Attention Stripe Accounts, please read this latest update from Stripe regarding upcoming changes to legal terms & privacy policy:
On December 15, 2023, Stripe updated the Stripe Services Agreement and related terms which apply to the use of specific Stripe products in the US, UK, European Economic Area (EEA), and Switzerland. More information on these changes, including a summary of the most notable changes and when they take effect, is outlined below.
When will these changes go into effect?
For existing users in the US, UK, EEA, and Switzerland, the updated Stripe Services Agreement and related terms will take effect on February 29, 2024 (except for Stripe Connect Platforms with Custom or Express Accounts in the US, UK, EEA, and Switzerland, for whom the updated terms will take effect on March 31, 2024).
If you do not agree to the updated terms, you will need to stop using Stripe Services and close your Stripe account before these terms become effective. Your use of our products and services after the effective date will be subject to these updated terms.
The updated terms take effect immediately for new users.
As Tap to Pay on iPhone is a new service, the updated terms which enable Platforms to offer Tap to Pay on iPhone to their Connected Accounts take effect immediately.
Do I need to take action?
If you are okay with the updated terms, you don’t need to take any action, unless you are a Connect Platform user. If you are a Connect Platform user, see below.
I’m a Connect Platform User. What do I need to do?
If you use Connect and have Custom or Express accounts in the US, UK, EEA, or Switzerland, you are responsible for notifying these users of the updated terms, and we request you do so by January 31, 2024. We suggest using your usual method of updating your users on important changes (e.g., by email). The following notice is recommended:
Stripe is updating its legal terms. You can read the Connected Account Agreement (incorporating the Stripe Services Agreement) here. The updates to the terms will take effect on March 31, 2024. No action is needed from you, but by continuing to use Stripe’s services on or after that date, you agree to these updated terms.
If you use Connect with Standard accounts, Stripe has communicated these changes directly to affected users.
Connect Platforms based outside the US, UK, EEA, and Switzerland: If you are based outside these areas, the updated terms do not apply to your use of Stripe, but you are responsible for notifying your Custom and Express accounts in these regions of the updated terms.
What is changing?
Some of the most notable changes include:
- Data Processing Agreement: Stripe is now certified under the EU-US Data Privacy Framework. The Data Processing Agreement has been updated accordingly, along with the Data Transfer Addendum for the lawful transfer of data from the EEA, UK, and Switzerland to the US.
- Stripe Payments Services Terms: The terms clarify your responsibilities to Stripe’s financial partners and how Stripe holds funds before payouts.
- Stripe Connect Services Terms and Connected Account Agreement: Obligations for Connect Platforms in the US have been clarified, particularly regarding Payout Recipients and tax information reporting.
- Stripe Issuing Terms: Updated terms account for new obligations and restrictions on platforms offering Stripe Issuing Services in the US, UK, EEA, and Switzerland.
- Stripe’s Terminal - Platform Services Terms: Updates enable Platforms to offer Tap to Pay on iPhone in Australia, the US, and the UK.
Financial Partner Terms
US Acquirer Terms
Stripe has added Goldman Sachs as an additional acquiring bank for Visa and Mastercard transactions in the US. The Goldman Sachs Acquirer Terms now apply to services provided in partnership with Goldman Sachs.
Why did I get this notice?
Stripe is required to send legal notices to all affected users, even if you have unsubscribed from marketing messages.
Does this update affect other terms I have agreed to with Stripe?
You can find the updated terms labeled “Last updated: December 15, 2023” at stripe.com/legal. Other terms specific to your use of a Stripe service are unaffected by this change.
Where can I see the prior version of these terms?
The prior version of the terms for the US is available here, for the EEA here, and for the UK and Switzerland here.
Contact support
If you have further questions, please complete this support form, pre-populated to assist with your questions.
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