Stripe is an online payment processing for internet businesses. It builds the most powerful and flexible tools for internet commerce.
Whether you're creating a subscription service, an on demand marketplace, an e-commerce store, or a crowd funding platform etc stripe helps you accept payment without stress.
Stripe payment gateway is unfortunately unavailable to Nigerians, and it has become a pain in the ass to anyone running an online business and wishes to use stripe to accept payments.
Stripe is easy to setup with seamless integration, with attractive features and prices. No activation or setup fees, just a 2.9% + 0.30 cents per successful card charge.
In this guide, you'll learn how to open a stripe account in Nigeria (verified stripe account ) and you can then integrate into your e-commerce store/business website and start accepting payments in different manners.
I'm a Nigerian, but I still have a functional stripe account with which I use to accept online payments.
If you need a verified stripe account to accept payments online, maybe on your shopify store or anywhere, read along.
As for Nigerians, I keep getting the question:
- Can I use stripe in Nigeria?
- How to setup verified stripe account in Nigeria?
- How to use stripe in Nigeria.
- … and lot's more.
Whatever is your country, India, Nigeria, Pakistan and non-us citizens, you're welcomed to follow the guide on this blog to setup a verified stripe account.
I just updated this post as of Nov 2019. Because the last method stopped working.
And this guide is the latest and the best way to open a verified stripe account in Nigeria.
Impotant Links (Table of Contents)
- Requirements to Open a Stripe Account in Nigeria.
- LLC Formation.
- How to open a stripe account in Nigeria.
To open a stripe account in Nigeria, as a foreigner, you need the following things:
- LLC Company Formation.
- EIN/Federal Tax ID.
- US Physical Address.
- Payoneer US Bank Account.
It's easy, and in few minutes you're done. Then you await for another 5 – 7 days for processing and that's all.
In this post, we would be guiding you on how to get all of these things.
To form an LLC Company in US and get your EIN, We would be doing that at IncAuthority.
And the state we would be forming our LLC is Kentucky.
Reason is, for some of the states, there is a tax fee, and states like California collect $800 annual tax fee or your llc formation cease to exit.
Forming an LLC at delaware also attracts $300 annual tax fee as well.
We choose Kentucky for you because the annual tax fee is just $15 (N5,400) so you don't have to pay expensive annual tax fee.
So, let's get started and form your LLC Company and get the necessary things need to open a stripe account in Nigeria without hassles.
LLC Formation and EIN (IncAuthority)
At IncAuthority, you're going to form your LLC and get your EIN/TAX ID. Follow the simple guidelines below to complete the signup. It's easy and takes just few minutes. All you have to do is choose your state, enter your business name and form your LLC!
Step 1: Go-to IncAuthority.com
When you arrive at IncAuthority.com, click on the start now for free tab.
Step 2: Select Entity Type and Filling State.
In your entity type, select Limited Liability Company (LLC) and in the Formation State, select Kentucky.
Click on Save & Continue.
Step 3: Enter Your Personal Details
In this step, enter your First and last name, email and contact phone number.
You'll need a US Phone number, don't use the one on the picture. Download DingTone app on your phone from play-store and but a US phone number at $4.99.
Click on save and continue.
Step 4: Enter Your Business Details
Enter your business name and business description (if you have a clothing online store, say you have an online and you sell clothings and apparel).
A brief description of your company, a sentence or two describing your business.
Select your business benefit and click save & continue.
Step 5: Business Address
You need a US Address to continue in this step, go-to Shipito.com and signup.
You'll get a US address instantly, use it and continue your signup. Takes just 1 minute.
In your US Address, note that CA means California.
Step 6: EIN/Federal TAX ID
The interesting part about IncAuthority is they get an EIN for you at $49, which is considered as the cheapest place to get one. Others charge from $95 and above.
You need to include the EIN/Federal Tax ID which is very important!
Click save and continue.
Step 7: Operating Agreement
Operating agreement is important because it provides proof you own the business.
In case any problem occurs in future, you can be able to correct them with your operating agreement and in case Stripe requires it.READ ALSO Dropshipping Vs Importation Business: Which is More Profitable?
Select the operating agreement and proceed with the form.
Step 8: Addons
The next pages contains Addons and they include the following:
- INC Protection Advisor. $27/month.
- LawSuit Protection. – $99.
- Express Delivery – $49.
- Domain Name – $29.95
- Business License Package – $99
All these ad-dons are not important, so you can skip all of them until you get to the payment stage.
Step 9: Make Final Payments
At the end, you'll only be paying for State Filling Fee, EIN and Operating Agreement.
Other formation companies charge a lot for offering this service but IncAuthority Charges $0 Service fee.
Now you need to make payment using either Debit/Credit Card or PayPal.
For the Delivery Option, you can select $0 free delivery (Electronic Delivery) and they will be delivered to your email.
Finally, that is all. You've successfully created your LLC Business Name and EIN/Federal Tax ID.
Next, you'll need to setup a stripe account with the details they'll deliver to you within 7 days since the Kentucky Delivery Time is 7 days.
How to Setup a Verified Stripe Account?
After you must have formed your LLC and EIN/Federal Tax ID and they have been delivered.
You'll need to use the details to setup a verified stripe account and you need to be careful while doing this because their bots are intelligent enough and conversant to detect any mistake you make.
We have prepared a FREE 5 pages guide on setting up a stripe account using your LLC Business Name and EIN/Federal Tax ID.
After following the guides on this post, you should be able to form your LLC, get your EIN and setup your stripe account for your business.
Here's the summary:
- Form your LLC and EIN at IncAuthority.
- Download the free 5 pages guide to setting up stripe with your LLC and EIN here.
- Start using Stripe for dropshipping!
If you have any questions and confused at any process, do let us know by dropping it at the comment box.
Don't forget to share! It's quite a helpful guide on how to open a stripe account in Nigeria (for non-US citizens or residents (Non-Supported countries) ! 🙂 🙂