Stripe and Compliance

How Parked Funds uses Stripe, compliance requirements, and security best practices.

Stripe and Compliance

Parked Funds is built on Stripe, one of the world's most trusted payment processors. This means you get enterprise-grade security and compliance without the complexity.

How Parked Funds Uses Stripe

Stripe Connect

Parked Funds uses Stripe Connect, which means:

  • Funds go directly to your account: We never hold your money
  • You control your Stripe account: You can access Stripe Dashboard directly
  • Separate accounts: Each organization has their own Stripe account
  • Direct payouts: Money goes to your bank account on Stripe's schedule

Payment Processing

All payments flow through Stripe:

  1. Customer enters payment details on a secure Stripe-hosted page
  2. Stripe processes the payment
  3. Funds are deposited to your Stripe account
  4. Stripe handles payouts to your bank account

We never see or store full card numbers. Everything goes through Stripe's secure infrastructure.

Security

PCI-DSS Compliance

Stripe is PCI-DSS Level 1 compliant, the highest level of certification. This means:

  • You don't need PCI compliance: Stripe handles it for you
  • Secure card storage: Cards are tokenized and stored securely
  • Encrypted transmission: All data is encrypted in transit
  • Regular audits: Stripe undergoes annual security audits

Data Protection

  • No card storage: We never store full card numbers
  • Encrypted data: All sensitive data is encrypted
  • Secure connections: All connections use HTTPS/TLS
  • Access controls: Only authorized staff can access payment data

Your Responsibilities

While Stripe handles most security, you should:

  • Keep your Stripe account secure: Use strong passwords and 2FA
  • Don't share credentials: Never share your Stripe API keys
  • Monitor your account: Regularly check for suspicious activity
  • Follow best practices: Use secure networks, keep software updated

Compliance Requirements

Know Your Customer (KYC)

Stripe requires identity verification for business accounts. You may need to provide:

  • Business registration documents
  • Tax identification numbers
  • Bank account information
  • Identity verification for business owners

This is a one-time process when you first set up your Stripe account.

Tax Reporting

Stripe provides tax reporting and documentation:

  • 1099 forms: For US businesses (if applicable)
  • Transaction reports: Detailed transaction history
  • Tax documents: Available in your Stripe Dashboard

Regulatory Compliance

Depending on your location and business type, you may need to comply with:

  • Financial regulations: Varies by country
  • Data protection laws: GDPR, CCPA, etc.
  • Industry-specific rules: Varies by business type

Consult with a legal or tax professional for specific requirements in your jurisdiction.

Stripe Account Setup

Initial Setup

  1. Connect your Stripe account:

    • Sign up for Stripe (if you don't have an account)
    • Connect it to Parked Funds
    • Complete identity verification

  2. Configure settings:

    • Set up bank account for payouts
    • Configure business information
    • Set up email notifications

  3. Test mode:

    • Start in test mode to familiarize yourself
    • Test payment flows
    • Switch to live mode when ready

Account Management

You can manage your Stripe account:

  • Directly in Stripe Dashboard: Full access to all Stripe features
  • Through Parked Funds: Simplified interface for common tasks
  • Via API: If you have technical integration needs

Payouts

Payout Schedule

Stripe's default payout schedule:

  • Standard: 2-7 business days (varies by country)
  • Express: Next business day (for a fee)
  • Instant: Within minutes (for a fee, limited availability)

Payout Timing

  • First payout: May take longer (7-14 days) for new accounts
  • Subsequent payouts: Follow your regular schedule
  • Holds: Stripe may hold funds for risk management

Fees

Stripe charges processing fees:

  • Standard rate: Typically 2.9% + $0.30 per transaction (varies by country)
  • International cards: Additional fees may apply
  • Chargeback fees: $15-$25 per dispute

Parked Funds doesn't charge additional fees on top of Stripe's fees.

Monitoring and Reporting

Stripe Dashboard

Access your Stripe Dashboard to:

  • View all transactions
  • Monitor payouts
  • Handle disputes
  • Generate reports
  • Manage customers

Parked Funds Dashboard

Our dashboard shows:

  • Parked Funds-specific data
  • Booking and charge information
  • Dispute management
  • Customer communications

Both dashboards complement each other—use Stripe for payment details and Parked Funds for rental-specific workflows.

Best Practices

Account Security

  • Enable 2FA: Two-factor authentication on your Stripe account
  • Use strong passwords: Unique, complex passwords
  • Limit access: Only give access to trusted staff
  • Monitor activity: Regularly review account activity

Financial Management

  • Reconcile regularly: Match Stripe transactions with your records
  • Monitor disputes: Track dispute rates and reasons
  • Plan for fees: Account for Stripe fees in your pricing
  • Keep records: Maintain transaction records for tax/audit purposes

Customer Communication

  • Clear descriptors: Make sure charges appear clearly on statements
  • Provide receipts: Always provide receipts for charges
  • Be transparent: Explain fees and charges clearly
  • Respond quickly: Address customer questions promptly

Frequently Asked Questions

Q: Do I need my own Stripe account?
A: Yes. Parked Funds uses Stripe Connect, so you need your own Stripe account. We'll guide you through setup.

Q: Can I use my existing Stripe account?
A: Yes, if you already have a Stripe account, you can connect it to Parked Funds.

Q: How much does Stripe charge?
A: Standard rates are typically 2.9% + $0.30 per transaction, but this varies by country and card type.

Q: When do I get paid?
A: Payouts typically take 2-7 business days, depending on your location and account status.

Q: What if Stripe holds my funds?
A: Stripe may hold funds for risk management. Contact Stripe support if you have concerns.

Q: Is my data secure?
A: Yes. Stripe is PCI-DSS Level 1 compliant, and we follow security best practices.

Q: Can I process refunds?
A: Yes, you can process refunds through either Stripe Dashboard or Parked Funds.

Q: What happens if Stripe suspends my account?
A: Contact Stripe support immediately. Parked Funds can't process payments if your Stripe account is suspended.