Stripe Account Ownership Change – Condo Control Policy
Stripe is a third-party payment processing feature that allows the Corporation to collect payment via credit card. It is and will always be the Corporation’s responsibility to keep their Stripe account and information up to date.
Condo Control does not act and will not act on behalf of the Corporation regarding account ownership changes. Condo Control will provide guidance on the steps related to Stripe account ownership.
In case of a management company change or Board of Director change within the Corporation, the Corporation is responsible for the following actions:
- Transfer Account Ownership to the new Owner of Stripe on behalf of the Corporation:
- Update Banking details if the bank details change:
- Responsible for acquiring access to the Stripe account:
- Often the Stripe account Owner is associated with the manager of the Corporation.
- Often when management changes, the previous management does not advise the new management of such account.
- Often when new the management company joins the Corporation, they are responsible in retrieving access to the Stripe account by contacting the previous management to process the ownership change.
If the above steps are not accurately followed in a timely manner, the credit card payment feature will incur issues within the workspace and to the residents/users. The transition history and reporting will be lost and there is a risk that the funds deposited will be sent to the incorrect bank account.
The Corporation bears all risks of loss and must indemnify and hold Condo Control harmless from all liability and claims arising from any such error or failure (or any allegation made in good faith).