Stripe Commercial Card Program Agreement: Understanding the Fine Print
If you`re a business owner looking for a convenient and secure way to manage expenses, the Stripe Commercial Card Program can be a great option. It offers a virtual credit card that can be used for online purchases, as well as a physical card that can be used for in-store purchases. But before you sign up, it`s crucial to understand the terms and conditions of the program.
The Stripe Commercial Card Program Agreement outlines the rights and responsibilities of both parties involved: Stripe, the provider of the program, and the business owner who uses it. Here are some key points to consider:
Liability for Unauthorized Transactions
One of the benefits of using a virtual card is that it can help prevent fraud and unauthorized transactions. However, if your card is used without your permission, you`ll need to report it to Stripe immediately. The agreement states that Stripe will investigate and take necessary action to resolve the issue. However, it`s important to note that the agreement also places some responsibility on the business owner. If Stripe determines that the unauthorized transaction was caused by the business owner`s negligence or failure to comply with the agreement, the owner may be responsible for the losses incurred.
Billing and Payment
The agreement outlines the billing cycle for the virtual card. Typically, payments are due 30 days after the billing cycle ends. If the business owner fails to make payments on time, Stripe may charge interest and late fees. Additionally, if the account becomes delinquent, Stripe may report the account to credit bureaus.
Limitations and Restrictions
The agreement outlines the limitations and restrictions on the use of the card. For example, the virtual card cannot be used for cash advances, and it cannot be used to purchase illegal items or services. The physical card may also have limitations on the amount of money that can be spent per day, per transaction, or per billing cycle. Business owners should review these limitations carefully to ensure that they are using the card appropriately.
Termination and Amendment
The agreement also outlines the procedures for terminating the program or making amendments to the agreement. The business owner may terminate the program at any time, but Stripe may also terminate the program if the business owner breaches the agreement. Additionally, Stripe may amend the agreement at any time, but it will provide notice to the business owner before making any changes.
In order to use the Stripe Commercial Card Program, business owners must agree to the terms and conditions outlined in the agreement. By understanding the fine print, business owners can ensure that they are using the program responsibly and avoid any potential issues down the road.