How to create a Stripe account legally?

Before, it was difficult to earn income online. Today, there are now Payment gateways online which allow you to recover money from your commercial transactions on the internet. You can choose to create a Stripe account, Paypal, Payoneer and/or many others.

In this article, I will show you the different steps to create your own Stripe account and receive your payments. But first, I will show you what Stripe is and how it works. A few years ago, it was still difficult or even impossible to carry out certain commercial operations on the internet. Especially when you live in certain countries in Africa or South Asia.

You can now send and receive money from your loved ones or simply make your purchases and sales on the internet with complete peace of mind. But how ? I explain how to create a Stripe account.

What is Stripe?

Stripe is an online payment processing platform that allows businesses to send and receive payments over the Internet. It is based in San Francisco, California. It was founded in 2010 by Irish entrepreneur brothers John Collison and Patrick Collison and launched publicly in September 2011 after receiving a $2 million investment from venture capital Peter Thiel, Sequoia Capital and Andreessen Horowitz.

Stripe Payments allows merchants to get started and easier to control an online business. Stripe has some of the world's best companies as its preferred payment processor, such as Amazon, Shopify, Github, Yelp, Spotify, Uber, TED, Lyft, Reddit, and hundreds of large companies worldwide.

Use Stripe as a payment gateway in your company is a safe bet, because it is a modern technology with design that also offers lower commissions than other online payment gateways. Specifically, Stripe charges a commission of 1,4% + €0,25 / purchase against 3,4% + €0,35 / purchase offered by Paypal. I use it myself in my projects and I always recommend it to my clients. After all, it is an easy to use, safe and cheaper tool than others. I would say that the decision is simple, you do not find ?

The steps for creating a Stripe account

The first thing you need to do as a merchant to receive online payments or subscriptions from your customers is to sign up for a Stripe merchant account. Follow our step-by-step guide below to learn how to sign up and create Stripe merchant accounts.

🎯 Step 0: preparing the necessary information

This step allows you to define who will be the administrator of your future Stripe account. It offers you this possibility. You can define multiple administrators. To do this, specify their email addresses, password, your last four digits of social security number. Furthermore, this step allows you to specify your bank's routing number and your bank account number. Open your Internet browser and navigate to https://dashboard.stripe.com/register

🎯 Step 2: Complete the form to create your account

Remarks: On this form, all information is used for the administrator account. Make sure the email address is a specific email address and only the person who handles the company's finances has access to it.

 This is also the email address that will be contacted when you need to change your password. During normal business operations, this email address will receive payment notifications and other important messages about your online account. When selecting a password, make sure it contains at least one lowercase letter, one uppercase letter, one number, and one special character.

When you're ready,

• Enter your e-mail adress,
• The password,
• Confirm password,
• Check next to “I am not a robot” and
• Click on " Create your Stripe account " or " Create an account ».

After clicking on " Create an account ", Stripe will need additional information about you and to confirm your email address.

Once, you have done that, use your details to log in and activate your account. Now, you need to activate your Stripe merchant account by adding your business details. Click on “ Start now " or " Start Now ».

Stripe will need additional information from you to properly identify you. On this page, Stripe has some details about identity verification. Optionally, you can use your Facebook account, LinkedIn account or Google account and you need to fill in your personal credentials. You will provide the information about Company Details, Execution, Credit Card Statement, Banking Details.

Make sure all details are correct. After submitting your details, you must wait 24 hours to activate your account. It may take longer than 24 hours in some cases depending on the verification process.

🎯Step 6: Get the keys to connect Stripe to your website

Go to https://dashboard.stripe.com/account/apikeys. First you need to send the test keys to your web developer so that he can verify that your website connects to the Stripe account. Your web developer needs the publishable key and the secret key (you need to click on “Reveal test key token”). You can be your own web developer, in this case you save time.

Important : please copy/paste the keys, as it is very difficult to enter them from an image

For the contribution form to work, background communication also needs Webhooks. Please go to Dashboard > Developers > Webhooks and add a Webhook: https://yoursite.com/?callback=gravityformsstripe

At this point, your web developer should modify your website so that it is on a secure socket layer and that HTTPS is enabled on the server. You should know that there are several other alternatives available to you. Instead of creating a Stripe account, you can create a Payoneer account instead. To learn how to do this, check out our guide on how to create a Payoneer account?

The benefits and limitations of a Stripe account

Stripe is a robust and secure payment gateway. It's popular for a reason. Suppliers and customers see how easy it is to use Stripe. Additionally, it is available in 29 countries around the world. Vendors who want to expand their customer base use Stripe as one of their payment gateways.

🎯 Benefits of a Stripe account

Stripe's significant advantage is its ease of use and customization. Developers love the platform. With Stripe's excellent API, developers find it easy to set up, maintain, and integrate. Stripe also gives developers the ability to control the look and feel of the entire checkout process.

For the customers, Stripe makes it easy because customers are not redirected to a website when making payments. Stripe also offers better customer support. Customers with issues can interact with Stripe's support team via email, chat, phone, and even Twitter.

That’s why many e-commerce businesses integrate Stripe with all-in-one shopping cart platforms. When Stripe is integrated, businesses don’t just get secure payment processing. They also get revenue-boosting features like 1-click upsells and order boosts.

🎯 The limits of a Stripe account

However, the limitation of Stripe lies in managing subscriptions and increasing conversions. Simply put, Stripe only has some of the features that e-commerce businesses need. While Stripe can allow vendors to offer recurring billing, Stripe doesn’t have an email re-nurturing feature that can reduce unsubscribe rates. It also doesn’t have features to track key subscription metrics.

How to make deposits on Stripe

To fund your account, go to the Balance section of your dashboard. Click on the option Add funds to my balance and choose the reason why you want to add funds.

Choose the Make transfers to connected accounts option to fund your linked accounts. If you want to add funds to your balance for future refunds and disputes, or to clear a negative balance on your platform, choose Cover negative balances and visit Add funds to your Stripe balance.

Verifying your bank account

To verify, go to the Dashboard when you first try to add funds from an unverified account. If your bank account is not yet verified, you will need to confirm two micro-deposits made by Stripe. These deposits will appear on your online bank statement as ACCTVERIFY within 1-2 business days.

Once you receive the micropayments in your account, Stripe will notify you via a notification in the Dashboard and by email. To complete the verification process, click the notification in the Balance section of the Dashboard, enter the amount of both micropayments, and then click Verify Account.

Create a recharge

Once your account is verified, you can create a top-up to add funds to your account balance. When you make a funds transfer, a label appears on your bank statement for this transaction. By default, this label is titled "refill", but you have the possibility to customize it as well as its internal description.

Consultation of funds

You can check your funds in the dashboard by going to the "refills"from the page"sale". Each time you add funds, a "Top-up" object is generated with a unique identifier in the format tu_XXXXXX, which you can view in the detailed recharge view.

Delay of treatment

Platforms located in the United States add funds via ACH debit. Funds will be available in your Stripe balance within 5 to 6 business days. If you would like a faster processing time, it is recommended that you contact Stripe Support to request a review of your account. Depending on your seniority, Stripe may automatically reduce this time.

You can also add funds to cover future refunds or disputes, or to clear a negative balance by making bank transfers. These funds will be available within 1 to 2 business days.

Additionally, Stripe does not have any features that maximize the activities or traffic that comes to your online store. This is all you need to create a Stripe account. You are now equipped. Feel free to send us your questions. Before leaving you, here is a training that teaches you how to sell advice online. Click here to buy it. Bonne chance.

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