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:
To transfer ownership of a Stripe account to a new individual, the current owner must first invite the new person to be a user on the account and set their role to "Administrator". After the new user accepts the invitation, the owner can transfer ownership to the new user through Business settings > Team settings.
To transfer ownership of a Stripe account to someone who is not already a team member or user on the account, they must first be invited to be a user on the account and accept the invitation.
- Log in as the current owner, and go to the Team settings under Business settings.
- Click New User.
- Add their email address, set their role to "Administrator" and save to send them an invitation to join the account.
- Once they have accepted the invitation, go back to the Team settings.
- Click the Edit button next to their name.
- From the pop-up, select the option to Transfer ownership to this user and save.
- Acquiring access to the Stripe account (Condo Control cannot help you with this):
Often the Stripe account Owner is associated with the manager of the Corporation.
When management changes, the previous management typically does not advise the new management of the need to access this account.
When the new management company joins the Corporation, they are responsible for retrieving access to the Stripe account by contacting the previous management company and/or manager to process the ownership change in the step above.
In this latter case, Stripe may request to re-authenticate the user with the corporation. In this situation, please ask the customer to submit proof of current board membership (Form 8 Alberta, Condo Authority of Ontario Registry PDF Printout, or any other such document for the given jurisdiction) as well as a resolution by members of that board authorizing the user to act on their behalf. The template to be sent to the customer can be found at the bottom of this page
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).
Template:
XXXX #### (the Corporation)
WHEREAS, the Corporation is determined to grant signing and authority to certain person(s) described hereunder.
RESOLVED, that the Board of Directors is hereby authorized and approved to authorize and empower the following individual to make, execute, endorse and deliver in the name of and on behalf of the corporation, but shall not be limited to, any and all written instruments, agreements, documents, execution of deeds, powers of attorney, transfers, assignments, contracts, obligations, certificates and other instruments of whatever nature entered into by this Corporation including the creation and management of a Stripe account on behalf of the Corporation.
- Name:
- Position/Title:
- Telephone Number:
- Email Address:
- Signature:
The undersigned certifies that he/she is the properly elected and qualified Board Secretary of the books, records and seal of XXXX ####, a corporation duly conformed pursuant to the laws of the state or province of ______________________, and that said meeting was held in accordance with state /provincial law and with the Bylaws of the above-named corporation.
This resolution has been approved by the Board of Directors of XXXX #### (Corporation) on _________________, 20____.
I, as authorized by the Corporation, hereby certify and attest that all the information above is true and correct.
________________________
Board Secretary XXXX ####