During 2022 we will switch payment provider from Stripe to Adyen. Following are answers to the most frequently asked questions.
What does the payment provider change from Stripe to Adyen mean?
Under the current European Payment Act, also known as PSD2 (the second payment service directive), we as a marketplace are not allowed to directly handle transactions between buyers and sellers. Therefore, since Karma's start in 2016, we have used Stripe as our payment provider to handle all our transactions and payouts to those who sell their food using our service.
During 2022, we will switch to Adyen to handle all transactions and payouts for us, just as Stripe did. Adyen's payment solution enables us to introduce new services to you, such as more frequent payouts. This is something we look forward to telling you more about in 2022!
How does the change to Adyen affect us customers?
Our number one priority with the change to Adyen is to make it as smooth as possible for you to continue selling your food on Karma. As such, we will transfer the majority of the business information you have already provided Stripe with in order to be able to sell your food and receive your payouts. You will have to go through Adyen’s KYC (Know Your Customer) via Karma for Business, to approve the information we have submitted for you and add the following information:
- A copy of your company’s legal representative’s ID
- Your IBAN account
That Adyen, just like Stripe, needs information about your business through a KYC is according to Directive (EU) 2015/849 which concerns money laundering. It is possible that Adyen might request additional information about your business that we do not have in Stripe today, which you will have to add in addition to the information above.
At the time of the payment provider change, you will have to accept Adyen's terms of service for handling the payouts to you, as well as our updated terms of service that reflect the change to Adyen.
When does the change to Adyen happen and what do we have to do?
We will make the change to Adyen during 2022. Well in advance we will reach out to you letting you know that you through Karma for Business will be able to complete your business information at Adyen, and approve the new terms of service.
Why can’t you transfer all business information from Stripe to Adyen?
We want to, but there are restrictions that mean we can’t transfer all of your business information. On one hand, there is the GDPR and personal data protection which means that you yourself have to upload a copy of your contact person's ID document. On the other hand, Adyen needs your IBAN account to be able to make payouts to you, whereas Stripe instead needs your bank account.
What happens if we don’t complete our account with Adyen?
If you for some reason don’t complete your account with Adyen, you won’t be able to continue selling your food through Karma. You must have a complete and approved account with Adyen through Karma to be able to continue using our service.
If you have any questions about the change to Adyen, just reply to this email or contact us at firstname.lastname@example.org