This is an account you sign up for directly on the Stripe website @ https://dashboard.stripe.com/register. With this account type, Whop only has access to your account and payments through the API keys you provide to us upon signup (and Whop's API access can be revoked at anytime). At the end of the fiscal year, Stripe will issue you a 1099 (if you or your business are liable for US taxes) for the earnings from your account. Fees are applied by Stripe directly and according to their fee structure for your account.
Stripe Connect/Express Account (Whop payments)
This is an account you sign up for through the Whop Business dashboard. Stripe Connect accounts are sub-accounts under Whop, where payments are first processed through Whop's Stripe account and then routed to your Connect account upon successful payment completion. The onboarding process for Connect accounts is less rigorous and is the easiest way to get started. At the end of the fiscal year, Frosted INC DBA Whop will issue you a 1099 (if you or your business are liable for US taxes) for the earnings from your account. Payments fees for this account type are disclosed here.
What is the difference between the two?
Processing fees are relatively the same across both account types. The main Stripe dashboard displays more data and has a few more customization options, but they are otherwise fairly similar.
Which one should I use?
In order to have access to the Affiliate App as well as Discoverability on Whop, we require companies to collect payments using a Stripe Connect account. Otherwise, all other features are available for both account types. If you would like to switch from a main Stripe account to a Stripe Connect account, reach out to our team in the client Discord server and we can assist.