When a new practitioner or organisation registers for payouts through Stripe Connect, Stripe must verify their identity before any funds can be transferred. This process is called KYC (Know Your Customer) for individuals and KYB (Know Your Business) for organisations.
Stripe’s verification process ensures that funds are only paid to legitimate people and businesses and that Tacklit’s platform complies with international anti-money-laundering and counter-terrorism laws.
Why Stripe Requires Verification
Every country that Stripe operates in sets its own legal requirements for verifying identity and business information. Stripe must:
Collect information about the individual or company receiving funds.
Verify this information to ensure that the recipient is who they claim to be.
These checks are mandatory before any payouts can be made and help reduce fraud or misuse of funds.
What Information Is Collected
Depending on whether the connected account belongs to an individual or a business, Stripe requires different information.
For individual practitioners (KYC):
Full legal name
Date of birth
Residential address
Government-issued identification (such as driver’s licence or passport)
Bank account details for payouts
For businesses (KYB):
Legal business name and trading name
Business address and registration number (for example, ABN, Company Number, or EIN)
Tax identification details
Information about company directors and beneficial owners
Verification documents such as incorporation papers or proof of address
Stripe may request additional documents if automated checks cannot confirm the details provided.
Verification Flow and Options
We work with Stripe via their upfront onboarding process
Up-front onboarding
All required information is collected at sign-up. This reduces future payout delays because the account is fully verified before any transactions occur.
Tacklit recommends up-front onboarding wherever possible so that clinicians and organisations are verified once, at the start.
Business Types and Structures
Stripe distinguishes between different business types, which determine what verification information is required:
Individual: single clinician or sole trader.
Company: incorporated entity such as a private company or partnership.
Non-profit: registered charity or not-for-profit organisation.
Government Entity: only applicable in limited jurisdictions.
For companies, Stripe may also request the business structure (for example, private corporation, sole proprietorship, partnership, or limited liability company). Providing this information helps Stripe apply the correct verification requirements and may reduce the amount of documentation needed.
How the Verification Process Works
Information collected via Tacklit onboarding
Tacklit’s onboarding form passes the required business and personal details to Stripe Connect.Stripe automatically reviews the data
In many cases, Stripe verifies the account instantly using government or banking databases.Additional documentation (if needed)
If automated verification fails, Stripe will request scans of identification documents or proof of address. These can be uploaded directly through Tacklit’s secure interface.Approval and activation
Once verified, the account is approved for payouts. Stripe may periodically re-check or request updates if laws or thresholds change.
Ongoing Monitoring
Even after verification is complete, Stripe continues to monitor accounts for fraud and suspicious activity. Tacklit and Stripe share responsibility for ensuring that payment flows remain compliant. Verification does not replace any separate legal KYC or due-diligence obligations that Tacklit must meet under local laws.
Summary
Stripe requires KYC for individuals and KYB for businesses before allowing payouts.
Information includes personal or business identity details, ownership, and banking information.
Verification can be completed up front or incrementally, depending on your chosen onboarding flow.
Providing complete and accurate details early avoids delays to account activation and payments.
Stripe and Tacklit maintain ongoing monitoring to ensure continued compliance.
Tips before you start
There is no ‘back’ button - Once you select the Type of Business, you will not be able to change it as it dictates the process that follows. For all other data points, you will have the opportunity at the end of the process, i.e. during the ‘Summary’ stage, to make updates
Complete all fields as you go - Although not all fields are required on the first pass, they will need to be completed when you reach the Summary. Save time by completing them upfront.
Read through the steps for your business type in full before you begin the onboarding process and gather the information you will need so you can complete the onboarding process in one sitting. Types of information you might need:
Business details including ABN, ACN, address, phone number, industry, website, bank account, etc.
Your personal details and that of your colleagues, including name, home address, date of birth, job title, phone number
% of ownership
Scans of identification documents
There are many variations to onboarding. The scenarios included in this guide show just one way of completing it based on Non-profit company type, but it should give you a good idea of what to expect.
Onboarding Step By Step Example
Step-1 - Getting Started
As a first step, the onboarding entity will have to enter their Email Address. If you have an existing Stripe account, you can use the same email address and this in certain instances could give the onboarding entity an option to re-use legal entity information from its existing account that would auto-fill some parts of the onboarding process for them.
In case of a new email, the onboarding entity will be asked to create a Stripe account
Step-2 - Provide your mobile number
You will be able to verify your account in future using this mobile number and you would also be able to use this number for two-step verification during login to your account if you choose to receive SMS OTP as a verification option.
Step-3 - Download and securely store the backup code to access your account
Your backup code can be used to disable two-step authentication on your account in case you lose all your devices used for the second authentication step. It is very important to keep this secure—possession of your password and backup code results in full access to your account.
Step-4 - Provide Business Details
The requirements to complete onboarding will change depending on the country and type of business.
Types of businesses are:
Public or proprietary company
Partnership
Trust
Individual / Sole Trader (with or without ABN)
Not-for-profit (incorporated association, unincorporated association, cooperative, other)
Fill in the Business name and ABN details (relevant for Australian entities)
Fill in the executive(s)’ details
Step-5 - Provide Bank Account Details
Enter the details of the bank account you would like Stripe to send your payouts to. The form will change dynamically depending on the country requirements. This example shows the requirements for Australia.
Step-6 - Add Public Business Details
These details include Card Statement Descriptor i.e. the long and short descriptors and your support contact number. Your statement descriptor is the business name that appears on your customer’s credit card statements. It is important to use a recognizable name that will not lead to unintended disputes.
Step-7 - Review and Finish Up
Review the summary of the details that have been entered and update any missing information as needed.
Step-8 - Redirect
Upon successful completion of the onboarding process, you will be redirected back to your platform based on the link configured as the redirect link when creating an account request.