Stripe is a gateway for customers to transfer funds safely yet efficiently from their bank accounts or credit cards in different currencies. Not only that, but it also enables subscription-based and one-time payments along with billing, sales tax automation, and invoicing.
What is the difference between a stripe and a merchant account?
There is a little difference between a Stripe & a merchant account. While a stripe account allows a business to accept credit cards & bank accounts payment electronically without a specific kind of bank account, a merchant account relies on a payment gateway and processor.
Stripe, however, acts as a merchant account, payment processor, and gateway accordingly. As a payment aggregator, stripe already has a master merchant account set up. It has its Merchant Identification Number (MIN) in which it bundles up all of its users. So you do not have to apply for a merchant account if you are applying for stripe.
Stripe allows its services to over 30 countries but Pakistan is not one of them. Pakistanis can still open an account if you have a business in the US or you will need an expert to create one for you.
For a Pakistani resident, if you have a US bank account, EIN, US mobile number, and a virtual or physical address, then you can easily register for yourself with stripe. Otherwise, you will need an expert to help you out and US legal Formations is the most authentic outlet to help you open a stripe merchant account in Pakistan.
To open one, there is a guideline to it.
- Go to Stripe dashboard
- Put general information (name, email & password)
- Click on create account
- Log in
- Verify your email
- Activate your account
- Put in the information required (business, bank details, etc.)
- Submit the application
- Get live API keys
Tada, you now have applied to open a stripe merchant account. Get the process easier with the help of US Legal Formations.
As much as opening a stripe account is an easy and international gateway for easy and efficient transactions, it is not easy to open a US bank account from Pakistan or for any non-resident of the USA.
Although most US banks allow only residents of the USA to open accounts, there is still an option left for non-residents. The process requires your presence in the US eventually if you complete another process online for they want you to verify each document.
Change in plans, shape the account to corporate or your LLC. This way you can have your transaction through someone else, and the outlets and virtual addresses help you run or open a US bank account from Pakistan.
For non-residents of the United States, several banks are viable options. JPMorgan Chase, Citibank, Bank of America, and Wells Fargo, etc. are viable options to open a US bank account for Pakistan & other residents.
Here is the catch. You will need an agency or outlet to carry out this complicated process. US Legal formation, however, can be a great help to help you open a US bank account from Pakistan.
It is a less complicated process when you are a non-resident but still living in the US. On the other hand, it is quite impossible for a person living abroad & wants to open a US bank account from Pakistan or somewhere else.
But outlets like Payoneer help international currency transactions. But for actual bank accounts, you will have to reach out to US Legal Formations for further assistance.