Set Up Banking for Your Raffle
Follow these steps to set up your banking information in Raffle Rocket.
How It Works: Setting Up Your Stripe Account
Raffle Rocket collects payments from ticket purchasers using Stripe, a PCI-compliant third-party payment processor. This allows you to:
- accept online payments for raffle ticket sales
- connect a bank account to receive payouts
- comply with PCI and privacy requirements
- reuse the same account for all subsequent raffles
To get started, open the Banking tab in your Raffle Rocket dashboard. If this is your first time using Raffle Rocket, you can choose the email address you want to use for Stripe onboarding.
Once you begin, Stripe will ask for additional details as part of the setup process. The exact questions and requirements can vary depending on the business type selected and the country entered during onboarding. Note that this guide is written primarily for organizations based in Canada. If you are onboarding from another country, the specific requirements may differ.
If at any point you need to pause onboarding, you can select Return to Raffle Rocket on the Stripe onboarding screen. You can resume setup anytime by navigating to your raffle’s Banking page and selecting Complete Setup.
Before You Begin, Choose the Right Onboarding Path
Before You Begin, Choose the Right Onboarding Path
Setting up a Stripe account involves more than entering your banking details. As part of onboarding, Stripe is required to verify your identity and your organization’s details. This is part of Stripe’s Know Your Customer (KYC) obligations, which FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada) requires of financial platforms in Canada.
Understanding what Stripe will ask for and why will help you make the right choice and avoid delays once you have begun. We recommend completing your Stripe setup as soon as possible, especially if your sales start date is approaching.
What to Expect
One of the first things Stripe will ask you to do is select a business type. This choice determines the path you’ll follow for the rest of onboarding, including what information Stripe collects and what documents may be requested for verification.
There are three paths available: Individual, Nonprofit Organization, and Company. The three tabs below describe each path, including what Stripe typically asks for and what documentation may be required.
This path is typically used by organizations or groups that don’t have their own board of directors and aren’t incorporated.
What to prepare
Stripe will ask for personal information about the individual completing the setup, such as their name, date of birth, address, email, phone, and job title. You will also need to provide bank account information for payouts, and it’s recommended to use your organization’s bank account.
If Stripe cannot verify your identity automatically, you may be asked to upload a government-issued ID such as a passport or driver’s licence, and potentially a proof of address document.
For the full list of accepted documents and their requirements, visit Stripe’s acceptable verification documents page.
After completing setup
On this path, Stripe verifies the identity of the individual completing setup rather than an organization. To keep your Stripe account consistent with your organization’s bank account and statement descriptor, add your organization’s name to the account:
- From your raffle’s Banking page, select “Open Stripe Dashboard” and sign in if prompted.
- Select the settings (gear) icon in the top right corner.
- Under Account settings, select Business.
- Open the Business details tab.
- In the Public details section, select Edit next to Customer-facing information.
- Enter your organization’s name in the Business name (Doing Business As) field. Leave Legal business name blank unless your organization has a registered business name.
- Save your changes.
This path is typically used by organizations that have their own board of directors and operate for purposes other than generating profit, such as registered charities, societies, clubs, and associations.
After selecting Nonprofit, you’ll be asked to choose a business structure, “Registered Charity” or “Non-Profit Organization” (not registered as a charity). Review the section below that applies to your organization.
Registered Charity
A charitable organization, public foundation, or private foundation registered with the Canada Revenue Agency (CRA) and issued a registration number.
Who this typically applies to
- Hospital and school foundations, food banks, animal shelters, and similar charitable organizations.
What to prepare
Stripe will ask for information about your organization, such as the legal name, address, phone number, and CRA program account number, as well as the name and email of each director. The individual completing setup will also need to provide details, such as their name, date of birth, address, email, phone, and job title. You will also need your organization’s bank account information.
