Stripe is an online payment processing for internet businesses. It builds the most powerful and flexible tools for internet commerce.
Whether you’re creating a subscription service, an on demand marketplace, an e-commerce store, or a crowd funding platform etc stripe helps you accept payment without stress.
Stripe payment gateway is unfortunately unavailable to businesses in third world countries , and it has become a pain in the ass to anyone running an online business who wishes to use stripe to accept payments.
Stripe is easy to setup with seamless integration, with attractive features and prices. No activation or setup fees, just a 2.9% + 0.30 cents per successful card charge.
In this guide, you’ll learn how to open a stripe account in A third world country (verified stripe account ) and you can then integrate into your e-commerce store/business website and start accepting payments in different manners.
As a citizen of a third world country it is indeed possible to still have a functional stripe account with which You can use to accept online payments.
If you need a verified stripe account to accept payments online, maybe on your shopify store or anywhere, read along.
We keep getting these questions From slay club world members in third world countries :
* Can I use stripe in My country ?
* How do I setup a verified stripe account?
* How do I use stripe ?.
* … and lot’s more.
Whatever is your country, India, Nigeria, Pakistan and non-us citizens banned fro stripe , you’re welcome to follow the guide to setup a verified stripe account.
This guide is the latest and the best way to open a verified stripe account in a third world country.
Requirements to Open a Stripe Account in A third world country
To open a stripe account , as a foreigner, you need the following things:
1. LLC Company Formation.
2. EIN/Federal Tax ID.
3. US Physical Address.
4. Payoneer US Bank Account.
It’s easy, and in few minutes you’re done. Then you wait another 5 – 7 days for processing and that’s all.
In this post, we would be guiding you on how to get all of these things.
To form an LLC Company in US and get your EIN, We would be doing that at IncAuthority.
And the state we would be forming our LLC is Kentucky.
Reason is, for some of the states, there is a tax fee, and states like California collect $800 annual tax fee or your llc formation ceases to exit.
Forming an LLC at delaware also attracts a $300 annual tax fee as well.
We chose Kentucky for you because the annual tax fee is just $15 so you don’t have to pay expensive annual tax fees.
So, let’s get started and form your LLC Company and get the necessary things needed to open a stripe account in your country without hassles.
LLC Formation and EIN (IncAuthority)
At IncAuthority, you’re going to form your LLC and get your EIN/TAX ID. Follow the simple guidelines below to complete the signup. It’s easy and takes just few minutes. All you have to do is choose your state, enter your business name and form your LLC!
Step 1: Go-to IncAuthority.com
When you arrive at IncAuthority.com, click on the start now for free tab.
Step 2: Select Entity Type and Filling State.
In your entity type, select Limited Liability Company (LLC) and in the Formation State, select Kentucky.
Click on Save & Continue.
Step 3: Enter Your Personal Details
In this step, enter your First and last name, email and contact phone number.
You’ll need a US Phone number. Download DingTone app on your phone from play-store and buy a US phone number at $4.99.
Click on save and continue.
Step 4: Enter Your Business Details
Enter your business name and business description (if you have a clothing online store, say you have an online and you sell clothings and apparel).
A brief description of your company, a sentence or two describing your business.
Select your business benefit and click save & continue.
Step 5: Business Address
You need a US Address to continue in this step, go-to Shipito.com and signup.
You’ll get a US address instantly, use it and continue your signup. Takes just 1 minute.
In your US Address, note that CA means California.
Step 6: EIN/Federal TAX ID
The interesting part about IncAuthority is they get an EIN for you at $49, which is considered the cheapest price to get one. Other similar companies charge from $95 and above.
You need to include the EIN/Federal Tax ID which is very important!
Click save and continue.
Step 7: Operating Agreement
Operating agreement is important because it provides proof you own the business.
In the event any issue occurs in future, you can correct them with your operating agreement and you also need it in case Stripe requires it.
Step 8: Addons
The next pages contain Addons and they include the following:
* INC Protection Advisor. $27/month.
* LawSuit Protection. – $99.
* Express Delivery – $49.
* Domain Name – $29.95
* Business License Package – $99
All these ad-dons are not important, so you can skip all of them until you get to the payment stage.
Step 9: Make Final Payments
At the end, you’ll only be paying for State Filling Fee, EIN and Operating Agreement.
Other formation companies charge a lot for offering this service but IncAuthority Charges $0 Service fee.
Now you need to make payment using either Debit/Credit Card or PayPal.
For the Delivery Option, you can select $0 free delivery (Electronic Delivery) and they will be delivered to your email.
Finally, that is all. You’ve successfully created your LLC Business Name and EIN/Federal Tax ID.
Next, you’ll need to setup a stripe account with the details they’ll deliver to you within 7 days since the Kentucky Delivery Time is 7 days.
How to Setup a Verified Stripe Account?
After you must have formed your LLC and EIN/Federal Tax ID and they have been delivered.
You’ll need to use the details to setup a verified stripe account and you need to be careful while doing this because their bots are intelligent enough and conversant to detect any mistake you make.
How to set up a US bank account from anywhere in the world
If you are looking to conduct business with either customers or suppliers in the US, you will need a convenient way to receive money from your buyers, and to pay for goods or services that you may buy in the US. As an individual or a small company located outside the US, the traditional solution is to establish a business checking account in a US bank.
Through your US bank account, you can pay your US suppliers via check or by wire transfer. Likewise, your US customers and clients can pay you by check, by direct deposit or by wire transfer into your US bank account. You can move money into, or out of, your US bank via international wire transfer through your local bank in your home country.
The difficult part for most small businesses is actually establishing that bank account in the US.
A Payoneer account, for example, includes local receiving numbers – just like bank account numbers – in the US, EU, UK, Japan and Mexico. You can get paid into these account numbers just as easily as if you had opened a bank account in those countries by with far less hassle. When you receive those payments, you can then withdraw the funds to your local bank account in your own currency or use them in a host of other ways. This way, you can receive global payments just as easily as you would locally, saving you and your clients the time, effort and cost of a global bank transfer.
For marketplace sellers, such as those who sell on Amazon.com, your local US receiving account is a very simple and secure way to receive your payments.
Payoneer provides a fast payment path between buyer and seller, across borders and currencies, with relatively simple setup, entirely online.
Both buyers and sellers can register themselves on the service quickly in some 200 countries worldwide, and be exchanging in a matter of days — for far less than the wire transfer fees charged by conventional banks.