Stripe Connect Setup Guide

Complete guide to setting up Stripe Connect for receiving payments on GreenMonkey.

Overview

GreenMonkey uses Stripe Connect to:

• Process payments securely
• Distribute funds automatically
• Handle tax compliance
• Manage refunds and disputes

Prerequisites

Before starting:

• ✅ Verified GreenMonkey account
• ✅ Valid government ID
• ✅ Bank account information
• ✅ Tax identification (SSN/EIN for US)
• ✅ Business information (if applicable)

Setup Process

Step 1: Start Stripe Connect

1. Go to Dashboard → Settings → Payments
2. Click "Connect with Stripe"
3. You'll be redirected to Stripe

Step 2: Choose Account Type

Individual Account

For freelancers and solo sellers:

Requirements:
- Full legal name
- Date of birth
- SSN (US) or equivalent
- Personal bank account

Business Account

For companies and teams:

Requirements:
- Business legal name
- EIN/Tax ID
- Business type (LLC, Corp, etc.)
- Business bank account
- Representative information

Step 3: Identity Verification

Stripe will ask for:

Personal Information

Required:
  - Full Name: As on government ID
  - Date of Birth: MM/DD/YYYY
  - Address: Current residential
  - Phone: Mobile preferred

Optional:
  - Website: Your portfolio/business site
  - Business Description: What you sell

Document Upload

• Government-issued ID (passport, driver's license)
• Additional documents if requested
• Business registration (for companies)

Step 4: Bank Account Setup

Supported Countries

Bank Information Needed

US Sellers:

- Routing Number: 9 digits
- Account Number: Varies
- Account Type: Checking/Savings

International Sellers:

- IBAN or Account Number
- SWIFT/BIC Code
- Bank Name and Address
- Currency Preference

Step 5: Tax Information

US Sellers

Form W-9 Information:

• Legal name
• Business name (if different)
• Tax classification
• SSN or EIN
• Address

Tax Reporting:

• 1099-K issued if > $600 in sales
• Automatic tax form generation
• Download from Stripe dashboard

International Sellers

Tax Treaties:

• May reduce US withholding
• Submit W-8BEN form
• Country-specific requirements

VAT/GST:

• EU VAT handled by GreenMonkey
• Local tax compliance your responsibility
• Consult local tax advisor

Step 6: Verification Status

Check your status:

Status: Pending Verification
├── Identity: ✅ Verified
├── Bank Account: ⏳ Processing
├── Tax Info: ✅ Complete
└── Estimated Time: 24-48 hours

Common statuses:

• Pending: Information being reviewed
• Action Required: Additional info needed
• Verified: Ready to receive payments
• Restricted: Issues to resolve

Payout Configuration

Payout Schedule

Default options:

• Daily: Receive funds every business day
• Weekly: Specific day of week
• Monthly: Specific day of month
• Manual: Request payouts yourself

Payout Timing

Sale → Available Balance → Payout Initiated → Bank Account
Day 0 → Day 0        → Day 1-2      → Day 3-5

Factors affecting timing:

• Your country
• Bank processing times
• Weekends and holidays
• First payout (may be slower)

Minimum Payout

Set minimum payout amounts:

Options:
  - No minimum (default)
  - $10 minimum
  - $25 minimum
  - $100 minimum
  - Custom amount

Fee Structure

GreenMonkey Fees

Platform Fee: 20% of sale price
Payment Processing: 2.9% + $0.30

Example $100 sale:
- Sale Price: $100.00
- Platform Fee: -$20.00
- Processing: -$3.20
- You Receive: $76.80

International Fees

Additional fees may apply:

• Currency conversion: 1-2%
• International transfer: $0-25
• Correspondent bank fees: Varies

