Whether you are running your own project, or responsible for setting up online payment processing in your business, connecting to the Stripe account is one of the best decisions that will benefit you.
Stripe streamlines the transactions in your business. Here is how it works.
What is Stripe and how it works
When it comes to online companies that need credit card processing and payment options, Stripe is a hard one to overlook. The firm also makes it simple for customers to pay for goods and services online as a payment service provider (PSP). You must utilize Stripe, a service, to take credit or debit cards. You’re under no need to work with several businesses if you don’t want to.
Big companies like Lyft, Under Armor, Blue Apron, and Pinterest all utilize Stripe to process payments. There is a lot of faith in Stripe’s claim that their network has processed 90% of all credit cards. More than 135 different currencies are supported, which makes it popular among enterprises.
Does your business require or currently utilize Stripe Payments? Stripe Payments is a method of transferring funds. You can transfer money from a customer’s bank account to your own using a credit or debit card. But we’ll get into the nitty-gritty details later.
Online shoppers will appreciate Stripe’s offerings, which are tailored to meet their needs. The company’s product portfolio currently includes credit card terminals, POS systems, and mobile processing solutions. It’s because more and more firms are embracing an “omnichannel” strategy that incorporates both online and physical sales.
What makes it relevant to your business?
Most likely, you’re selecting Stripe over a less expensive option because you want to sell your items internationally. Stripe, which is owned by PayPal competitor Braintree, is one of the finest and most extensively utilized options.
Stripe is currently available in 44 countries, with new markets being added on a weekly basis. Payment may be made in over 135 different currencies. Stripe may convert your customers’ credit card cash for a little charge. You may be able to avoid currency conversion costs if you have a bank account linked to your credit card.
You may display product prices in your customers’ local currency when using Stripe. As a consequence, your neighborhood hipster barber in New York City may now charge consumers in London British pounds sterling for beard trimmers.
Finally, Stripe allows a wide range of payment methods from all around the world. Furthermore, it is an excellent solution for processing international payments.
Creating and setting up a Stripe account is simple and straightforward. You don’t have to master coding or any other complex skills. But there are some things that you need to prepare before starting the process.
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Step one – have all the information prepared
The very first thing to prepare is the set of your information. If you have come to this page, perhaps the Admin person is you.
Here are the points that you need to prepare for the registration and setup:
- Email address
- Passwords for your Stripe Account
- Your last four digits of SSN
- Your Bank’s routing number
- Your bank account number
After having them ready for the registration, you will need to proceed to step 2.
Step two – visit the Stripe official site
Stripe.com is the official link to the Stripe official site. So, make sure to visit the right link. From the home page of the site, you can find the “Start Now” button under the big phrase “Payment infrastructure for the internet”. then you will be redirected to the registration page.
Step three – fill out the form
To create a Stripe account, you will need to fill out the form completely. In a business or specific project, you will want to be clear to delegate the stripe account to the person in charge. If you’re an admin, business owner, or the person in charge, make sure you use the specific email address which represents your position.
Keep in mind that only people with the level of access get to use Stripe accounts. Your dedicated email address is also the way to recover your account if something happens in the future.
The email address you registered will receive important notifications about payments and other information about your Stripe online account. You could use complex passwords which are strong and secure.
Enter your email, password, confirm it, then check the box next to “I am not a robot”. to proceed, you could click “Create your Stripe account”.
Step four- identification
In this step, you will need to confirm that you are the business representative or person in charge. Stripe will require some information to identify you.
You will see some details on the Identify verification.
You could also use your Facebook Account, Linkedin Account, or your Google account to complete the identity information. You will need to add details as follow;
- Legal Name
- Date of Birth
- Last four digits of SSN
Step five – Bank details
In the next step, you will need to add your Bank Details. In this section, you will need to add your Routing and Account number.
Complete the requirements then click “Activate Account”.
After the Stripe platform approves your Account Application, you are ready to make the transactions through the particular service.
Step six – Attaining the keys to connect Stripe to your site
To be able to receive the payment through Stripe, you will need to connect the service to your website or marketplace.
You will need to log in to your Stripe account first. In the Dashboard, find the Developers Section. Then choose API keys.
You will need to send your web developer Test Keys to test that your site is really connecting to the Stripe Account.
In this case, your web developer requires a Publishable key and Secret Key.
Once you have copied and pasted the keys on the web developer, you will also need to provide the live keys.
You could click “Reveal Live key token’ to display the secret key and copy/paste the key as well.
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