How to Set up Stripe Account?
Internet businesses are growing faster worldwide day by day. That is why people are looking for the best and reliable payment platform. Here comes Stripe, a technology-first approach to payments and finance. It is a technology company that builds online payment infrastructure with a reasonable pay-as-you-go pricing plan.
Every business size from starts up and larger companies use this software to manage their business and accept payments online. It is the easiest way for companies to start, run, and scale their businesses. In this guide, we will cover how to set up a Stripe account. So, if you still don’t know about Stripe this guide can help you out.
Stripe is a fully integrated suite of payment products. This technology transfers money globally. Stripe is a combination of payment platforms with applications like Radar, Sigma, Billing, Atlas. Also, it partnered with Visa and other credit card companies. By doing so, it manages revenue, prevents fraud, and expands internationally.
It is one of the most powerful payment engines that make moving money much easier and programmable. The cloud-based infrastructure of Stripe ensures scalability, reliability, and security. The combination of high security and simple integration makes it the most popular payment system. It supports 135+ currencies, payment methods, and 35+ countries with local acquiring and optimizing acceptance rates.
How to Set up Stripe Account?
In order to accept payments using Stripe first, you will require setting up a Stripe Account on their website. So, let’s get started with the processes.
Plan Your Stripe Account
While creating a Stripe account determine whether you will need a single account or more. Two factors can help you to make this decision and these are-
- The countries where you have business entities, and
- The number of bank accounts you want to use.
For a single stripe account, the country where you have a legal business entity, your bank account, and your stripe account all must be the same. Let’s say your business tax ID was issued in the US so you should activate the stripe account as a US account and must attach a US bank account.
However, you can create multiple accounts if you have legal business entities and tax IDs in several countries. But, when you activate your account in a given country you can’t change the county ever. If you made any mistake while providing the country you have to create a new account providing the correct country and close the wrong one.
- Open your internet browser and go to https://dashboard.stripe.com/register to create an account.
- Provide your Email address, full name, country, and a strong password.
- Then press “Create Account”.
Activate Your Account
Now you will see a page like the following image. To get started you have to activate your account. So click on “Active your Account”. And a new page will appear. Here you have to provide all the necessary information about your business.
- First, select your business country where your business is legally registered and provide the address.
- After that, select the business type, and depending on the type you will require to provide information.
- Stripe supports a number of bank accounts but it will be best to provide a standard. For example, a checking account with a financial institution.
- Make sure, confirm with your bank that they allow debits from Stripe.
- To keep the account secure from phishing attacks or other bad attacks you should enable 2-step authentication.
- Be very careful while retaining the emergency backup codes. It will help you if you change your contact number or lose your mobile phone.
- Lastly, select the email address and password that you have provided before while creating the Strip account.
- Press “Authorize access to this account” and you will take back to the brand new Stripe account.
Now that you have activated your account it’s time to look out for the resources to manage and configure the payments.
- Go to your Stripe dashboard and navigate to the person icon. Click on the Profile button to update and modify your sign-in authentication process.
- Now, select your dashboard language and set up the email preferences.
- Then click on “setting” from the left side of your dashboard. Here you can control your company’s Stripe account settings and information.
- To know about the third parties and platforms to which your stripe account is connected go to the authorized applications.
- You can provide the stripe dashboard access to your colleagues from the “Team member” page.
- On the Team Members page, you will find a button called security history. It will provide the history of your teammate’s activities and actions.
- Always keep your eyes on the PCI documentation. After processing 20 card transactions it will become available.
The setting option and the entire dashboard covers many features. It will be best if you spend a bit of time to become familiar and know the function well. Stripe has a good feature that can help you to know all the functions by pre-testing the dashboard settings.
Click on view test data; it will help you to test all the transactions. The best thing is without affecting your stripe integration this function only changes the view that you have in the stripe dashboard.
Connect Stripe to Your Website
To do so, you need to get the API keys. So, click on “API keys” just beneath the developers from your Stripe dashboard.
- First, send the test keys to your web developer so that they can test the connection between your website and Stripe account.
- Give the publishable key and the secret key (by clicking on Reveal test key token) to your web developer.
- Make sure to copy and paste them. As they can be a bit hard to type.
- When the configuration and integration will start working you should enable the view test data.
- After that, click on the reveal live key token. Then it will display the secret key, simply copy and paste that code as well and send it to your web developer.
Stripe supports any business model from e-commerce to SAAS platforms, subscriptions, marketplace, and more. This unified platform is trusted and millions of businesses already work with it. You can also start using Stripes software and APIs to receive payments, send payouts, and manage your business online.
In this guide, we have shared how to set up a Stripe account with some easy steps. Following this guide now you can make the best use of this fully integrated medium of the payments system.