Important: Enter every director, using each director’s full legal name exactly as it appears on official records. Stripe will first attempt to verify directors against government registry data, including the number of directors as well as each name. Missing directors, or names that are abbreviated, shortened, or formatted differently, may cause verification to fail. For example, a director entered as ‘Robert James Smith’ must appear on the record as ‘Robert James Smith,’ not ‘Bob Smith’ or ‘R. James Smith.’ This also applies to your address. For example, if your records list ‘Main Street,’ entering ‘Main St.’ will not be accepted.
If Stripe can’t verify your organization or its directors automatically, it will ask you to upload supporting documents. Before uploading, please be aware of the following:
- Stripe accepts specific documents for each verification requirement and lists them by tab on its acceptable verification documents page. Select the tab that matches the requirement and only upload a document type listed there.
- Stripe may also ask you to select which type of document you’re uploading. Make sure the file you upload is the type you selected. For example, if you select Notice of charity registration, upload your Notice of charity registration.
- The same document can’t be uploaded for more than one verification requirement.
- The names and address on your document must match what you entered in Stripe. If they don’t, update your details in Stripe to match the document before uploading.
- If Stripe asks you to verify your directors, the document must list the same directors you entered in Stripe. Every director entered in Stripe must appear on the document, and every director on the document must be entered in Stripe. If the document lists directors you haven’t entered, add them in Stripe before uploading.
Non-Profit Organization
A nonprofit association, club, society, or similar group that operates on a nonprofit basis but is not registered with the CRA as a charity.
Who this typically applies to
- School parent councils, sports associations, community groups, recreational clubs, and similar organizations.
What to prepare
Stripe will ask for information about your organization, such as the legal name, address, and phone number, as well as the name and email of each director. The individual completing setup will need to provide details, such as their name, date of birth, address, email, phone, and job title. You will also need your organization’s bank account information.
Important: Enter every director, using each director’s full legal name exactly as it appears on official records. Stripe will first attempt to verify directors against government registry data, including the number of directors as well as each name. Missing directors, or names that are abbreviated, shortened, or formatted differently, may cause verification to fail. For example, a director entered as ‘Robert James Smith’ must appear on the record as ‘Robert James Smith,’ not ‘Bob Smith’ or ‘R. James Smith.’ This also applies to your address. For example, if your records list ‘Main Street,’ entering ‘Main St.’ will not be accepted.
If Stripe can’t verify your organization or its directors automatically, it will ask you to upload supporting documents. This is more likely for non-registered nonprofits, since they may not appear in a government registry. Before uploading, please be aware of the following:
- Stripe accepts specific documents for each verification requirement and lists them by tab on its acceptable verification documents page. Select the tab that matches the requirement and only upload a document type listed there.
- Stripe may also ask you to select which type of document you’re uploading. Make sure the file you upload is the type you selected. For example, if you select Notice of Assessment, upload your Notice of Assessment.
- The same document can’t be uploaded for more than one verification requirement.
- The names and address on your document must match what you entered in Stripe. If they don’t, update your details in Stripe to match the document before uploading.
- If Stripe asks you to verify your directors, the document must list the same directors you entered in Stripe. Every director entered in Stripe must appear on the document, and every director on the document must be entered in Stripe. If the document lists directors you haven’t entered, add them in Stripe before uploading.
Before starting the Nonprofit path, we recommend reviewing the information above and confirming you have access to what may be required. If you are unsure whether you have what is needed, review the other paths before deciding.
A formally registered for-profit business entity, such as a corporation or partnership, with a legal registration number issued by a government registry. This path is uncommon for raffle organizers.
Who this typically applies to
- Incorporated businesses and corporations.
What to prepare
Stripe will ask for information about the company, such as its legal name, address, phone number, and company registration number, as well as the names and details of its directors and/or owners. You will also need your company’s bank account information.
Important: Enter every director, using each director’s full legal name exactly as it appears on official records. Stripe will first attempt to verify directors against government registry data, including the number of directors as well as each name. Missing directors, or names that are abbreviated, shortened, or formatted differently, may cause verification to fail. For example, a director entered as ‘Robert James Smith’ must appear on the record as ‘Robert James Smith,’ not ‘Bob Smith’ or ‘R. James Smith.’ This also applies to your address. For example, if your records list ‘Main Street,’ entering ‘Main St.’ will not be accepted.
