If you're having trouble verifying your bank account with Stripe, it could be because the bank account you've linked doesn't match the business structure on your Stripe account.
Stripe requires your business type and bank account type to be compatible before it can verify your account. If they don't match, your account may fail verification, which can delay your payouts.
What's Causing the Issue
Stripe requires that your business structure and bank account type are compatible. If they don’t match, Stripe can’t verify the account—leading to payout delays or errors.
How it Works
If your Stripe account is personal, the bank account must be personal (e.g., “John Doe”).
If your Stripe account is a business (not a single-member LLC), the bank account must be a business account (e.g., “123 Main LLC”).
If your Stripe account is a Single-Member LLC, you’re allowed to use a personal bank account.
How to Fix It
If you’re using a personal bank account for your business, the easiest way to fix this is to update your business structure in Stripe to a Single-Member LLC.
From your RentRedi dashboard, type payment account, then select the first result.
In your Payment Accounts page, click the account that you'd like to review transactions for.
Click Update Account Info.
In the Business Type section, click Edit.
Set Business Structure to Single-Member LLC, then click Save.
Once updated, reach out to our Support team so we can verify the change and help finalize your setup.
Quick Reference Guide
Here’s a simple breakdown of how your business type should align with your bank account:
Stripe Business Type | Required Bank Account Name |
Personal | John Doe (Personal Account) |
Business (NOT a single-member LLC) | 123 Main LLC (Business Account) |
Business (Single-Member LLC) | John Doe (Personal Account allowed) |