I need help with stipe account guys

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ntn

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• Mar 15, 2021

• #1

Hie guys please help me i need to know how stripe work since in not in a stripe supported country but i have a bro in USA. I have a web site and i want to accept subscriptions and payments using stripe so i want to know the following:

1. Can he open an account on my behalf i want it to be an individual account not business.
2. Does the individual account work for the above requirements.
3. Are there any tax implications on him.
4. Whats the difference between individual and business account.
5. Anything else i need to be aware of?

@Tomz
thanks team for the help.

 

Last edited: Mar 15, 2021

sibling

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Mar 7, 2021

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• Mar 15, 2021

• #2

be careful with stripe. While it's easy to sign up and start taking payments, after the first few transactions they start looking into your account and if they don't like you or your products they'll shut you down. Just like that.

I don't know why they are doing it this way, maybe to gain a higher amount of signups for more VC money. I have used them for some years now without problems but I've heard so many horror stories.

 

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osvmello

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Mar 4, 2021

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• Mar 15, 2021

• #3

One thing the USA is really good at is TAXES, so yes your friend will need to filling taxes about the amount going through the account. Even if it is on your behalf (which is not allowed by stripe policy if is not a legal representative), will be his details on the account. Depending of the amount, you both could get away for some time, but one day the tax will come.

Edit: Also, why not Paypal Subscriptions? It is mostly like to be accepted by the majority of countries.

Log in to your PayPal account

Transfer money online in seconds with PayPal money transfer. All you need is an email address.

www.paypal.com

 

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playerone

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May 13, 2020

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• Mar 15, 2021

• #4

Forget Stripe, Squareup.com is much better, easier to sign-up and they don't cancel your account on a whim if you've a valid product. Also, Stripe doesn't refund the 2.9% fees if you issue a refund to the buyer. Square does.

As far a business/individual. It's the same, the different is how you report the taxes at the end of the year and he'll have to pay taxes on income. You'll need to sort it out with your brother.

 

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ntn

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• Mar 16, 2021

• #5

playerone said:

Forget Stripe, Squareup.com is much better, easier to sign-up and they don't cancel your account on a whim if you've a valid product. Also, Stripe doesn't refund the 2.9% fees if you issue a refund to the buyer. Square does.

As far a business/individual. It's the same, the different is how you report the taxes at the end of the year and he'll have to pay taxes on income. You'll need to sort it out with your brother.

Click to expand...

Thanks for the suggestion, which countries are supported? will I be able to receive online card payments on my woocommerce site if I'm not in a supported country?

 

playerone

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• Mar 16, 2021

• #6

If it's not supported in your country, then you're out of luck. Credit card payments are redistricted. You can look up on their site squareup.com for supported country.

 

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ntn

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• Mar 16, 2021

• #7

playerone said:

If it's not supported in your country, then you're out of luck. Credit card payments are redistricted. You can look up on their site squareup.com for supported country.

Click to expand...

@playerone in mean to say if I get someone in a supported country to create and verify the account will i be able to receive internation card payment.

 

playerone

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• Mar 17, 2021

• #8

ntn said:

@playerone in mean to say if I get someone in a supported country to create and verify the account will i be able to receive internation card payment.

Click to expand...

Yes you will be able to accept payments under his/her name. You'll need to modify your web site address/phone/etc to make it looks like it's operated from the country in question.

Whoever you use the name for has to deal with tax issues and you'll have to sort it out with him/her.