26 Feb Setting Up Your Stripe in 15 Minutes + A Primer on Why You Should Use It
Sure, Stripe is awesome as a payment gateway, offering some of the lowest rates for taking credit card payments, but there is more there than meets the eye! While the main objective of this blog is to show you how to set up your Stripe account so that a developer can add it to your eCommerce solution, we will certainly flex Stripe’s muscles so that you can see other options, like invoicing or inventory management!
This 15 minute guide will provide you with straightforward, simple instructions for setting up all aspects of your Stripe account that you need to for your developer (or you) to make it live in your eCommerce store!
It is a payment gateway that allows you to accept payments from customers via credit cards on your website, create invoices you send from your Stripe dashboard or accept payments via bank transfers. Once a payment clears on Stripe it goes to your bank account within one day of being cleared.
Signing Up & Setting Up Your Stripe Account
Create Your Account
The first step is pretty easy and self-explanatory. You will put in a username and password. You will then by taken to your dashboard, as seen below. NOTE: Please be sure to check your email and verify your email address!
Update Your Business Name
Once you get to the dashboard, pictured below, you will go ahead and click on the link in the upper left hand corner of your dashboard that says, “add a name,” and update your business name.
Enter Your Business Details
Next, click on the “Business Settings” link in the left-hand menu. The screen shown below will be displayed. You will complete this entire page. Please note that in the first section there is a place to do your phone verification – please do this now to save time later!
On this page you will enter things like your legal business name and how you want your company name to show on people’s credit card statements. Please be sure your business name is correct!
Add Your Tax Info
Underneath the Business Settings tab is a list of links – go ahead and click the 4th one down that says, “taxes.” Once you click this link you will enter your EIN number and other business info to finish one of the last steps of setting up your account!
Activate Your Account & Add Banking Info
This is the last step for your setup process and will require you to have all of the important business info on-hand – EIN, bank account number, routing number, corporations ownership percentages, etc. Go ahead and scroll through this entire page and then submit your application at the bottom. Once all of this has been verified then you can start receiving money in your business bank account from Stripe – yay!
Taking Stripe Further
As mentioned at the beginning of this article, there is a lot that you can do with your Stripe account beyond adding it as a payment option on your website. With Stripe you can set up team member accounts for managing financial activity, use your Stripe account to send invoices or collect via ACH for recurring payments at a lower rate!
Adding Team Members
Why would you want to add a team member to your Stripe account and give someone else access to my financial info? Let’s answer this question in two parts. First, you may want to give access to your Stripe account to people in your organization that help with regular business functions, like refunding payments, analyzing sales data or integrating your Stripe account into your website, as a developer does.
Once you add team members then they can manage certain aspects of your Stripe account, like integrating it into your eCommerce store to accept payments via credit card online.
When you add a team member it is important to consider their role in your organization to determine what access level is best for them. Below you will see the various options for adding people to your Stripe account as team members.
Unique, Complete Digital Solutions For All!
Stripe offers your business a powerful financial solution. While there is overlap between Stripe, eCommerce stores, PayPal and accounting software there is also a unique solution combining these various types of products for each business owner that will increase performance and improve efficiency. If you are wondering which tools are best for your business type, schedule a free review and we can get you pointed in the right direction!