You may have noticed that we have switched to Stripe Connect to facilitate card and PayNow payments for your Cococart Shop. With Stripe Connect, customers now have an easier check-out and your payouts from transactions will come faster. Here we will explain why Stripe is completely safe to use and why the collection of personal information is needed to use Stripe's service.
Is Stripe safe to use?
Stripe is the world's leading payment processor, working with millions of online businesses to enable business transactions. From the likes of Google to Amazon, their paid services are powered by Stripe. Besides being trusted by hundreds of large companies, Stripe also ensures that it complies with the latest safety e-payment guidelines internationally to ensure the security of all the transactions that pass through their platform.
Why does Stripe collect my personal information?
Stripe has to comply with your local laws for you to start receiving payments from customers through online transactions. Since most laws require the need for ID verification and home addresses, Stripe is obliged to collect such information for you to start using their service.
Do I have to be a registered business to use Stripe?
No! You don't have to be a registered business to use Stripe Connect. We understand that many home businesses are not registered. Rest assured, you can continue using Card payments as a payment option for your shop even if you are not registered.
Why does Stripe ask me to verify my information twice?
It is a slight issue on Stripe's side which they are working on. You would have to resubmit the information again with the same documents.
📝 Important Note:
Due to a systematic limitation from Stripe, the option to pay using PayNow is currently restricted to orders placed within Singapore only. This means if your customers are ordering outside Singapore, the PayNow option will not be visible on their end. 😊