This is available on Subscription Tiers: 

Grow, Promote, Free Unlimited, Essentials, Accelerate, & Ultimate.

Why This Matters

In an effort to better protect your banking information from fraud or theft, Stripe has updated the information that is required to verify your Wodify Payments account and process payments through Wodify. This is a required update in order to continue processing payments and receiving payouts through the Wodify Payments Powered by Stripe system. 

Wodify Payments is the payment-processing service that allows your business to charge members and receive payouts through Wodify. Stripe, Wodify's payment-processing partner, may periodically require additional business or representative information to meet regulatory requirements.If you receive a verification request, review and submit the information requested by Stripe as soon as possible.
 

Prerequisite and What Stripe may Request from You

This is only applicable if you use Wodify Payments. 

• Business Information required: TIN, EIN, Statement Descriptor (must match your business name or DBA name), Social Media URL, Business Email Address, Physical Business Address, Business Website URL
• Personal Information Required: Last 4 of SSN, Full Name, Email Address, copies of your photo ID, and identifying information such as Mailing Address and Date of Birth.
• A full SSN may be required if initial verification fails or once your transaction threshold reaches $500k
• Verification of the Tax ID Number (TIN) will now be required once the business has been active for 30 days or has processed $600 in transactions. Whichever comes first.
• The required business and personal information may vary depending on your country/region.

How to update this information:

1. Go to Financial > Settings > Settings tab
2. Select the Wodify Payments Accounts tab
3. Select the name of your configuration to open the details
4. Select the link at the top (just under Account Details) that says Update Account Info
   
   

This will take you to the Wodify Payments Powered by Stripe Wizard, where you can submit the required personal and business information after verifying your information:

You may also receive a verification email or notification from Stripe/Wodify Payments. Select the Update Verification Info or verification link provided, review each requested field, and submit the requested current and accurate information.The exact requirements can vary by account. For example, Stripe may request business details or information about an account representative, such as their job title. Complete every item shown in the verification flow.

Failure to provide the required verification information by Stripe's deadline can result in:

• A hold on pending payouts
• Suspension of your Wodify Payments account
• Frozen payouts until verification is completed

Once the additional required verification information is submitted, payouts can resume after the account is verified.If you do not currently use Wodify PaymentsIf you are not currently using the Wodify Payments account referenced in the notification, you may not need to take action at this time. However, the account must be verified before it can be used to process payments and receive payouts in the future.Some verification emails may also be triggered for older configurations that are no longer using Wodify Payments because of updated regulatory requirements. If you are unsure whether the account is active, whether action is needed, or how a field should be presented, contact Wodify Support with the requested information before submitting changes.

FAQs

1. How long do I have to submit this information? - Stripe will usually notify you of upcoming requirements with a banner in Financial - Settings. Wodify will also send you an automated email about the request. Most volume-related requirements are due once you reach a certain charge volume, or there may be a required by date on the request.  
2. I see different colored banners on occasion. What does that mean? - A yellow banner indicates a future requirement or information needed that will not pause your Payouts or ability to process payments for some time. Red banners indicate an urgent or overdue request to update your information to either resume deposits or prevent them from being paused. 
3. I'm not sure what they need from me? - You can always contact Wodify support for further information and assistance. Our goal is to make sure you are getting paid on the proper schedule without delay or impact to your business and bottom line.