Stripe Platform, what is it and why do we use it?
updated 7 months ago
Stripe is our backend transaction platform. Stripe handle the secure process of credit and debit cards and transferring registry funds to home buyer accounts.
They handle identify verification of clients, banking regulations like anti-money laundering and compliance screening.
Stripe is used by millions of businesses and e-commerce brands. If you are curious, click on https://stripe.com/customers and explore the lists and logos! We chose Stripe for it's technology, it's platform API, but you'll soon realize we are in good company.
Stripe is a trusted banking partner which handles payments for several marketplace models like downpayment.gift, include the likes of Lyft, Doordash, and Shopify. For example, Doordash charges the end-customer through Stripe and sends money to the driver and restaurant after subtracting their fee.
In our case, we leverage Stripe to collect funds from guests and donors but do not keep a fee on the transaction. It's invisible to the donor and guest that we use Stripe. For the clients, the home buyers, they see the Stripe brand during their authentication and account setup. The only fee charged to clients is removed by Stripe for transactions, 2.9% plus 0.30/transaction. See also Fees.
Paying out money is complicated by stringent regulations. Stripes offers card data tokenization to help with PCI compliance.
Optimized identity verification requirements
KYC and AML checks for individuals and businesses
OFAC and sanctions screening
MATCH list checks
Secure credit card data tokenization for PCI compliance
Compliance with global regulations, including PSD2/SCA
Money Transmitter Licenses (MTL) in the US