Bambino is Transitioning to Stripe – Here’s What It Means for Our Sitters
We are thrilled to announce that we are moving to a new, more reliable payment provider, Stripe. Stripe is the leading provider of marketplace transactions and works with companies such as Uber and Postmates. Stripe will enable us to provide you, a valued sitter, with the most reliable and timely payments possible.
The official transition from our current payment processor, Braintree, to Stripe won’t happen for several weeks. Right now, we are starting the process by asking you to set up your Stripe account. Payment changes will not go into effect immediately. Updating your payment method now ensures you receive seamless payments when we transition in a few weeks.
Until we transition, your payments will continue to be processed through Braintree, a subsidiary of PayPal. Your current payment information can be found in the app by clicking My Payment Details in the My Account tab.
Please follow the instructions below to update your payment details, ensuring timely payments in the future.
What you need to do now:
- Confirm your app is updated to the most recent version
- Gather the information needed to create your Stripe account: Bank account or debit card details and Social Security Number or Individual Taxpayer Identification Number.
- In your Bambino app, navigate to the My Account tab and click “Update My Stripe Account”.
- Follow the steps to set up your account.
Doing this now ensures your payments will not be delayed when we transition to Stripe. If you do not complete your Stripe account, you will not be able to accept bookings when we fully transition.
If on mobile: Click here to create your Stripe account in the app
*If you have a Stripe account through another service, you still need to set up the account for Bambino.
Why does Stripe need my Social Security Number?
It is required as part of Stripe’s mandatory identity verification requirement and for 1099 tax purposes. It is not stored by Bambino. Please see this FAQ for more information.
What is an Individual Tax Identification Number(ITIN)?
An Individual Taxpayer Identification Number (ITIN) is issued by the Internal Revenue Service (IRS) to non-resident workers who are not eligible to receive a Social Security Number (SSN) but will receive taxable payments
Why will I get a 1099 for my sits through Bambino?
Beginning January 1, 2022, the IRS decreased the threshold for reporting amounts on Form 1099-K to $600 in all U.S. states. Please see this FAQ for the IRS’ new reporting threshold.
Why do I need to add my payment information?
If you do not complete your Stripe account in time, you will not be able to accept requests when we fully transition over.
Will instant payments be an option?
Instant payments are not available at the moment but we are always adding new functionality.
For additional payment questions, please read this FAQ.