Why You Need A Stripe Business Account
A Stripe Business Account is something that every business owner who runs an online business needs to have as soon as possible, especially if you are selling products or services to users all over the world.
Having a reliable payment gateway for your online store is very crucial, especially if your customers are selling or servicing multiple country locations on your website.
It is indeed necessary to have a reliable payment gateway like Stripe or Paypal as a payment gateway, to help you receive payments properly without scaring your customers away.
In this article, I will show you a detailed guide on how to open a Stripe business account and also a Stripe-verified account from any country or location you are from, and also how to connect or link your bank account to Stripe and receive your payments into your bank account.
First, let me explain a few things for you to better understand what we are about to do here (which is “to open a stripe business account”).
Introduction to Stripe
Stripe is a fintech company that is designed to help individuals and businesses to process online payments and financial transactions. It is built with so many useful and flexible tools that are designed to make e-commerce very powerful and flexible for everyone.
It doesn’t matter if your business is a subscription service, an on-demand marketplace, an e-commerce store, or even a crowdfunding platform; the Stripe payment System will help you accept payment without stress.
As great and powerful as the Stripe payment gateway is, it is unfortunately not available in some specific countries and since you are reading this right now, that means your country is likely on the list of countries where Stripe is not available. But, you are definitely in the right place and time by coming to this blog post.
Keep reading as I show you exactly how to start using Stripe from your country location, without ever having to move to the US or become a citizen of the USA.
Stripe is very easy to set up and it has a simple and seamless integration flow with attractive features and prices. There are no activation fees or setup fees, just a 2.9% + 0.30 cents per successful card charge.
Stripe Business Account Creation
In this guide, you’ll learn how to open a stripe account in your country (verified stripe account ) and you can then integrate it into your e-commerce store/business website and start accepting payments in different manners.
If you need a Stripe Verified account to accept payments online, maybe on your Shopify store or anywhere, read along.
As for those whose country is not supported by Stripe, this article is for you. After now, you will have your own verified stripe account ready and working 100%.
Whatever your country is, India, Nigeria, Ghana, Pakistan, and non-us citizens, you’re welcome to follow the guide on this blog to open a stripe business account.
Requirements to Open a Stripe Account in Your Country or Any other Location
To create a stripe account in your country, as a foreigner, you need the following things:
- LLC Company Formation in the USA or UK Business Registration.
- EIN/Federal Tax ID.
- USA Physical Address.
- USA Phone Number.
It’s very easy, and in a few minutes from now, you will be done with the process. I will be guiding you on how to get all of these things ready for use.
How To Form An LLC and Get Your EIN
To form an LLC in the US, simply select any of these partners below and form an LLC for yourself.
Here’s a List of Our Trusted Partners Who can help you with all your questions about business registrations and also the formation of your business in the US with exclusive tax experts at your service.
- BetterLegal Inc.
- Business Anywhere
- MyCompanyWorks, Inc.
- ZenBusiness, Inc.
- Business Rocket
- NorthWest Registered Agent
If you need a step-by-step guide, then read these articles:
- How To Form an LLC in the USA — Fast & Easy LLC Formation with BetterLegal
- How to Form an LLC with ZenBusiness
Alternatively, you can register your business in the UK and use the documents instead to open a verified Stripe account.
Read these articles to learn more about how to register your business in the UK:
- Rapid Formations Review: Business Registration Steps in the UK [In-Depth Guide]
- Business Registration in the United Kingdom (UK) [Complete Step By Step Guide]
How to Setup a Verified Stripe Account
After you have successfully formed your business LLC and have gotten your EIN/Federal Tax ID delivered to you. Make sure you write down your EIN because you’ll need it.
You can now use these details to set up a verified Stripe account and you need to be careful while doing this because their AI is very intelligent and conversant to detect any mistake you make.
It will take just a few simple steps to achieve;
Step 1. Visit: Stripe.com and create a new account.
