Getting started with Stripe: create or connect an account : Stripe: Help & Support (2024)

FAQs

How to create a connect account in Stripe? ›

With Connect, you can create Stripe accounts for your users. To do this, you'll first need to register your platform. If you've already collected information for your connected accounts, you can prefill that information when creating the account.

In the Payment Management market, Stripe has a 37.89% market share in comparison to Stripe Connect's 0.42%. Since it has a better market share coverage, Stripe holds the 2nd spot in 6sense's Market Share Ranking Index for the Payment Management category, while Stripe Connect holds the 13th spot.

Transaction fees: Stripe charges 2.9% + 30¢ for each successful card charge. Additional fees apply for specific scenarios: 0.5% for manually entered cards, 1.5% for international cards, and 1% if currency conversion is necessary.

Once you've created or connected an account, Stripe will verify your business information and approve your account, usually within a few minutes of submission.

Stripe is free to set up and the company does not charge a monthly or annual fee for its services. Instead, all Stripe fees are per transaction with transparent pricing. Online sales cost businesses 2.9% plus 30 cents per transaction.

Can I use Stripe as an Individual (not a company)? Yes, Stripe is built for all kinds of businesses, which includes individuals who may not have a company in their name. When you activate your account, you should select that you are a Individual/Sole proprietor.

In order to receive payouts, you must have a bank account linked to your Stripe account through the Settings > Business Settings menu in the Dashboard. 💡 Only those with Admin or Owner permissions can add, edit, or delete bank account details.

You can use Stripe to sell a product if you have not established a separate business entity to do so. Stripe supports the following alternative business types that you can choose from when signing up: Sole proprietorship: If you do not have a separate entity and operate by yourself.

For individuals and sole proprietorships, the individual name and SSN are commonly used. For LLCs, partnerships, corporations, and tax-exempt organizations, the business name and EIN are used.

The minimum amount is $0.50 US or equivalent in charge currency. The amount value supports up to eight digits (e.g., a value of 99999999 for a USD charge of $999,999.99).

What is the disadvantage of Stripe? ›

Slow Search Functionality: Many reviewers have mentioned that searching for information within Stripe is slow and frustrating, particularly when looking up customer details. This issue hampers their ability to efficiently retrieve the information they need.

PayPal is easy to set up and use, but Stripe allows on-site checkouts that you can customize to your brand. If you've ever made a PayPal purchase before, you're familiar with the standard off-page checkout process that takes place on the PayPal site.

When you start processing live payments, Stripe typically schedules your initial payout for 7-14 days after you successfully receive your first payment. Your first payout might take longer, depending on your industry risk level and country of operation. Subsequent payouts follow your account's payout schedule.

When you first set up your Stripe account, we ask you to connect your bank account so that you can receive payouts. If you want Stripe to access additional account information, you can link a financial account.

Connect Onboarding for Custom Accounts is a web form hosted by Stripe that takes care of collecting identity verification information from users. It dynamically adjusts the information that it collects to reflect the connected account's capabilities, country, and business type.