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Update your provider onboarding
to keep using Stripe

If your Flex marketplace was created before December 20th, 2019, some actions are needed from you due to changes in Stripe’s capabilities framework.

Hi!

When you onboard providers to your marketplace, government regulations affect how you need to collect their personal or business information.

As we informed you in December, Stripe has upgraded its API to help platforms collect and verify their user's information in an optimal way. The upgrade introduces mandatory changes to Stripe’s capabilities framework, which will be enforced on all existing and new accounts at the beginning of 2020.

Support for Stripe's capabilities framework has now been added to the Sharetribe Flex API and Flex Template for Web, and we have also updated your Stripe API version. However, If your Flex marketplace was created before December 20th, 2019, there are some actions you still need to take to ensure your marketplace is ready for the update. 

We recommend you complete these actions before Stripe's deadlines: February 20th (US) or March 31st (rest of the world).

Otherwise, some payouts from your marketplace will start failing. You can find a detailed article explaining the change and steps required from you in the Flex documentation.

Complete your actions

What is changing and when?

Stripe's capabilities framework is a mechanism for controlling the amount of information your marketplace collects from each provider. Depending on factors like business type, country, and activity, each provider may need to fill in different information when they sign up to your platform. The capabilities framework ensures your marketplace collects and verifies each provider’s information according to the regulatory requirements. 

The changes in Stripe's capabilities framework means two new capabilities need to be requested on your marketplace. We performed a migration on January 8th, 2020, which added the requirement for the new mandatory capabilities for all your provider accounts. We also updated your marketplace's Stripe API version in order to support the new capabilities.

What is left for you to do is to make sure your UI for provider onboarding and all your providers’ information are up to date before the deadline. Stripe’s deadlines for reacting to these changes are:

    •    February 20th, 2020 for US platforms with customers only in the US
    •    March 31st, 2020 for the rest of the world.

There might be small variations to the deadlines depending on the country and activity of the marketplace. If you don’t react to the changes on time, payouts from your marketplace will start failing after the deadline for providers who haven't provided enough identity information to Stripe.
 

Instructions for Flex marketplaces created
before December 20th, 2019 

To keep processing payments after Stripe's deadline, you need to perform the following actions.

  • Make sure your marketplace’s user interface is ready for the changes. 
  • Contact your providers if they need to provide additional information to Stripe. 

To update your marketplace user interface, Stripe has a ready-made tool for implementing the new provider onboarding process. You can enable Stripe Connect Onboarding in your Stripe Dashboard by filling the relevant information under Branding. Though using Stripe Connect Onboarding is recommended, Flex also allows you to build a custom flow. The steps for each method are described in the How-to-guide for provider onboarding

To find out which providers need to be contacted, navigate to your Stripe Dashboard Connect Accounts view. The view shows you a list of providers whose accounts are currently restricted or about to be restricted. From the same view, you can export the providers’ contact details to get in touch and ask to fill in the required information.
 

Instructions for Flex marketplaces created
after December 20th, 2019

Your marketplace supports and is ready for the changes in the capabilities framework by default. You can keep using the Flex API and developing your marketplace as you have.


If you have any questions about the update, don’t hesitate to contact Sharetribe’s support. You can reach us by replying to this email.

On behalf of the Sharetribe team,

Juho Makkonen
CEO, Sharetribe

P.S. If you have any questions, just reply to this email and we'll get back to you as fast as lightning! ⚡️

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