We have recently updated the Stripe Services Agreement and the Wells Fargo Financial Services Terms with a few changes, and we have added the new Financial Services Terms for BBVA.
We added BBVA USA as a processing partner for Visa and Mastercard transactions. Our processing partners allow Stripe to connect to the Visa and Mastercard networks and process your Visa and Mastercard transactions. BBVA will supplement our existing processing partner, Wells Fargo. Going forward, we will work with both Wells Fargo and BBVA to process our US users’ Visa and Mastercard transactions.
We added new rules for when users’ direct agreements with Wells Fargo and BBVA become effective. Users’ direct contractual relationship with Wells Fargo or BBVA become effective only once they exceed $1 million in processing volume on the Visa or Mastercard network in a 12-month period. Different rules apply to users that are registered with the Visa or Mastercard network.
We also made a few clarifying changes to the existing terms of the Stripe Services Agreement. Specifically, we have added a few new examples of the types of information we might ask for to confirm users’ business, operational, and financial details. For example, we may ask for shipping policies and order fulfillment workflows. While users have always been responsible for calculating their taxes on their transactions, we have clarified that users are also responsible for calculating and paying taxes on payouts to third parties and that a user’s payout bank account must be in the user’s name. Lastly, we made it clear that our limitation of liability does not apply to our obligation to pay out payment processing proceeds we owe to our users.