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Connecting with Stripe – What are the risks?

Connecting with Stripe - Josari

Why Stripe?

One of the most common questions we receive is “Why Stripe”?

It’s a good question and one which requires a detailed explanation. In Australia, Stripe and PayPal are the only businesses that offer marketplace payment platforms that allow many-to-many transactions. In other words, they allow many customers to pay many advisers all through a centralised hub. There are no other payment platforms that facilitate these transactions in Australia (if you know of one, let us know)!

Josari was originally modeled to use PayPal, however the solution we needed from PayPal was only available to international customers at the time. We built our platform for connecting with Stripe and they have been doing a great job of managing our payment platform since.

In the future we will enable Josari to handle payments from both PayPal and Stripe.

What are the security risks?

Customers are extremely cautious about entering bank account details online, as they should be! There are sadly too many scammers out there quite willing to steal your hard earned cash (check out Jim Browning Tech Support Scams on YouTube).

Stripe is one of the most secure global payment platforms. They handle billions of dollars in transactions every year and boast customers such as Uber, Amazon, Google and Microsoft. Secure online banking is their forte and they operate in over 120 countries.

Josari connects to Stripe via an API (built by Stripe), meaning the security of your banking information is with Stripe.

As part of the process of registering a service with Josari, customers will be prompted to connect with Stripe. Josari only stores specific Stripe information, including:

  • Stripe Name
  • Stripe Telephone
  • Stripe E-mail 
  • Stripe Address. 

Josari does not collect or store any financial data you share with Stripe.

Registering an account with Stripe

If you have not yet registered an adviser account with Stripe, there’s no better time than now to make the change. It’s an easy and straightforward process that takes just a few minutes to complete. You can either register directly with Stripe, or via the Josari platform.

To register your Stripe account with Josari, action as follows:

  1. Open the Josari app on your phone
  2. Go to the Menu bar in the top left corner of the Home Screen
  3. Select My Services
  4. Select the service you setup
  5. Select Manage Incoming Payment Details
  6. Select Connect with Stripe and follow the prompts to either sign in or register a new account.

What information does Stripe need?

Below you’ll find a breakdown of the questions Stripe will need you to answer:

Business Website If you have a business website, enter the URL. Hint: If you don’t have a business URL, you can use a LinkedIn URL or blog site for reference.
Industry Choose your industry from a dropdown menu. Hint: Consulting services is a good option.
Business Description This is where you need to provide information on what you sell, whom you sell to and when you charge your customers. For example “I’m an IT Technician that offers advisory services to small businesses and individuals, using Stripe to process payments on a per-minute basis.”
Type of Business Drop down menu with options from Individual / sole trader to Company. Hint: Individual / sole trader will be the most suitable option for most consultants.
ABN

A current ABN is required to have an active profile on Josari.

Business Address Hint: You may choose to add a home address if you work from home.
Business Phone This field is optional. Josari already has your phone details.
Legal Name This is your personal first and last name, as it would appear on a driver’s license.
Statement Descriptor This information may appear on your customers’ credit card statement. This can be set as a company name, or you can add something like: “your name” via Josari.
Bank Details

You will need to supply your BSB and Account Number.

Two-Step Authentication This can be sent out via text message or an authenticator app.
E-mail and Password The final step in the process is to create a password for your Stripe account. Hint: Create a secure password with a range of uppercase and lowercase letters, numbers and symbols.

Just one final thing to note; there is a statement at the beginning of the Stripe application that reads as follows:

Josari would like you to start accepting payments with Stripe.

Take a minute to answer a few questions and then you’ll be ready to go. Josari will have access to your data, and can create payments and customers on your behalf.

This is an automatically generated message from Stripe which we cannot modify. As noted above, we collect information on your name, telephone, e-mail and address only. This is the data they are referencing. As per our Privacy Policy, Josari will not sell, trade or rent your personal information to others.

Regarding “creating payments”, Stripe is primarily referring to incoming payments – not outgoing payments. There is a separate process to register your credit card details for when you wish to pay for advice from an adviser. The only time there will be an outgoing payment on your Stripe account is if a refund is required.

Regarding “creating customers”, this refers to the customers Josari sends to you for advice. 

We hope this clears up a lot of the questions regarding connecting with Stripe, however if you would like further information, please contact us on (07) 3040 6624, or send us an email with the form below.

Cheers,

Paul


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