Stripe FAQ
Common questions about how Truemed uses Stripe for onboarding, payouts, and refunds.
What is Stripe used for?
Truemed uses Stripe to send payouts associated with orders placed using the Truemed payment app directly to your linked bank account, less our fees. It also allows us to process refunds for your customers. You only need to set up a Stripe account on our platform if you have received instructions to do so prior to installing the Truemed payment app.
We already have a Stripe account. Why do I need to onboard again?
You can use your existing Stripe account’s credentials to log in, but you are ultimately creating a new account under the Truemed platform on Stripe. You have to supply all of the requested onboarding information for your account to be “Complete” or “Enabled” (a prerequisite to installing the payment app).
What does it mean that my Stripe account is “Enabled” vs. “Complete”?
Enabled accounts can receive payouts but may need to supply additional information in the future to continue to receive payouts. The need for additional information is determined by Stripe based on multiple factors including lifetime volume and account age. Both Stripe and Truemed will reach out as additional information is needed.
I have linked our bank account but still need to complete some of the other steps. Is this enough to install the app?
Although we only use Stripe to send payments to that linked bank account, Stripe prevents us from paying out until your account is “Complete” or “Enabled”. As long as your account’s status is “Restricted” you will not be able to receive payouts, so we cannot install the Truemed payment app.
How often are we paid via Stripe?
Orders are paid out on a rolling 2-day basis. Depending on your order volume, these payouts are often in batches.
To learn more about linking payouts to orders, see Viewing order details.
We sell in the US but are not a US-based company. How can I onboard with Stripe?
You will need an EIN number, a US phone number, and a US address to complete our Stripe onboarding. You can apply as a foreign entity for an EIN number - here are the instructions to do so. If you do not have a US phone number affiliated with your business, you can use the resources here to get one, and you should use a US address affiliated with your business.