For entrepreneurs and businesses in countries like Nigeria, gaining access to international payment processing platforms can be challenging due to limited support. More recently, Elon Musk began paying content creators on X(Twitter), but the condition was that payments would be strictly via Stripe.
As a result, it has become imperative to set up a Stripe account, either to receive a portion of Musk’s money rain or receive payment from thousands of miles away without inhibition.
This is the most detailed guide on how to set up a Stripe account on the internet.
A few things to note about opening a Stripe account in Nigeria;
- At the moment, Nigeria is not listed on Stripe’ active locations, so opening an account directly from the Stripe website may not be successful.
- Stripe requires that you have a registered business in the US in order to begin receiving payment through its platform.
- There are third party companies that help create Stripe account in countries that are not currently supported by Stripe. These companies do all the work for you, like creating a registered US business and the likes.
- Stripe offers a comprehensive suite of payment processing tools, including the ability to accept various payment methods such as credit and debit cards, mobile payments, and bank transfers. Depending on your budget and preference, you can set up a paid or unpaid Stripe account.
To set up a Stripe account via Third party
Upon researching how to open a Stripe accounting Nigeria, I discovered from personal sources and Youtube videos that third party companies like Privatily.com had helped many people setup an account.
Privatily.com is a platform with over five years of experience, boasting a clientele from over 150 countries. They offer two pricing options:
- Basic – $129
- Premium – $297. The premium option offers a faster and more exclusive service. It includes additional benefits such as assistance in setting up various financial services and assigning you a dedicated account manager, alongside other bonuses.
Importantly, both options are one-time payments, eliminating the need for recurring fees.
To set up a Stripe account by yourself
If you prefer to set up a Stripe account without additional costs, you can do so. However, it’s essential to understand that this process can be a bit more time-consuming due to the basic requirements involved:
- You have to register a Business in the USA: To meet Stripe’s requirements, consider registering an LLC (Limited Liability Company) in the United States. Services like Incfile can help you simplify this process.
- You’ll need an EIN, also known as an Employer Identification Number, which is part of Stripe’s legal requirements.
- A USA Physical Phone Number that has to be a genuine USA phone number. Services like Dingtone offer solutions to acquire a US phone number. You’ll need a physical address in the USA. and with Services like Shipito, they offer assistance in obtaining a valid US address.
- Finally, you’ll require a USA bank account. Financial institutions like Payoneer, Greypay, or Geepay offer options for setting up a foreign bank account without the need for a physical visit to a bank.
Once you have obtained all these necessary components, visit Stripe.com and follow the provided instructions.
- You will be required to provide personal and business information, including your bank account details. This information is essential for linking your Stripe account to your Nigerian bank account.
- After completing these steps, you must verify your email and bank account to ensure your Stripe account is fully functional.
- Once verified, you can begin accepting payments on Stripe, connecting your Nigerian business to the global marketplace.
Before you start transacting, it’s crucial to review Stripe’s pricing and fees for Nigerian accounts. Additionally, be aware of any restrictions or limitations that may apply to Nigerian businesses operating on the platform.
In conclusion, Stripe offers a convenient and secure way for Nigerian businesses to access international payment processing capabilities. Whether you choose the paid option for expediency or take the DIY approach, Stripe can be a valuable asset in expanding your business’s reach beyond borders.