Ten-X is partnered with Stripe, a global leader in financial services, in order to enhance our bidder registration process and create a more secure and efficient experience for buyers, sellers, and brokers.
What is Stripe?
Stripe is a payment processing and financial solutions provider for businesses of all sizes. Stripe takes strict measures to encrypt customer data.
Through Stripe’s new integration on the Ten-X platform, bidders now have the option to link their bank account(s) instead of manually uploading proof of funds documents.
What are proof of funds, and how do I provide them?
Proof of funds demonstrate a bidder’s ability to purchase assets being offered for sale and are used to set the bid limit. They are required to participate in an auction.
Liquid funds must be available immediately without restriction. The acceptance of proof of funds documents is made at the sole and absolute discretion of Ten-X.
How to manually provide proof of funds
Bidders can upload bank account statements, brokerage account statements, or letters from their financial institution stating the account balance.
Loan pre-approval letters and term sheets are not acceptable unless otherwise indicated in the sale listing description and only when utilizing approved lending channels.
A line of credit agreement may be acceptable only if it is already in place, has undrawn capacity, and may be funded immediately without bank approval.
Until now, proof of funds could only be manually uploaded to your Ten-X account. Now, bidders have another option.
The benefits of verifying proof of funds with Stripe
Our Stripe partnership offers a faster way for bidders to provide proof of funds. Instead of manually uploading proof of funds documents, bidders can now securely connect their bank accounts via Stripe.
An easier, more efficient process for bidders
Stripe takes away the need to manually collect and upload proof of funds documents, streamlining the registration and verification process. Bidders can seamlessly manage linked accounts through the Buyer Dashboard.
Real-time updates on proof of funds
Balances in linked accounts update in real time, without requiring bidders to provide any additional documentation. This ensures both buyers, sellers, and brokers will have the most up-to-date information.
Additionally, manually uploaded proof of funds expire after 180 days, requiring bidders to upload new documents and wait for approval. Accounts linked through Stripe do not expire.
Enhanced qualification of potential bidders
Stripe’s process reduces the amount of time between registration submission and approval, while providing a more secure verification process that can reduce the risk of fallout.
How to connect a bank account with Stripe
Connecting an account through Stripe is simple, fast, and safe.
- In the Proof of Funds section of the Ten-X bidder registration form, you click “Connect”.
- After the Stripe pop-up appears, you select a banking institution and enter your bank login credentials.
- A list of accounts will appear. Choose the account(s) you would like to connect.
- Once Stripe has successfully connected your bank accounts, you will see a success message. Click “Done” to close the pop-up.
- You will see all your bank accounts listed on the bidder registration form, along with the balance and connection status.
Is it required to connect a bank account with Stripe?
Nope! Connecting a bank account via Stripe is completely optional. Buyers still have the option to continue manually uploading proof of funds.
Questions? Contact Customer Service
If you have additional questions about our partnership with Stripe, give our team a call at (888) 770-7332.