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Stripe Payment – How to open a Stripe payment account in Nigeria 2020/2021

Stripe Payment – Heard about Stripe before? If you’re conversant with the online payment and collections in recent time, you should have no problem recognizing Stripe, if on the contrary, relax, today you are about to discover something new and interesting.

Now listen….. Stripe is a Tech company that concerns itself with building and developing economic infrastructure for the internet. That sounds weird right? Wait a minute.

In a mission to economic infrastructure of the internet, Stripe targets businesses of all sizes, startups and large companies with a view to getting all onboard to use its software in accepting and managing payments of their businesses online.

It then portrays that with Stripe, collecting payments and deposits from your customers and clients over the internet becomes a smooth journey with seamless experience.

Stripe acquires Paystack Nigeria, have you been told?

Recently stripe completed a takeover of the Nigerian performing payment gateway, fintech startup called Paystack in a reported $200 million deal.

This deal is believed to give a facelift to Nigeria and African model businesses who are in true need of receiving online payment.

Read also: Jumia sales: How to list and sell any product on Jumia in 2020

This platform is ideal for e-commerce stores, subscription service, startups, on demand service businesses etc, who want to accept payment online without stress.

“In order to grow African GDP, Stripe has entered into an agreement to acquire Paystack, a technology company based in Lagos.”

“Today not fewer than 60,000 businesses in Nigeria and Ghana use Paystack to securely collect online and offline payments, launch new business model and deepen customer relationships.

Note-ably, Paystack already process more than half of all online transactions in Nigeria. Paystack has plans to expand across the continent and recently started a pilot with businesses in South Africa.

“Stripe and Paystack have been working closely for some time now.”

That said, If you run an online business in Nigeria or would like to collect payments online from your customers, the good news today is that you can now set up a Stripe account in Nigeria.

This guide will answer the following questions

  • How to open a Stripe account in unsupported country
  • Can a non US citizen open and verify a stripe account?
  • How does stripe account work
  • Which country is stripe account available
  • Is a Stripe account free?

Requirements for setting up a stripe payment account in Nigeria.

You will need to get the below items handy;

  • LLC Company formation
  • EIN/Federal Tax ID
  • US Physical Address
  • A Payoneer/US bank account

Fore mostly getting the above listed documents in Nigeria may prove a herculean task, but that can be taken care of in a revelation you are about to see below.

Getting LLC and EIN

It’s worthy of note that LLC and EIN work hand in hand, you can easily get them at www.IncAuthority.com

  • Click on start now tab as seen
  • Select your entity type
  • Select a state as it appeals to you

In your entity type,

  • Kindly select LLC, Limited Liability Company
  • In the formation state, select any state of your choice that doesn’t charge you for keeping LLC, in any case, consider a state that charges cheap like Colorado, New York etc. Save and continue with your application,
  • Fill up your personal details accompanied with a US phone number

Tip – Getting a US phone number may want to discourage you at this point, but the good news is that, there’s a way out.

Read also: How to go about your business registration

An android app named TextPlus can offer you a US phone number, you will use it to process your registration, even take verification calls sequel to your registration. In the next step you’ll be required;

  • To enter your business deals, next
  • You enter your business details and address

Having completed this process, the next task will be to set up Employer Identification number (EIN)

How to set up EIN

In the column provided on the IncAuthority portal, kindly setup your EIN and proceed.

Note: You will have to pay a token $49 for your EIN.

How to set up a stripe payment account in Nigeria.

We now assume that your LLC and EIN/Federal tax ID have been delivered to your email address accordingly, it’s now time to advance in setting up your verified Stripe payment account in Nigeria.

  • Head over to www.stripe.com
  • You are required to fill in your details with intense concentration, eliminate errors as that could easily hamper your chances of being accepted to the payment platform

FAQ on Stripe payment

1. Can a non US citizen open and verify stripe account

Answer: Sure you can open and verify stripe account by following the guideline listed above.

Recap;

  • LLC Company formation
  • EIN/Federal Tax ID
  • US Physical Address
  • A Payoneer/US bank account

Having acquired the above requirements following the advised procedure, you are on your way to getting a stripe account.

2. Which countries is stripe payment account available?

Answer: Stripe currently supports 42 countries, which we expect Nigeria to join the league following recent takeover of Paystack.

The countries are;

  • Australia
  • Austria
  • Belgium
  • Brazil
  • Bulgaria
  • Canada
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Ireland
  • Italy
  • Japan
  • Latvia
  • Lithuania
  • Luxembourg
  • Malaysia
  • Malta
  • Mexico
  • Netherlands
  • New Zealand
  • Norway
  • Poland
  • Portugal
  • Romania
  • Singapore
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom
  • United States.

Read also: How to get your tin number (Taxpayer Identification number) same day free of charge in Nigeria

3. Is stripe account free?

Answer: You can sign up for stripe account free, however, stripe has a very competitive fee on credit card processing of 2.9% + $. 30 per transaction.

Conclusion

Stripe payment is such an effective collection platform that businesses and startups can leverage to their advantage.

Acquiring the Nigeria’s paystack indicates that online businesses in Nigeria and Africa will be unrestricted from onboarding, this to a great extent will see businesses explore the opportunities that abound.

6 comments on “Stripe Payment – How to open a Stripe payment account in Nigeria 2020/2021

Raphael Orji

Thanks for the Information.
You didn’t talk about how a Nigerian can obtain physical address while registering.

Reply
Raphael Orji

Hello Michael,

Thank you for pointing out..
You can get a U.S address on shipito.com

It usually takes few minutes to be delivered.

Goodluck.

Reply
Raphael Orji
ESECHE ASIKHIA

PLS HOW DO YOU SETUP A US ADDRESS FROM HERE IN NIGERIA AND ALSO A US PHONE NUMBER

Reply
Raphael Orji
ESECHE ASIKHIA

HELLO TAHNKS FOR THE INFORMATION YOU DID NOT TALK ABOUT GETTING A PAYONEER US ACCOUNT

Reply

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