Stripe


We use a payment processing company called “Stripe” to securely manage all of our payments. So, in order to receive the funds you raise on Vemagnet, you need to complete the following steps to set up or connect your Stripe Account:

  1. Connect an existing Stripe account
  2. Set up a new Stripe account
  3. Verify your Stripe account and set up your bank details

See below on how to complete these steps. It is extremely important that you complete these steps otherwise we will not be able to release the funds to your bank account!


1. Connect an existing Stripe account

 

  • Once you have successfully saved a campaign, a Stripe Button is activated on “My Campaigns”.
  • Click the “Connect withStripe” button and then “Sign in” by entering your password.
  • Your Stripe ID will automatically connect to our platform and the following message will appear on your campaign page: “You have successfully connected to your Stripe account.”

Your Stripe account is now connected and you can finish creating your campaign. Make sure that your existing account is verified (see how to do this below) and check that your account details within Stripe are correct and up to date. If you haven’t verified your Stripe account, follow the step 3.

2. Set up a new Stripe account
  • Once you have successfully saved a campaign, a Stripe Button is activated on “My Campaigns”.
  • Click the “Connect with Stripe” button and then “Sign up” by entering your email address you want to use for your Stripe Account. Once you have finished the sign-up procedure, you will receive an email from Stripe to confirm your e-mail address.
  • Open the email you receive from Stripe and click the link in the email.
  • Enter the email address and password for your Stripe account.
  • Your Stripe account is now set up and your email address verified. You now need to verify your Stripe account in order to get paid.
3. Verify your Stripe account and set up your bank details

 

You have to verify your Stripe Account before you get paid. To verify your account, complete the following steps:

  • On your Stripe Account home page (Known as your dashboard), select “Activate Account” from the menu on the left side.
  • To Activate your account, you will need to enter the following details:
    1. Country: Select your country from the drop-down menu.
    2. Your Product: Describe briefly the product/service of your company.
    3. Account details:

      – Your business type: Select your business type from the drop-down menu.

      – Legal Name: Enter your legal name of your company

      – Company Number: Enter the registration number

      – VAT number: Enter your VAT number. If you do not have, leave it blank. Business Address: Enter your business address. Website: Enter your business website address

    4. Your personal details: Enter your name, date of birth and address.
    5. Credit Card Statement Details: Enter your company name as well as your telephone number.
    6. Bank Details: Enter the sort code and account number that you want the money you raise paid into.
  • Once you have entered all your details, click the activate account and then enter your email address to confirm your account.
  • You should then get a confirmation message saying “Thanks for activating your account!” which means your account is now live.
  • The last thing you need to do is make your account live by sliding the button on the top left of your dashboard from test to live.

Congratulations, you can now start receiving payments. Once your Campaign is successfully completed, all funds you receive will be released automatically to your Stripe account. This money is then automatically transferred from your Stripe Account to your Bank Account in 7 days.