Stripe Onboarding & Connection
Stripe Onboarding & Connection
Truemed uses Stripe to securely process HSA/FSA payments, send payouts to your bank account, and handle refunds. This guide walks you through connecting your Stripe account during onboarding.
Why Stripe?
Truemed acts as the payment processor for HSA/FSA transactions on your store. We collect funds from your customers’ HSA/FSA cards on your behalf, then transfer those funds to you via Stripe.
Stripe handles:
- Payouts: Order totals (less Truemed fees) are deposited to your bank account on a rolling 2-day basis
- Refunds: Any refunds are deducted from your available Stripe balance
- Security: Your bank credentials are encrypted and managed entirely by Stripe. Truemed does not store your banking information.
Connecting Your Stripe Account
Step-by-Step
- Click the Stripe onboarding link provided in your onboarding plan or by your Truemed contact.
- Complete the Stripe Express signup form. You’ll be asked to provide:
- Business information (name, address, EIN)
- A US bank account for receiving payouts
- Identity verification for the account owner
- Verify the green checkmark appears in your onboarding plan. This confirms your bank account is connected and the payment app will function correctly once activated.
Already have a Stripe account? You can use your existing Stripe credentials to log in, but you are creating a new connected account under the Truemed platform. You’ll still need to provide all required onboarding information for your account to be “Enabled” or “Complete."
"Enabled” vs. “Complete”: What’s the Difference?
Your Stripe account must be at least Enabled before the Truemed payment app can be activated. We recommend completing all requirements as soon as possible to avoid any interruptions to payouts.
Bank Account Setup
Why Is a Bank Account Required?
Because Truemed processes payments on your behalf, we need a valid US bank account to deposit your funds. This connection is made securely through Stripe during onboarding.
Payout Schedule
- Payouts are sent on a rolling 2-day basis
- Depending on order volume, payouts may be batched
- You can reconcile individual orders with payout batches using the Download Report button on the Orders tab at app.truemed.com
International Merchants
If your business is not based in the United States but sells to US customers, you can still onboard with Stripe. You will need:
- An EIN number. You can apply as a foreign entity. IRS instructions for international EIN applications
- A US phone number. If you don’t have one affiliated with your business, services like OpenPhone can provide one.
- A US address affiliated with your business.
Common Questions
What if the Stripe account owner has changed? If the original account owner is no longer with your company, contact merchants@truemed.com. We’ll help you update the account ownership and re-verify.
How do I update my payout bank account? Log in to your Stripe Express dashboard (accessible via your Truemed onboarding link) and update your bank account details. Changes take effect on the next payout cycle. You can also reach out to merchants@truemed.com for assistance.
Do I need a separate Stripe account for Truemed? Yes. Even if you already use Stripe for your store, Truemed creates a connected account under our platform. This is standard for payment facilitators and ensures proper fund routing.
Can I use a non-US bank account? No. Truemed requires a US-based bank account for payouts. International merchants should see the section above.
Troubleshooting
Need Help?
Contact merchants@truemed.com for any Stripe onboarding issues.
