The bank account used to set up a project must belong to the person who verifies their identity as the project creator – the person running the project. If the funds are intended to be transferred to a company bank account (or an account belonging to a legal entity), then the bank account on file must be able to be accessed by the person who has verified their identity as the person behind the project.
The bank account must support direct deposit (for U.S. bank accounts, this means that the bank account needs to be ACH compliant). Typically, accounts matching these specifications are checking accounts. Accordingly, our payments processor, Stripe, only supports checking accounts at this time. More information about Stripe’s policies is available here.
If you have questions about whether or not your bank account is set up for these types of transactions, we recommend checking with your financial institution.
When entering your bank account information, we highly recommend taking extra care to ensure you have input the correct details. Failure to enter accurate information can lead to delays in the payout transfer. In addition, once the project is launched, we cannot facilitate changes to the bank account information.
Please note that we are not able to offer PayPal, Square, or other similar third party services as viable methods for payments collection or payout transfers at this time.