How to Update Business Information in Stripe

 

Introduction

 

Keeping your business information up-to-date in Stripe is essential for accurate billing, tax reporting, and legal compliance. This comprehensive tutorial will guide you through the process of updating various aspects of your business information in Stripe, including company details, address, tax information, and more.

 

Step 1: Log in to your Stripe Dashboard

 

• Navigate to https://dashboard.stripe.com/
• Enter your credentials to log in to your Stripe account
• Ensure you have admin privileges to make changes to business information

 

Step 2: Navigate to the Settings Section

 

• Once logged in, look for the "Settings" option in the left sidebar
• Click on "Settings" to expand the menu options
• Under Settings, click on "Business settings" to access your business information

 

Step 3: Update Company Details

 

• In the Business settings section, you'll find your company profile
• Click on "Business details" to update information such as:
• Business name
• Business type (sole proprietorship, LLC, corporation, etc.)
• Industry
• Website URL
• Description of your business
• After making changes, click "Save" to update your company details

 

Step 4: Update Business Address

 

• Within the Business settings, locate the "Business address" section
• Click "Edit" to modify your address details
• Fill in all required fields:
• Street address
• City
• State/Province
• Postal/ZIP code
• Country
• Click "Save" to update your address information

 

Step 5: Update Business Information via API

 

For developers who prefer updating business information programmatically, you can use Stripe's API:

const stripe = require('stripe')('sk_test_your_secret_key');

// Update the account information
const accountUpdate = async () => {
  try {
    const account = await stripe.accounts.update(
      'acct\_123456789',
      {
        business\_profile: {
          name: 'Updated Company Name',
          url: 'https://www.updatedwebsite.com',
          support\_email: '[email protected]',
          support\_phone: '+15551234567',
        },
        company: {
          address: {
            line1: '123 Updated Street',
            city: 'New City',
            state: 'CA',
            postal\_code: '94107',
            country: 'US',
          },
          name: 'Updated Legal Entity Name',
          phone: '+15557654321',
          tax\_id: '123456789',
        }
      }
    );
    console.log('Account updated successfully:', account);
  } catch (error) {
    console.error('Error updating account:', error);
  }
};

accountUpdate();

 

Step 6: Update Tax Information

 

• In the Business settings, locate the "Tax information" section
• Click "Edit" to update your tax details
• Enter your tax ID (EIN for US businesses, VAT for EU businesses, etc.)
• For US businesses, ensure your tax information matches your IRS records
• Click "Save" to update your tax information

 

Step 7: Update Statement Descriptor

 

• Navigate to "Payment settings" within the Settings menu
• Look for "Statement descriptor"
• Update your statement descriptor (this is what customers will see on their credit card statements)
• Keep it clear and recognizable to reduce chargebacks
• Click "Save" to update your statement descriptor

 

Step 8: Update Representative Information

 

• Go back to Business settings
• Click on "Representatives" section
• Update information about company representatives:
• Name
• Date of birth
• Address
• Phone number
• Email
• ID documents if required
• Click "Save" after updating representative information

 

Step 9: Update Bank Account Information

 

• In the Settings menu, navigate to "Balance & payouts"
• Click on "Bank accounts"
• To update an existing bank account, you'll need to add a new one and then remove the old one
• Click "Add a bank account" and fill in the required details:
• Account holder name
• Routing number
• Account number
• Bank account type (checking or savings)
• After adding the new account, set it as the default payout method
• Delete the old bank account if no longer needed

 

Step 10: Verify Your Updated Information

 

• Stripe may require verification of your updated information
• Check the dashboard for any verification requirements
• Submit any requested documents:
• Business registration documents
• Proof of address
• Identity documents for representatives
• Wait for Stripe to verify your information (this can take 1-2 business days)

 

Step 11: Update Business Information for Connected Accounts (Stripe Connect)

 

If you're using Stripe Connect and need to update connected account information:

const stripe = require('stripe')('sk_test_your_secret_key');

// Update a connected account's business information
const updateConnectedAccount = async () => {
  try {
    const account = await stripe.accounts.update(
      'acct_connected_account\_id',
      {
        business\_profile: {
          mcc: '5734', // Merchant Category Code
          name: 'Updated Connected Business',
          support\_email: '[email protected]',
          support\_phone: '+15551234567',
          support\_url: 'https://www.connectedbusiness.com/support',
        },
        company: {
          name: 'Connected Business Legal Name',
          tax\_id: '987654321',
        },
        settings: {
          payouts: {
            schedule: {
              interval: 'weekly',
              weekly\_anchor: 'monday',
            },
          },
        },
      }
    );
    console.log('Connected account updated successfully:', account);
  } catch (error) {
    console.error('Error updating connected account:', error);
  }
};

updateConnectedAccount();

 

Step 12: Set up Webhooks for Business Information Changes

 

To stay informed about business information changes, set up webhooks:

const express = require('express');
const stripe = require('stripe')('sk_test_your_secret_key');
const bodyParser = require('body-parser');

const app = express();
const endpointSecret = 'whsec_your_webhook\_secret';

app.post('/webhook', bodyParser.raw({type: 'application/json'}), (request, response) => {
  const sig = request.headers['stripe-signature'];
  let event;

  try {
    event = stripe.webhooks.constructEvent(request.body, sig, endpointSecret);
  } catch (err) {
    console.log(`Webhook Error: ${err.message}`);
    return response.status(400).send(`Webhook Error: ${err.message}`);
  }

  // Handle account updates
  if (event.type === 'account.updated') {
    const account = event.data.object;
    console.log('Account information updated:', account);
    
    // Implement your business logic here
    // e.g., update your database with new business information
  }

  response.json({received: true});
});

app.listen(3000, () => console.log('Webhook server running on port 3000'));

 

Conclusion

 

Keeping your business information up-to-date in Stripe is crucial for smooth operations and compliance. By following this comprehensive guide, you can ensure that all your business details are accurate and current. Remember that some changes may trigger additional verification steps from Stripe to ensure the security and integrity of their platform.

Regularly review your business information in Stripe, especially after significant business changes such as address changes, business structure modifications, or changes in ownership.