that help you manage ongoing business and identity verification requirements.
    Please note that these changes will require updates to your Stripe integration.

    Powerful, automated onboarding tools
    We’ve created conversion-optimized, pre-built onboarding flows to help you collect sensitive identity information and onboard your users as quickly as possible without needing to build or maintain your own flows.

    The desktop- and mobile-ready design supports multiple languages and countries, and automatically updates whenever local compliance requirements change. The form can be customized to match your company’s branding and easily integrates with your existing signup flow for a consistent user experience from start to finish.

    The Connect Onboarding flow securely collects sensitive information from your connected accounts, based on your business model and local compliance requirements.
    A new capabilities framework to optimize information collection
    When users currently set up payments with your platform, they’re asked to provide the same amount of onboarding information, regardless of how they use your platform or interact with end customers. We’ve updated Connect with a new capabilities framework that optimizes the information you need to collect from users, based on factors like your platform’s location, what actions your connected accounts take, and your connected accounts’ business entity types and locations. This lets you specify certain capabilities to ensure you only collect the necessary information for a smooth onboarding experience.

    For example, let’s say your platform is a food delivery service. Your platform accepts payments directly from the customer who is ordering a meal, then transfers a portion of the funds to the delivery courier. Since this courier doesn’t need to accept credit card payments directly from the customer, Stripe doesn’t need to request information from the courier that’s required by card networks to accept card payments (such as a merchant category code). This new onboarding model lets these types of platforms collect less sensitive information from their users.

    The following capabilities can now be set when connecting accounts:

    The card payments capability lets a connected account process credit and debit card payments directly from their customers through Stripe. For example, a website-building platform can use the card payments capability to enable sellers to accept payments directly from their customers. Onboarding requirements are generally stricter for users who process payments, and setting this capability ensures that the appropriate information is collected.

    The transfers capability lets a connected account receive payouts and transfers from your platform. For example, an on-demand ride sharing platform can use the transfers capability to specify that their drivers will receive payments from their platform. Onboarding requirements for the transfers capability are often significantly less than those of the card payments capability.

    In the coming months, we’ll introduce capabilities to support additional payment methods and features like card issuing.

    Improvements to the Accounts API
    We’ve updated the API to support our capabilities framework and allow you to set capabilities when creating accounts. The new Persons object in the Accounts API will help you more easily identify and manage identity verification information, and clarify when more information is required from a connected account.

    What this means for your Stripe integration
    Changes to your Stripe integration will depend on whether you’re onboarding Standard, Express, or Custom accounts, and which capabilities your users will need.

    If you’re onboarding Standard accounts, no action is necessary. We’ll automatically set the relevant capabilities for your users to collect the optimal amount of information.

    If you’re onboarding Express or Custom accounts, you’ll need to make changes to your integration and request capabilities for new and existing users. Some platforms may need to collect additional information for previously onboarded accounts. More information can be found in your Stripe Dashboard.

    NEXT STEPS
    To help us provide you with customized guidance, please answer a few questions about your business. Changes to your integration may require additional development resources, so we strongly recommend that you get started as soon as possible.

    GET STARTED
    How to get help
    Updating your Stripe integration is an important step for your platform, and we’re here to help.

    Read the docs
    Visit your personalized Stripe Dashboard
    Reach out with questions through 24/7 chat, phone, and email support
    Join our live Dev Chat to learn more about new Connect features (Sep 25, 2019)

  • joekoday
    Participant
    Post count: 42

    ping ping ping.

  • joekoday
    Participant
    Post count: 42

    THIS IS A MAJOR CHANGE BY STRIPE. WHY IS WCMP IGNORING THIS THREAD????
    THIS IS A MAJOR CHANGE BY STRIPE. WHY IS WCMP IGNORING THIS THREAD????
    THIS IS A MAJOR CHANGE BY STRIPE. WHY IS WCMP IGNORING THIS THREAD????

  • NerdySupportExpert Moumita
    Keymaster
    Post count: 5108

    @joekoday, I apologize for the delay in this thread.

    Currently, our team is working on the SCA integration into WCMp Stripe Marketplace. But, can you share small information, so I can help you out better.

    Are you using Stripe option of WC Marketplace or WCMp Stripe Marketplace plugin? The reason is both these plugin has support for separate stripe account.

  • joekoday
    Participant
    Post count: 42

    Hi Moumita,

    I am using the Stripe option within WCMP. (Under WCMP’s Settings / Payment / Stripe Gateway.)

    I have a Woocommerce Stripe Gateway plugin. It enables a “Payment” tab within Woocommerce’s settings.

    Thank you for your assistance.

  • NerdySupportExpert Moumita
    Keymaster
    Post count: 5108

    @joekoday, the WCMp’s inbuild Stripe uses Standard accounts. Hence this doesn’t need any modification, as you can see here –

    If you’re onboarding Standard accounts, no action is necessary. We’ll automatically set the relevant capabilities for your users to collect the optimal amount of information.

    p.s. we have already updated WCMp Stripe Marketplace plugin (https://wc-marketplace.com/product/wcmp-stripe-marketplace/) with the latest stripe AOI>

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