Set Up Your Banking Information

Follow these steps to set up your banking information in Raffle Rocket.

Stripe Connect Banking

Raffle Rocket collects payments from ticket purchasers using a third party payment processor, Stripe.   

Stripe Connect is the fastest and easiest way to integrate payments into your raffle. With it, you can:

  • Accept payment by credit card online
  • Connect a bank account to receive automatic payouts
  • Comply with all PCI and privacy laws

To get set up with Stripe Connect, navigate to the Banking tab within your Raffle Rocket dashboard. If this is your first time using Stripe Connect, select the Enter New Email option from the Select Email field. Provide the email you wish to use in the Other Email field to continue.

Stripe will then ask for additional details, such as:

  • Mobile Phone number
  • Verification Code that is texted to your phone
  • Country
  • Type of Business:
    • Individual or Sole Proprietorship
    • Company
    • Nonprofit Organization
The process changes slightly depending on what type of business you choose and what country you are in, so the examples that follow may not exactly match your scenario but will give an idea of the types of things you will need to have ready.

How Payouts Work

Raffle payouts will begin to arrive in your bank account 7 days after your first ticket sale. This processing period is Stripe’s requirement to help cover any potential refunds. After the initial 7 days, payouts will be made daily.

The purchaser pays a set amount for the tickets. From that amount, the following is deducted automatically:

  • Stripe’s processing fee
  • Raffle Rocket’s platform fee (with tax deducted for Canadian users only)

The remaining balance owing to you is deposited directly into your connected bank account after the initial 7 day processing period.

At the end of your raffle, you can export a PDF receipt from your profile that will outline the exact amount you paid to Raffle Rocket and how much was tax to provide to your accountant. No further payment to Raffle Rocket is required.

Statement Descriptor

When setting up your Stripe Connect account, you will have the ability to enter a Statement Descriptor. For ticket purchasers, this description will appear on their credit card statement.

To reduce the chance of your ticket purchasers disputing charges, make sure your Statement Descriptor explains where the charge came from (for example, use the name of your raffle as the statement descriptor).

Additional Information

Onboarding your Stripe Connect account requires collecting certain information for each account (which Stripe verifies). As part of the Know Your Customer (KYC) obligations, Stripe is required to verify the information provided during onboarding. If Stripe is unable to verify the account information, they will request additional information from you. 

Closely monitor your email and Stripe dashboard for any additional verification required by Stripe. For more information on what documents Stripe can accept for verification of identity, address, and legal entity, please visit Stripe’s Acceptable Verification Documents.

If you are a corporation, registered charity, or non profit in Canada, you will be required to verify business and directors’ information in order to accept payments and receive payouts.