If Stripe cannot verify your company or its directors automatically, you may be asked to upload supporting documents such as a corporate profile report, articles of incorporation, or a notice of articles.
Any documents you upload must have been issued within the last 12 months. All names and addresses on your documents must match exactly what you have entered in Stripe. For example, a director entered as ‘Robert James Smith’ must appear on the document as ‘Robert James Smith,’ not ‘Bob Smith’ or ‘R. James Smith.’ Likewise, if your document lists your address as ‘Main Street,’ entering ‘Main St.’ will not be accepted. Photo identification must be submitted in color, and screenshots of any kind, or obscured/redacted documents are not accepted.
For the full list of accepted documents, visit Stripe’s acceptable verification documents page.
Before starting the Company path, we recommend reviewing the information above and confirming you have what is needed before you begin.
During Onboarding, Important Items to Be Aware Of
The following covers important information across all stages of your Stripe onboarding. Taking the time to review this before you begin will help you avoid issues that could delay your raffle or impact your ability to access your account.
Two-Step Authentication
One of the first steps in Stripe onboarding is setting up two-step authentication. Stripe will ask you to choose an authentication method, with options including an authenticator app, a phone number, or a security key. You will be required to use this method each time you log in to your Stripe account, so choose an option that you will have reliable and ongoing access to.
Emergency Backup Code
After setting up two-step authentication, Stripe will provide you with an emergency backup code. This code is only shown once and will not be available again after you leave this screen. It is important to record and store this code somewhere safe immediately. If you ever lose access to your Stripe account, this code is the quickest way to regain access to it.
Industry, Website, and Product Description
During onboarding, you will be asked to select an industry, provide a website, and enter a product description. Stripe uses all three of these items together to understand your business and verify your account activity. Stripe’s guidance for each is to accurately reflect what your customers are buying from you, and all three should align with each other as a result.
Stripe recommends selecting the option that best matches what your customers will buy.
The following are examples of options that may be appropriate depending on your organization and its activity:
- Charities or social service organizations (found under Membership organizations)
- Civic, fraternal or social associations (found under Membership organizations)
- Other membership organizations (found under Membership organizations)
- Other entertainment and recreation (found under Entertainment and recreation)
If none of the available options feel like an accurate fit, you can try searching for “Other” and choose the option closest to what you are providing.
Stripe requires a website, social media profile, or mobile application you use to promote your business or sell products. The website you provide should include information about the products and services you are selling.
Your website can be your organization’s website, a social media profile, or your raffle landing page. Whichever you choose, confirm that the website is publicly accessible without a password, includes your organization’s name, and contains information about what you are selling. This should be consistent with your industry selection and product description. Stripe reviews the website you provide and continues to check it after onboarding, so it must remain accurate and accessible.
Stripe will ask you to provide a short description of your business. The description should accurately reflect what is being sold through your Stripe account, and not your organization’s general mission or day-to-day activities. Since your Stripe account processes charitable raffle tickets for fundraising, the description should focus on the charitable fundraising nature of the activity.
Statement Descriptor
During onboarding, Stripe will ask you to enter a statement descriptor. This is the text that will appear on your ticket purchasers’ credit card statements alongside the charge amount. Using a clear and recognizable descriptor helps purchasers identify the charge and reduces the likelihood of disputes.
Stripe recommends using your organization’s name or a recognizable variation of it, so that ticket purchasers can easily identify where the charge came from.
Payout Schedule
During onboarding, Stripe will ask you to set up your payout schedule. This dictates how often funds from ticket sales are transferred to your bank account. Do not skip or rush past this section.
You will have the option to set payouts to automatic, which transfers funds on a daily, weekly, or monthly schedule, or to manual which holds funds in your Stripe balance until you initiate the payout yourself directly from your Stripe dashboard. The default selection is the automatic – daily schedule, but review the options carefully to choose the schedule that works for your organization before proceeding. The payout schedule can be updated from your Stripe dashboard anytime.
