How do I sign up to accept online card payments?

Getting started

To accept card payments both in person and online (including through Apple Pay and Google Pay) you need to set up a Stripe account. Get started by tapping on 'Get set up' under 'Accept card payments' in the Get Paid tab in your mobile app.

We'll then redirect you to Stripe's onboarding webpage and you'll go through their sign up process. You'll need to provide some information about your business, yourself (and if your business is a limited company the key people in the business), and how you want to get paid out.

So you know, you must be authorised by your business to create a Stripe account for the business.

Don't worry, you can take a break in your application whenever your need. We'll save what you've done and it'll be right there for you to finish when you come back to it.

Creating a Stripe account

Stripe asks you to provide an email address and phone number for your account. This is what you'll use to log into your account going forward.

If you have additional people in your business you'd like to have access to the Stripe account, don't worry. After one of you has set up the account, you can add the others to the account from your Stripe dashboard.

How to set up card payments if your business already has a Stripe account

If you already have a Stripe account and you want to start accepting card payments, then you can do that easily.

Unfortunately we don't yet support you just logging into your existing account, so we'll ask you to create a new Stripe account.

You can just use the same email address as for the account you already have. You'll then find all your Stripe activity related to your Monzo request and any other Stripe activity when you log into your Stripe account with this email. It'll all be there neatly split into two separate accounts (in the top left), so you can easily keep apart your Monzo requests from your other activity.

You'll provide Stripe with details about your business to get set up

You'll need to provide some details about your business to help Stripe understand it better and to approve your application quicker. At the end, Stripe will show you all the information you've provided and in case anything is missing or wrong you can still add it or correct it then - so no need to worry!

Once that's all good, tap 'Done'. We'll bring you back to your Monzo app. Stripe will review your application, and we'll let you know when your account is good to go!

Tell us about your business section

• Business name
• Business address
• Business type - if you're a sole trader that's 'Individual / Sole trader'; if you're a limited company that's 'Company'
• Business structure - if you're a limited company that's 'Private Company'

Business details section

• VAT registration number - this is optional if you have one
• Business' phone number
• Industry - select the industry that best represents your business' activity from the drop-down
• Business website - don't worry if you don't have one, you can also use your business' Instagram, Facebook, or LinkedIn page. If you don't have anything on the web, please reach out to Stripe Support to verify your business in another way.
• Product description - in a few sentences describe what your business does or what products or services you provide and when you get paid by your customer - for example, you could say 'I provide plumbing services in East Glasgow. I get paid immediately after providing the service'.

If you're a limited company, you'll also have to provide these details about your business

Before you get started, you may want to have some information about your business owners, directors, executives, and companies house registration at hand. You'll need to provide some details about your business and the key people in the business to help Stripe understand your business better and to approve your application quicker.

Business details section

• Legal business name - if you're a limited Company that's your registered business name
• Companies House registration number - if you're a limited company
• Business trading name - if it's different from your registered name as a limited company
• Registered business address

Business representatives section

As you should have the authority to open the account for your business, this may well be you. It should be an executive, senior manager or someone who otherwise has significant responsibility for the control and management of your business.

• Legal name
• Date of Birth
• Home address
• Role in the business - this can be owner, Chief Executive Officer, Partner, etc.
• Contact details - phone and email

Business owners section: You need to add some details (such as name, email, and home address) about every person who owns 25% or more of your business. Stripe need to understand better who has significant ownership of your business for regulatory reasons.

Business directors section: You also need to add some details (such as name, email, and home address) of the directors of your business. This should be the same people who are listed as directors in Companies House for your business.

Business executives: You need to list and add some details (such as name, email, and home address) for each person who has significant management responsibility for your business.

Fulfilment details section: Here you should give an indication of how you normally provide your products or services. Select an option that is most relevant for your business from the drop-down.

Give Stripe information about payouts and customer support

Account for payouts section: Add your bank account details to your Stripe account. Stripe will pay the amounts your customers have paid by card to this account. They will also deduct their fees or any refunds or disputed amounts ahead of any payouts.

So you know, Stripe will need to set up a direct debit with this account. They need it to pay you the money you've earned but also in case refunds, disputes, and other things outweigh the amounts you've received from customers and they need to take money from your account to cover it. If you want to understand better why they need this, please reach out to Stripe Support.

Customer support details: This information helps your customers recognise that they've paid your business when they look at their card statements.

• Statement descriptor: This is what your customers see on their card statements. You can just use your business name here, or whatever you use when you talk to your customers to identify your business. It just needs to be more than five characters.
• Shortened descriptor: This can be your business name again or a shorter version of it, to make it easier to fit on the card statement.
• Customer support number: This should be the number you'd like your customers to reach out to if they have any questions. Most customers might already have that phone number for your business anyways 😉

Why do I need to set up a direct debit with Stripe?

Stripe needs you to authorise a direct debit for the account you'd like to connect to your Stripe account.

When your customers pay by card, Stripe will pay out that money to this bank account (minus their fees or any amount for refunds or disputes, etc).

Stripe will also debit money from that account at times when your Stripe account balance is negative. That could happen if for instances the money you're paying back to your customers in refunds or chargebacks is more than what your customer have paid.

If want to learn more about this, please read Stripe's help article on how Stripe handle negative balances and why they need a direct debit authorisation.

So you know, Stripe pay out to your account a few working days after your customers have made their card payment. This may take a bit longer if it's your first time receiving money from your Stripe account or they need to run more checks.

How long does it take for my Stripe account to be ready?

Stripe review your application after you've submitted it. This should take a few minutes, but might take longer. If Stripe needs more information, they'll email you directly.

As soon as Stripe activates your account you can accept card payments!