Stripe is the most popular payment processing platform for businesses, but it’s not without its flaws. As a business owner, you’ll want to make sure that your Stripe merchant account is prepared for an array of potential scenarios that could arise during running your business. This guide will outline some of the things we look at when we evaluate whether or not to open a merchant account with Stripe as well as our top tips for getting started with them.
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Are you a business entity?
If you’re a business entity, then yes, you’ll need to meet the requirements of a merchant account with Stripe. You can’t be an individual or sole proprietor—that’s not how this works!
You also have to have a verifiable business address in the United States or Canada. This is because we need to know where your business operation is located so that we can send your bills and statements directly to that location (rather than bouncing them off servers around the world).
Do you have a verifiable business address?
To accept credit card payments, you must have a verifiable business address. This means that the credit cards being used by your customers can be delivered to the physical location of your business and will not be delivered directly to you or anyone else in your household.
If you run your business from home, it’s possible to use this as an acceptable address for credit card processing purposes because there are no restrictions on how far away from home one can physically operate their company; however, some companies may still require additional verification beyond just having an online presence (such as having paid taxes). For example:
- You may have an online presence but not yet signed up with Stripe Merchant Account so they can’t send out statements or statements showing transactions made with those numbers until they’ve been verified first off by calling them up themselves – which could take several days if not weeks depending on what state/country where they are located etc., so if someone wants something really quick then maybe using snail mail would work better instead? Or maybe there could be another way besides calling them up personally directly each time before sending anything out via email etc., like maybe faxing something instead?
Is your business operation located in the United States or Canada?
You’ll be glad to know that Stripe is available in the United States, Canada, and the UK. However, Stripe does not have an official presence in other countries like Australia or New Zealand.
Stripe is available in the US and Canada but not in Australia or New Zealand:
Does your industry fall into one of Stripe’s supported categories?
Stripe supports a wide range of industries and business models, so it’s important to know which ones you’re eligible for.
Here are the most common types we support:
- Retailers – Companies that sell products to consumers or businesses through the Internet. Examples include Amazon and Walmart (which are both retailers).
- Service providers – Companies that make money by providing services to other businesses rather than directly selling goods or services themselves. Examples include Uber and TaskRabbit (which both offer ride-sharing services).
- FinTechs – Startups whose business model is based on technology innovation rather than traditional financial institutions like banks or credit card companies.*
Are you prepared to provide identification and proof of business ownership?
The first thing to do is to provide identification and proof of business ownership. You will need to enter your business name and address into the application form. This can be a government-issued ID, a utility bill or bank statement, or a business license. If you don’t already have access to these documents, they may be able to help you get them.
Are you prepared to establish a Stripe account with your bank account or have your business apply for one under its name?
If you’re ready to take the leap, go ahead and apply for your Stripe account. But if you have another idea in mind, there are three ways to use Stripe:
- Your bank account: You can use your personal bank account as long as it’s linked to a U.S.-based debit or credit card that has a valid expiration date (e.g., Visa or MasterCard). If you don’t want to open an actual business account with Stripe, consider a virtual wallet instead—it will allow each customer access only when they enter their email address and password, which helps prevent fraudsters from using stolen information to make purchases online without authorization from either party involved in making transactions online through third-party processors like Stripe who process payments made through credit cards issued by banks worldwide including American Express Corporation; Discover Card Company; JCB International Bank Limited (“JCB”); NAB Bank Limited (“NAB”); Norinchukin Bank (Mitsui Sumitomo Insurance); Shinsei Bank Ltd.; Suruga Bank Ltd.; Sumitomo Mitsui Card Service Co., Ltd.; Taishin Gosei Kaisha Ltd.; Toho Bank Ltd., etc.,
There are several things to consider before signing up for a merchant account with Stripe.
Before you sign up for a merchant account with Stripe, there are several things to consider.
- Stripe is a payment processor. It’s an online payment processor that allows you to accept credit cards, debit cards, and other forms of payment on your website. The company provides a simple API that makes it easy to integrate with your website so that customers can complete transactions through the same platform used by other online retailers like Amazon or eBay.
- There are different types of merchant accounts available from Stripe depending on what type of business you want to run: eCommerce stores; brick-and-mortar retail stores; restaurants; artists (i.e., musicians); event planning companies…
Conclusion
We hope you found this article helpful in understanding what is required of you as a merchant before you sign up for a Stripe account. If you have any questions or need more information, please reach out to us and we’ll be happy to help!
