Why Do I Need to Provide Identifying Information for the Company and/or Individuals?
The payment processor for the Space for Arts platform is STRIPE. STRIPE is a global software company that provides marketplace business platforms (like ours) the ability to integrate their software onto our platform so that credit cards can be used, transactions can happen and money goes directly to peoples’ (studios’) bank account. We use their secure software to process payments so that we do not have to "be the bank". Space for Arts does not want to store peoples credit cards or their bank information. STRIPE offers a secure platform to store this information behind a wall. Clients who use STRIPE: Amazon, Airbnb, Uber, Lyft, etc.
Clients who book studios on our platform use their credit cards and it is processed by STRIPE. In order for Studios to accept these credit card payments on our platform, you enter in your 'payment information' or bank account information which is stored on the secure STRIPE software. As a payment processor STRIPE is required to verify and validate the identity of the involved corporate entity and individuals. This is a standard “best practice” for payment processing – much like it is for a bank and in many jurisdictions is required by law. STRIPE has to verify that the bank information is tied to the person who is entering in that information. Due to the Patriot Act, verifying bank information and personal identification in the U.S. is more involved than for studios in London or Milan when setting up their account.
Space for Arts does not retain, or for that matter, even receive this identifying information. In all cases it is maintained securely by STRIPE.
For the clients booking and using their credit cards, again, STRIPE processes that information but does not store those cards. They are used once and then the information is gone.
The STRIPE system is asking for specific data to verify that you or the studio owner is the person associated with the account information you are entering. Space for Arts does not see any of this information nor do we store it.
STRIPE acts similarly to a bank. They have to check and double check that the information is correct before allowing money to move from one place to another.