What is Stripe?
Stripe is a market-leading global payments solution. Millions of companies of all sizes use Stripe online and in person to accept payments, send payouts, automate financial processes, and grow revenue. Stripe is PCI compliant and provides you, your organisation and GameDay with secure financial payment services globally.
To learn more about Stripe, visit https://stripe.com/
How will GameDay utilise Stripe?
GameDay has partnered with Stripe to facilitate secure customer onboarding and financial configuration via Know Your Customer (KYC), provide payments checkout via integrated payment solutions and facilitate automated settlement payouts to customers like you + much more!
Why the change?
Stripe allows GameDay to provide market-leading payments solutions to customers globally, supporting the automation of a number of processes, enhanced financial compliance & security and supports our aim to enhance existing features + bring new features to market while keeping our processing fees competitive in light of rising costs across the economy.
More information about upcoming enhancements to payment functionality can be viewed here.
How does this affect me and my organisation?
This change impacts all GameDay customers and organisations that utilise GameDay's product suite to facilitate payments and receive settlement payouts from GameDay to your organisation’s nominated bank account.
What is a Know Your Customer (KYC) check?
A Know Your Customer (KYC) check as part of the customer onboarding to Stripe is intended to prevent abuse of the financial system by the collection and maintenance of information on all account holders required by Stripe’s regulators. The information Stripe is required to collect differs from country to country, and typically includes (but is not limited to):
- The individual creating the Stripe account
- The business associated with the Stripe account
- Any individuals who ultimately own or control that business (includes Custom Connect accounts)
Note: The financial configuration KYC onboarding is required to be completed by each separate organisation-level account in GameDay that your organisation utilises to collect payments.
What do I need to complete the financial configuration KYC onboarding?
You will need the following before you start:
- Contact details for you and/or your nominated representative(s) to complete the financial configuration KYC onboarding
- An active mobile phone for 2-factor authentication
- Business registration details about your Organisation
- Proof of identity document for you and/or your nominated representative(s)
- Your organisation's bank account details/statement
Who from my organisation should complete the financial configuration KYC onboarding?
A nominated representative of the organisation with access to registered business details and financial information about your organisation.
Note: only an Admin enabled as the Role of Treasurer for your organisation will be able to complete the financial configuration KYC onboarding
What do I need to do after I complete financial configuration KYC onboarding?
Once you’ve completed the financial configuration KYC onboarding, there is nothing else you need to do to facilitate payments via Stripe. You will be notified when Stripe payments are activated, and at that point, it will become the default payment option for your members and participants.
What payment methods are supported via Stripe?
For launch, the following payment methods will be supported:
- Credit/Debit Cards
- Mastercard
- Visa
- American Express
- Apple Pay Wallet Payments
- Google Pay Wallet Payments
Additional payment methods will be supported in future with details to be released as they become available.
Are there any changes to GameDay processing fees once Stripe is activated?
No, the same fees will apply as your existing payment processing fees. Our move to Stripe ensures these fees remain at the same level as they have been for a number of years. Despite the pressure of increasing costs across the economy, we’re not changing yours.
How will my organisation get Settlement payouts from GameDay?
Stripe will facilitate automated weekly settlement payouts to customers that have successfully completed the financial configuration KYC onboarding via your GameDay account.
Weekly settlement payouts will occur on Tuesdays, with funds expected to arrive in your account within 24 hours. Settlements will include transactions from the preceding period, which is stipulated by the payout schedule for your currency as stipulated by Stripe.
Payout Schedules by currency:
AUD - 2-day rolling basis
EUR - 7-day rolling basis
GBP - 7-day rolling basis
NZD - 4-day rolling basis
What is a payout schedule on a rolling basis?
A payout schedule on a rolling basis means weekly settlement payouts will include paid transactions from the preceding week that occurred at least X number of days before the day (Tuesday) the payout is processed. So for a customer on a 2 day rolling basis, settlement payouts will include paid transactions from the preceding week that occurred at least 2 days before the day the payout is processed.How will I identify a settlement payout from Stripe on my organisation's Bank Account?
Settlement payouts will contain a unique Stripe-generated “Payout trace ID” along with a reference to one of the following;
- GameDay AU (for Australian Customers)
- GameDay NZ (for New Zealand Customers)
- GameDay UK (for UK, Ireland and Rest of the World customers)
How will a credit/debit card transaction look on a statement when someone pays?
The Statement Descriptor for payments made via Stripe payment gateway will include reference to GameDay (as above) and the first 12 letters of the organisation name.
For example: GameDayUK*YourOrgsName
All GameDay generated payment receipts and payment confirmation screens will also contain a unique Stripe-generated “Payment Gateway Reference” number for easy reference.
How do I edit our Stripe account details without my mobile number being on file?
For security, Stripe uses a mobile verification process to verify that the user responsible for accessing and modifying your organisation's Stripe account details is consistent with the original account creator. Should you need to update the verification mobile number on file for your organisation, please contact the GameDay customer support team via the Contact Us link at help.mygameday.app
Who should I contact if I am having trouble with my Stripe account?
If you have any issues or questions regarding the Stripe account creation process, please contact the GameDay customer support team via the Contact Us link at help.mygameday.app
How will I reconcile settlement payouts?
Settlements can be reconciled by organisation via existing transaction-based reporting and settlement tools built into GameDay’s platforms
What if my organisation already has a Stripe account?
If your organisation already has a Stripe account, you will still be required to complete the financial configuration KYC onboarding in your GameDay account in order to receive settlement payouts for transactions through GameDay via Stripe. We recommend to use an alternative email address to any pre-existing Stripe account your organisation may have. If you do use an existing email address, you will need to login with your existing credentials or go through the reset your password process on the login screen.
Does my organisation get direct access to Stripe?
No, your organisation will not get direct access to Stripe or receive any login details to Stripe. All financial data related to payments transacted via Stripe will be available in your organisation's GameDay account.
Can I process a refund if the transaction was processed through PayPal/Braintree?
Historical transactions processed through PayPal/Braintree will need to be refunded manually by your organisation directly to the payee as there will no longer be an available settlement balance from Braintree transactions for your organisation to process a refund via GameDay for these transactions.
What happens to historical transactions through PayPal/Braintree Payment Gateway?
These transactions will be retained as a historical payment record in your GameDay platform.
What about PayPal?
PayPal (including PayPal Pay in 4 in Australia) will not be offered any longer once payments via Stripe are activated for your organisation, however we will work with Stripe to identify any opportunities in future to re-introduce PayPal as a payment option via Stripe if this becomes available.
Where can I get more information?
If you have any queries about these changes, please contact the GameDay customer support team via the Contact Us link at help.mygameday.app