For more information on How Payouts Work, see below.
Fraud Protection
During onboarding, Stripe will ask you to choose a fraud protection plan. You will have the option to select a paid plan, which includes additional fraud protection features, or baseline protection with Lite, which is included with all accounts at no extra cost. The plan you choose is up to you. For more information about each plan, visit Stripe’s fraud protection FAQ.
Your plan can be changed from your Stripe dashboard anytime, so you can start with Lite and upgrade later if you decide additional protection is needed. Follow the four steps below to do so:
- From your raffle’s Banking page, select “Open Stripe Dashboard” and sign in if prompted.
- Select the settings (gear) icon in the top right corner.
- Select Radar then View plans to check your current plan.
- To change your current plan, you can select the plan you want to use.
After You Complete Onboarding
Once you have submitted your information, Stripe will begin verifying your account. The Banking page in your Raffle Rocket dashboard will reflect the current status of your Stripe account. You will need your account to be fully set up before your raffle can be submitted for approval.
Your Stripe account status will show one of the following:
- Action Required: One or more steps are incomplete or Stripe requires additional information. From the Banking page, select Complete Setup or open your Stripe dashboard to review and resolve any outstanding items.
- Under Review: Stripe is in the process of reviewing your account. No action is required at this time. Monitor your email closely, as Stripe may reach out with updates or to request additional information. Once the review is complete, your status will update to either Stripe Setup Complete or Action Required.
- Stripe Setup Complete: Your account has been verified and is fully set up. You are ready to proceed with your raffle.
- Account Restricted: There is an account-level issue that needs to be resolved. Open your Stripe dashboard for the details or contact Raffle Rocket support for assistance.
While your raffle is active, it’s important to closely monitor your email as Stripe may communicate important information about your account at any time.
How Payouts Work
When guests purchase tickets, the purchase amount is paid directly into your Stripe account, less Stripe’s processing fee and Raffle Rocket’s platform fee (plus applicable tax for Canadian accounts). The remaining balance is deposited into your bank account according to the payout schedule you selected when the Stripe account was onboarded (automatic or manual).
An automatic payout schedule means funds will be paid out automatically, at the rate you decide (daily, weekly, monthly). A manual payout schedule means funds must be manually triggered from the Stripe dashboard to pay out. A manual payout schedule is useful if you wish to receive your raffle earnings in a larger lump-sum, instead of multiple smaller deposits.
If your Stripe account is new, your first payout will be available 7 days after your first ticket sale, after which funds follow your chosen schedule.
If you’re unsure what your current payout schedule is, it’s displayed on your raffle’s Banking page under the Payout Information section. If you need to adjust your payout schedule, you can do so from your Stripe dashboard, under the Balances menu.
Note that funds collected through Offline Orders are not included in your Stripe payouts.
After your raffle ends, a PDF receipt is available from your profile that outlines the total Raffle Rocket platform fees paid (plus tax, if applicable).
No further payment to Raffle Rocket is required.
Reusing the Same Stripe Account for Subsequent Raffles
Once you’ve set up Stripe for your first raffle, you can use the same account for all future raffles. To do this, follow these steps:
- Ensure you are logged into the same Raffle Rocket account used for your previous raffle.
- Navigate to the Banking page and select the Use a Previous Stripe Account tile. A list of your previously connected Stripe accounts will appear, each displaying the name of the most recent raffle it was used for.
- Select the account you wish to use and this will link it to your raffle. If the Stripe account has any action required, this will be reflected on your Banking page.
If you copy a past raffle, its linked Stripe account is copied too.
If Your Organization Already Has a Stripe Account
You will still need to create a new account through Raffle Rocket. An existing Stripe account created outside of the platform cannot be used.
If you are the owner of your organization’s existing Stripe account, you can reuse its information rather than entering everything again. When you set up your new account, log in using the same credentials as your existing Stripe account. Stripe can then recognize the account you already have and allow you to reuse its account details. This is optional, and you can skip this step to proceed with creating a new account manually.