KYC verification at Stripe: what you need to know and what to expect

During RecordFlower onboarding, you will go through a one-time identity verification process with Stripe, also known as KYC. What is KYC, why is it mandatory and how does it work?

What is KYC?

KYC stands for Know Your Customer - a standard verification procedure that Stripe makes mandatory for all sellers receiving payments. Its purpose is to prevent fraud and financial crime. This is a legal requirement, not something imposed by RecordFlower itself.

What Stripe asks

Stripe asks for valid ID, your address information and your bank account number. In some cases, Stripe also asks for additional documents, such as a Chamber of Commerce extract for business sellers. The verification process takes place entirely through the Stripe environment and takes a few minutes on average.

One-time and mandatory

KYC verification is a one-time operation. After approval, you can receive payments immediately. Without completed verification, your Stripe account is not active and buyers cannot pay with you. Be sure to complete this early in onboarding so that your store is operational as soon as it goes live.

What does this mean for you?

KYC is a standard and necessary step for any merchant receiving payments online. It's one-time, quick and completely taken care of through Stripe.

Do you have questions about the verification process? Our support team will help you through them - accessible seven days a week at recordflower.com.