Fee Calculation Tool

function calculatePayout(salePrice, currency = 'USD') {
  const platformFee = salePrice * 0.2;
  const stripeFee = salePrice * 0.029 + 0.3;

  let currencyFee = 0;
  if (currency !== 'USD') {
    currencyFee = salePrice * 0.01; // 1% conversion
  }

  const netPayout = salePrice - platformFee - stripeFee - currencyFee;

  return {
    salePrice,
    platformFee,
    stripeFee,
    currencyFee,
    netPayout,
  };
}

Managing Your Account

Dashboard Access

Access Stripe directly:

1. Dashboard → Settings → Payments
2. Click "Manage Stripe Account"
3. Opens Stripe Express dashboard

Available Features

In Stripe Express dashboard:

• View balance and payouts
• Download tax documents
• Update bank information
• View transaction history
• Manage payment methods

Reporting

Download reports:

Reports Available:
├── Payout Report: Bank transfers
├── Balance Report: Account activity
├── Transaction Report: All sales
└── Tax Report: Year-end summary

Handling Issues

Verification Problems

"Additional information required"

• Check email from Stripe
• Upload requested documents
• Ensure clear, readable images
• Match information exactly

"Unable to verify identity"

• Double-check all information
• Try different ID document
• Contact support if persistent

Payout Issues

"Payout failed"

Common causes:
1. Incorrect bank details
2. Bank account closed
3. Name mismatch
4. International restrictions

Resolution steps:

1. Verify bank information
2. Contact your bank
3. Update in Stripe dashboard
4. Retry payout

Disputes and Chargebacks

If customer disputes charge:

1. Notification in dashboard
2. 7 days to respond
3. Provide evidence:
   • Proof of delivery
   • Customer communication
   • Product description
   • Terms of service

Security Best Practices

Account Security

✅ Do:

• Use strong password
• Enable 2FA on Stripe
• Monitor account regularly
• Keep contact info updated
• Review payouts

❌ Don't:

• Share login credentials
• Use public WiFi for banking
• Ignore Stripe emails
• Delay verification updates

PCI Compliance

GreenMonkey handles:

• Card data security
• PCI compliance
• Secure payment flow
• Data encryption

Your responsibilities:

• Secure your account
• Protect customer data
• Report suspicious activity

Tax Considerations

US Tax Obligations

Income Reporting:

• Report all income
• Keep records 7 years
• Track business expenses
• Consider quarterly payments

Deductible Expenses:

Common deductions:
- GreenMonkey platform fees
- Stripe processing fees
- Software subscriptions
- Marketing costs
- Home office (if applicable)
- Internet/phone bills (partial)

International Tax

Country-Specific:

• Check local requirements
• VAT/GST registration
• Income tax obligations
• Cross-border considerations

Record Keeping:

Maintain records of:
├── All sales transactions
├── Platform fees paid
├── Currency conversions
├── Tax documents
└── Business expenses

Troubleshooting

Common Error Messages

Getting Help

Stripe Support:

• In-dashboard chat
• Email: support@stripe.com
• Documentation: stripe.com/docs

GreenMonkey Support:

• Dashboard → Help
• Email: payments@greenmonkey.dev
• Discord: #payments-help

Best Practices

Regular Maintenance

Monthly checklist:

• Review payout schedule
• Verify bank account active
• Check for holds/restrictions
• Download statements
• Update tax information

Optimizing Payouts

1. Choose right schedule

   • Daily for cash flow
   • Weekly for predictability
   • Monthly for simplicity

2. Set minimum payout

   • Reduce transfer fees
   • Simplify accounting

3. Monitor exchange rates

   • Time international transfers
   • Consider holding balances

FAQs

Q: How long until I can receive payouts? A: Usually 24-48 hours after verification, first payout may take 7-14 days.

Q: Can I change my bank account? A: Yes, update in Stripe dashboard. New account requires verification.

Q: What if I move countries? A: You'll need to create new Stripe account for new country.

Q: Are there payout limits? A: No maximum limits. Minimums can be set by you.

Q: How do refunds work? A: Refunds deducted from next payout or balance.

Next Steps

1. Complete Stripe setup
2. Configure payout schedule
3. Create first product
4. Understand analytics