Are you looking for a more convenient way to accept international payments, reach a wider customer base, or increase the security of your company’s online transactions?
If so, you’re going to want to know how to create a US Stripe account.
And, the reason being, is that a US Stripe account allows US businesses to facilitate payments globally while offering exceptional security and protection over customers’ information.
Of course, unless you have the right information, knowing how to properly create a US Stripe account can be a challenge.
How Can I Create a US Stripe Account?
In order to know how to create a US Stripe account, you must become familiar with Stripe’s requirements restrictions, in particular which industries and countries’ residents are eligible to start accounts. Read on to find out if you are eligible and how to get started if you are.
In this article, we’re going to share with you everything you need to know on how to create a US Stripe account.
These are the key topics we’ll be covering…
Table of Contents:
- What Is Stripe?
- Who Can Open a US Stripe Account?
- Pros and Cons of US Stripe Accounts
- How to Create a US Stripe Account
As a bonus, we’ll share how you can start using Stripe to improve your US business operations today.
But, before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE USA Banking Starter Guide. It’s designed to help you open accounts in the US for your foreign and non-resident business.
What Is Stripe?
Before we go over the specific details of how to open a US Stripe account, it’s important to understand exactly what Stripe is and how it works. That way, you can determine whether or not it’s right for you and your business.
So, let’s first dive into what Stripe is…
Stripe is an international payment service provider that’s used by many business owners worldwide. But, more specifically, it’s a payment processor that accepts payments in the form of credit cards, debit cards, and even mobile wallets.
It is primarily used by businesses that sell products and services online. And, can be very beneficial for those conducting business in multiple countries. We’ll explain this in further detail below.
But first, how does Stripe work?
Put simply, Stripe handles the multiple steps it takes to complete an online purchase. In other words, Stripe handles everything that happens behind the scenes to ensure payments are received for products sold.
Here are the specific steps Stripe carries out when an online purchase is made:
- Customer’s credit card information is collected
- Customer’s information is entered into Stripe’s payment gateway
- Stripe encrypts customer’s details to ensure it is not shared
- Stripe sends details to the customer’s bank to process a transaction
- Transaction is approved
- Business’s Stripe account accepts the payment
Now, once all steps have been finalized, businesses can request a payout. This is where the business can transfer funds from their Stripe account directly into their business bank account.
Through Stripe, businesses can set up a payout schedule plan that works best for them. Whether it’s daily, weekly, or monthly.
Note that Stripe has restrictions on payout schedules for certain countries. That is why a US Stripe account is one of the best to have because it has the fewest restrictions on payout schedules and more.
With this in mind, let’s look at who can benefit from opening a Stripe account.
Who Can Open a US Stripe Account?
In fact, nearly any business that conducts sales online and accepts credit cards and debit cards would benefit from a US Stripe Account.
With this in mind, let’s look at who a US Stripe account is good for…
Who Should Open a US Stripe Account?
- Businesses that have an eCommerce sales channel
- Have customers located in multiple countries
- Business conducts a high percentage of sales online
- Companies wanting security & protection
- Businesses that sell products in multiple currencies
As you can see, a US Stripe account is suitable for companies that primarily conduct their business online. It is also a good option for businesses looking to expand into different markets.
Stripe accepts payments in more than 135 different currencies, making it an appealing tool for US businesses that want to reach a wider customer base.
So, if you fall into one of these categories or are interested in learning more about how to create a US Stripe account, keep on reading. We cover this and more below.
Pros and Cons of US Stripe Accounts
US Stripe accounts can be beneficial for many US businesses. But, there are also some drawbacks to using it.
We’ve broken down the pros and cons of using a US Stripe account below. That way, you can decide whether or not your business can benefit from opening a US Stripe account.
Pros of US Stripe Accounts:
- Convenience & easy to use
- Accepts multiple currencies
- Reliable reputation
- Exceptional security & protection
- Ability to reach a larger customer base
- Ability to hold multiple Stripe accounts
- Low fees compared to other online payment processors
- Accepts multiple forms of payments
Cons of US Stripe Accounts:
- Geographical limitations
- Restrictions on industries
As you can see, the pros significantly outweigh the cons. But, for some US businesses, the cons can impact whether on not you are able to open a US Stripe account at all.
As mentioned above, Stripe has restrictions on the type of industries that can use its online payment platform.
This applies to industries involved in adult content and services, gambling, and of course illegal products and services. It also applies to industries involved in dangerous materials, services that are considered predatory, deceptive, or unfair, and even some legal services. Any companies in these industries will not be able to create a US Stripe account.
Stripe also has restrictions on certain countries. So whether or not you are eligible for a US Stripe account can depend on what country you’re based in and where your customers are located.
With this in mind, Stripe’s services are forbidden in Cuba, Iran, Syria, North Korea, Crimea, Luhansk Regions, and Donetsk.
So, if you conduct business in any of these countries or are categorized into one of the prohibited industries mentioned above, you will not be able to create a US Stripe account.
If these restrictions do not apply to you and you want to know how to create a US Stripe account today, keep reading. We’ve outlined the specific details below.
How to Create a US Stripe Account
To create a US Stripe account, you first need to confirm whether or not your company is eligible based on the restrictions above.
Then, you’ll need to submit the appropriate documentation to support the details of your business and verify your personal identity.
Finally, you’ll need to link your business bank account to your US Stripe account, which will allow you receive payouts directly from Stripe.
The hardest part of this process is to provide the proper documentation. Here is a list of what you’ll need.
Required Documents to Open a US Stripe Account:
- Government-issued identification
- EIN number
- Outline of business operations
- Proof of business website
- Business phone number
- An acceptable business address
- Personal details of businesses owner
- Business’s bank account details
These are standard requirements that you will face opening business accounts anywhere, whether it’s with a traditional bank or an online payment platform.
Now, once you’ve gathered your documents and you’re ready to open a US Stripe account, here’s how to do it…
Ready to Create a US Stripe account today?
Whether you’re ready to create a US Stripe account, open a bank account online in the US, or you’re just starting to explore your options, we can help.
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