Enter your email address, your full name, and the country where you formed your LLC or registered your business, and then enter a strong password that you can remember.
Step 2. Confirm Your Email and log in to Your Stripe Dashboard
Check your email and confirm your email using the link they’ll send to you. Once you have done that, you will be taken to the next page as shown below:
Click on Activate payments, and you’ll be taken to the next page where you will enter the details of your business as it is on the documents you got after registering your business.
Step 3. Enter Your Business Details for Verification
If you registered your business in the USA, make sure you select the United States as the country; the Type of business should be “Company“; Business Structure should be the exact type of business registration that you used for your business [e.g. Single-member LLC].
Click on Continue to proceed to the next step.
- Enter Your Business Details
Enter your business details exactly as it is on the documents, and also make sure that you enter your EIN in the provided space. Once you are done with this, proceed to the next step.
Step 4. Enter Your Personal Details
This part is tricky for most people, so pay close attention to this step. Take a closer look at the highlighted texts in the images below and do exactly as I say.
NOTE: Make sure you select your current location as your personal address and detail. The reason is that you may be required to verify your Identity using your country's ID card. Anyone from anywhere in the world can use their home country here, so feel free.
As you can see in the image where I drew an arrow, click on it and change that SSN to your country’s ID type.
As you can see, I have changed the country from the USA to Nigeria and now, I can enter my ID card number instead of an SSN. You can do the same for whatever country you are from.
Also, you can do the same for the phone number section; use your home country’s phone number as well if you wish.
- Enter Details About Your Business Payment/Product Fulfilment
These details will help Stripe understand how you provide your products and services to your customers.
Once you are done, click on Continue to proceed to the next step.
- How Will Your Business Appear to the Public
Carefully enter your business details exactly as you want them to be visible to the public. For best practice, make sure you use the same information in your business or your company’s office address so that your customers can reach you when necessary.
Step 5. Enter Your Bank Account
If you do not have an account with the listed banks there, just click on the highlighted text as shown in the image above, and enter your virtual USA bank account details.
There are two best Options I will recommend for you.
Any of these two banks will create a USA bank account for you free of charge and you can then enter your banking details into your stripe dashboard. It’s very simple to do, all you need to do is follow the step-by-step instructions for each platform and you will be done in no time.
That is it, guys! Go ahead now, review and submit your account application for verification. The Stripe team will review your application and verify you as long as your business details match the ones they find on your EIN. That is why it’s very important to have your EIN ready before applying.
Congratulations! Your stripe account is fully set up and you can now start receiving payments worldwide.
After that you have followed the guidelines and instructions in this post, you should be able to form your LLC, get your EIN, and set up your Stripe business account.
Here’s a quick summary of what we did:
- Form your LLC and get your EIN.
- Set up a stripe with your LLC and EIN that you have gotten by following the steps above.
- Connect Your Bank Account to Stripe
- Start using Stripe for your online businesses!
If you have any questions and are confused about any process, do let us know by dropping them in the comment box.
Don’t forget to share! It’s quite a helpful guide on how to open a stripe account in any location (for non-US citizens or residents (Non-Supported countries)!
Frequently Asked Questions
Can I use my Country ID to verify my Stripe identity without using a US ID?
Yes, stripe gives the option to select your home country and upload your ID.
After forming my LLC at Incfile, they sent me additional forms to fill out, how do I fill them out?
After you have submitted your application for an LLC, they will send you an EIN form to fill out and another form to enter the list of members.
Just fill out the form carefully and feel free to contact us if you need guidance, we will help you.
Filling in the EIN form is easy, enter your full name where they needed it, and enter your US address where it’s wanted.
In the SSN section, enter FOREIGN in the box.
This means you’re a non-US citizen and has no SSN or EIN yet. Your EIN number may be delayed by the IRS because of COVID-19.
In the member’s form, enter your full name and enter your US address.
If you’re a team, enter their names and US address. (US address can be the address you got from shipito or the one you bought).
For further questions, use the comment box and we will reply to you.
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