Providing information periodically to Stripe (KYC)
Due to Stripe KYC regulations, as a Stripe customer operating under the Connected Account Terms, Stripe must collect information about the individual, company, or charity receiving funds to verify and help establish who their customers are.
Information is often requested periodically, even after you have completed the Stripe onboarding process with A Noble Gift - this is a requirement in order to keep your account active. If at any point information is requested by Stripe and not provided, certain capabilities will be paused on your account until you fulfil the request. You can find more information about affected capabilities here.
Actions required will be communicated to the primary account representative via email, and can be actioned within the Stripe Dashboard. Please note, this applies to both Express and Standard connected account types.
Capabilities needed to auction on A Noble Gift
In circumstances when Stripe requests information from your charity and places a pause on specific capabilities until the request is fulfilled, the most commonly paused capability is "Payouts". In most cases, A Noble Gift are happy to run auctions for a Connected Account with Payouts paused. This capability being paused does not stop Auction proceeds from being transferred to your Connected Account - however, it does stop them being paid out to your bank account. Once you provide the requested information, Stripe will review it and, providing it meets the requirements, your paused capabilities will be reactivated.
In more extreme cases, several capabilities are sometimes paused until your charity provides information to meet KYC regulations. When "Transfers" are paused, this can sometimes impact our systems' ability to transfer Auction proceeds to your Connected Account. In this scenario, we avoid setting Auctions live until the capability is active again.
Auction proceeds not transferred
There may be some scenarios where you are expecting Auction proceeds to be transferred to your Stripe Account from A Noble Gift, but these have not come through. The main reasons for this are one of the following:
- The customer's payment was declined on our end
- The Gift did not have a winning bidder
- The Gift had a winning bidder, but the bid amount did not meet the reserve price
A transfer is only made when: a) there is a winning bidder on the Gift, b) the bid amount has met the set reserve price, and c) the payment has cleared on our end. Only at this point will the transfer be made to your Stripe Account.
Clarification about transfer and Collected Fee
Sometimes, it may be unclear why a larger figure is transferred to your Stripe Account with a large Collected Fee being applied immediately afterwards. As A Noble Gift does not handle charity funds, the logic in our system works as follows:
- Auction closes - the entire Gross Transactional Amount the customer has paid is transferred to the charity's Stripe Account
- Collected Fee - A Noble Gift collects a single Collected Fee, comprising the ANG Platform Fee (paid for by the customer), and the ANG Card Admin Fee (3%+36p inc. VAT) calculated on the Gross Transactional Amount. The net amount from an Auction left in your Stripe Account will be the Winning Bid less the ANG Card Admin Fee
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