Stripe Connect: Transferring Your Stripe Account to a New Owner

Table of Contents

What is the Stripe Ownership Transfer Process?

Before You Begin

Step-by-step instructions

• Step 1: CutTime Initiates the Transfer
• Step 2: You receive an Email from Stripe
• Step 3: Verify Your Identity
• Step 4: Stripe Reviews Your Submission
• Step 5: You're All Set!

Frequently Asked Questions

What is the Stripe Ownership Transfer Process?

Your CutTime account uses Stripe Connect to process payments. When the person responsible for managing your account's payment settings changes (for example, a booster president steps down, or a new program director takes over), we need to transfer ownership of the Stripe payment account to the new person.

This guide explains what to expect during that process.

Before You Begin

Please have the following ready:

• ✅ An active email address that you check regularly (personal email recommended — avoid shared inboxes)
• ✅ A cell phone that can receive text messages (SMS)
• ✅ A valid, non-expired government-issued photo ID (driver's license or passport)
• ✅ Access to your organization's bank account information (in some cases)
• Access to communications with the previous account owner (if possible)
• ✅ About 10–15 minutes to complete the verification process

Step-by-step instructions

Step 1: CutTime Initiates the Transfer

Once you've confirmed your new owner information with our Support Team by emailing support@gocuttime.com or chatting with us, we will initiate the Ownership Transfer on your behalf. You don't need to do anything for this step.

Step 2: You receive an Email from Stripe

Within a few minutes, you will receive an email directly from Stripe (not CutTime).

Step 3: Verify Your Identity

After clicking the link in the email, you'll be guided through a short verification process:

1. Confirm your email — You'll receive a one-time code to your email. Enter it on the screen.
2. Verify your identity — You'll be asked to take a photo of your government-issued ID (driver's license or passport) and possibly a selfie. Make sure you're in good lighting and the ID is clearly readable.
3. Verify your bank account (if required) — You may be asked to confirm the organization's bank account. This can happen one of two ways:

• Instant verification: Log into your bank through a secure connection (fastest option)
• Microdeposits: Stripe will send two small deposits to the bank account. Once they appear (1–2 business days), you'll enter the amounts or a code from the transaction description to confirm.

4. Update your phone number — To update the phone number on this Stripe Connected Account, you’ll need to go through an additional verification process for security reasons.
   1. Go to the Settings Page in your CutTime account and click through on "Configure payments".
   2. Click the "Update Info" button to access the Stripe Account Management Page.
   3. find the Authentication section and click "Edit" next to the phone number.

The verification text to update this field will be sent to the phone number of the previous person who set up the account. 

What to do:

• If the previous person is still reachable: Ask them to log in and update the phone number to yours OR have them call them when doing this process and have them share the verification code with you so you can update it yourself. They'll need to receive one final SMS code to their phone to authorize the change. 
• If the previous person is NOT reachable (left the organization, unresponsive, etc.): Contact CutTime support. We will need to work with Stripe to reset the security credentials on your behalf. This typically takes 2–5 business days.

Step 4: Stripe Reviews Your Submission

After you complete all verification steps:

• Stripe and CutTime will review your information (this typically takes 1–2 business days)
• You'll receive an email confirmation once the transfer is approved
• If additional information is needed, Stripe will email you with instructions

Step 5: You're All Set!

Once approved:

• You are now the account owner
• Your phone number is linked for future verification when managing payment settings
• You can access and manage payment account details through CutTime

Frequently Asked Questions

Q: I never received the email from Stripe. What do I do?

Check your spam/junk/promotions folders and search for emails from stripe.com. If you still can't find it after 1 hour, contact CutTime support — we can cancel the current transfer and send a new one.

Q: The link in my email says it's expired. What now?

Contact CutTime support. We'll cancel the expired transfer and start a new one. You'll receive a fresh email with a new 10-day window.

Q: I started the process but didn't finish. Can I come back to it?

Yes — as long as the link hasn't expired (10 days from when we initiated), you can go back to the same link and pick up where you left off.

Q: My ID verification keeps failing. What should I do?

• Make sure your ID is not expired
• Take the photo in good lighting with no glare
• Ensure all four corners of the ID are visible
• If using a phone camera, hold it steady and make sure the text is readable
• If it continues to fail, contact CutTime support and we'll work with Stripe to resolve it

Q: I entered the wrong phone number. Can I change it?

During the verification process, you should be able to update your phone number. If you've already completed the process with the wrong number, contact CutTime support.

Q: I'm already the new representative, but when I try to manage payment settings in CutTime, it asks me to verify with a phone number I don't recognize. What's happening?

When you access certain payment settings through CutTime (like bank account details or legal entity information), Stripe requires a security verification via text message (SMS). This text is sent to the phone number of the previous person who set up the account, not yours.

This means the previous owner's phone number is still linked to the account's security layer. Even though you may already be listed as the new representative, Stripe's verification system is separate and hasn't been updated yet.

What to do:

• If the previous person is still reachable: Ask them to log in and update the phone number to yours. They'll need to receive one final SMS code to their phone to authorize the change.
• If the previous person is NOT reachable (left the organization, unresponsive, etc.): Contact CutTime support. We will need to work with Stripe to reset the security credentials on your behalf. This typically takes 2–5 business days.

Important: There is no way to bypass this verification step on your own. Do not repeatedly attempt to verify — after several failed attempts, the account may be temporarily locked for security reasons.

Q: Why do I need to verify my identity? This seems like a lot.

Stripe processes real money on behalf of your organization. Identity verification protects your organization from unauthorized access and ensures that only verified individuals can manage payment settings and bank account information. This is a one-time process.

Q: The old account owner left and we can't reach them. Is that a problem?

The old owner does NOT need to approve or participate in the transfer — CutTime can initiate it, and only the new owner needs to complete the verification steps.

However, there may be an additional step: if the old owner's phone number is still linked to the account's security verification, CutTime will need to work with Stripe to reset those credentials before you can fully access payment settings. CutTime's support team will handle this on your behalf — just be aware it may add 2–5 business days to the process.

Q: How long does the whole process take?

If you complete the verification promptly:

• Email arrives: within minutes
• Verification steps: 10–15 minutes
• Stripe review: 1–2 business days
• Credential update (if previous owner is unavailable): 2–5 additional business days
• Total (best case): 2–3 business days
• Total (if previous owner is unavailable): up to 1–2 weeks

If there are delays (missed email, failed verification, microdeposits needed), it can take longer. The most important thing you can do to speed this up is complete the verification steps immediately after receiving the email.

Q: What if someone is misusing our account and we need to transfer urgently?

Contact CutTime support immediately. We can take steps to secure your account (such as pausing payouts) while we initiate the transfer process.

Need Help?

Contact CutTime support:

• Start a chat with us or email support@gocuttime.com
• Reference your organization name and let us know you need help with an ownership transfer

We're here to help you through every step of this process.