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Stripe is a financial service provider company that offers a variety of payment options for internet businesses. This platform allows businesses to receive payments from clients, manage subscriptions and distribute payouts to third parties.
Stripe provides services like payment processing, fraud detection and prevention, and analytics tools. Stripe Connect enables marketplaces and platforms to manage payments and settlements for vendors and sellers. Its financial services are scalable, secure and adaptable, that makes it an reliable option for start-ups as well as enterprises. This service helps businesses to focus on developing business while outsourcing the complexity of payment processing to a trusted partner.
Stripe in Pakistan
To utilise Stripe in Pakistan, your business must be registered or incorporated in the United States. This step provides you with a unique Tax ID for US businesses. You will need an LLC, a US phone number, and a US bank account to open a Stripe account legally and without any future issues in Pakistan.
Step–01
- A Business Formation in the United States (LLC).
- EIN or Tax ID (Employer Identification Number).
- Personal US Physical Address.
- A US Phone Number.
- Finally, a US Bank Account (Use Payoneer, Wise or Mercury).
Step-02
- Enter your email address and full name.
- Stripe will send you an email confirming your address.
- After receiving the email, confirm and activate your account.
Step-03
- You can create an account under the name of the website you want to use to accept payments via Stripe.
- The will promptly ask you to input your business name, i.e. the company you registered in the US.
Stripe allows you to create several sub-accounts. It means you may set-up a separate sub-account for each of your websites.
Step-04
- Now enter your registered business information so that you may set-up your Stripe account.
- Choose your business location as the United States.
- Add your company and your business structure.
Step-05
- Input your registered business name and the EIN you received from your Agent after starting your firm in the US.
- After that, input your business address in the United States.
In this regard you can utilise the address sent by your Agent from US.
- Select your business industry, enter your website.
- Finally provide a summary of what you are going to sell.
Step-06
At this step, you are going to add your personal details.
- Enter your first and last name, email address, and your date of birth.
- In the home address section, click the drop-down menu and select Pakistan. After selecting your country, enter your address.
Add the address according to your ID because you will have to upload your ID for verification.
- You can enter your Pakistani phone number here.
- Click the drop-down menu and choose Pakistan. For the (SSN) Social Security Number, select “provide a government-issued ID number instead.”
- Choose your country and enter your government-issued ID number.
Step–07
- Add product you are going to sell, whether it’s digital or physical.
- Choose how long it will take your customer to receive the product.
Step–08
- Add your bank details. Use the US bank account like Payoneer, Wise or Mercury.
- Add 2-step authenticator to secure your Stripe account.
Step-09
- Click submit after review and finish your account settings.
- When you have submitted it, you will be promptly asked to upload your ID so Stripe can validate your account.
- Upload your Pakistani identification to have your account validated and authorised.
Pin-Point
Remember that Stripe isn’t available in Pakistan. However, Stripe can be used in non-supported countries if it is not already allowed in your default jurisdiction, and obviously it’s legal.
Author: Fehmeeda Farid Khan
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