Stripe Account in Pakistan Genuine Method Genuine Method

You want to accept international payments on your ecommerce website or you want to monetize your twitter account, you need stripe account. Stripe is not yet launched in Pakistan so how to create and use Stripe account in Pakistan? Way arounds are not sustainable and can cause you loss. In this blog, I will share genuine and authentic method I am using myself. You will be able to create your Stripe account if you read the blog till end.

What is Stripe?

Stripe stands out as the ultimate payment gateway, offering you a robust solution to effortlessly handle online payments from clients across the globe. Whether your aim is to invoice clients for services rendered or manage recurring billings, Stripe emerges as your premier choice for a payment gateway.

Stripe is Simple and Cost Affective

In stark contrast to other payment gateway providers, Stripe simplifies the payment process, making it hassle-free. While setting up your Stripe account incurs no initial cost, they charge a modest fee of 2.9% plus $0.30 for each successful transaction, a reasonable rate by all accounts.

Why You Need Stripe in Pakistan

Both Stripe and PayPal currently do not extend their support to Pakistan for merchant account operations. Nevertheless, the landscape is evolving, with several new entrants attempting to bridge the gap. However, these alternatives often fall short, plagued by complex application processes, a lack of versatile integration plugins, high transaction fees, setup charges, and more.

Here are some noteworthy contenders:

• Alfalah Bank
• UBL Bank
• MCB Bank

NayaPay is a better option available now.

Rather than engage in a debate over why Stripe eclipses other options, let’s delve into the process of securing your very own Stripe account.

Prerequisites for Opening a Stripe Account on a Pakistani Passport

To establish a Stripe account, you’ll need to navigate some necessary steps:

1. A Virtual Number (Set Up via Vyke) [Cost: $15/year] Acquiring a virtual number entails obtaining a US mobile number through VoIP services such as Vyke and Second Number, both available as Android and iOS applications.
2. Virtual Address in the USA [Cost: $50 to $100/year] To register an LLC (Limited Liability Company), securing a virtual address becomes imperative. Alternatively, you can utilize the address of a relative or a co-working space if accessible. However, investing in a virtual address is advisable. In the USA, LLC registration often necessitates a registered agent who provides mail forwarding and a virtual address. This address is crucial for corresponding with state authorities regarding letters and mailboxes, among other things. The tutorial shared here covers virtual addresses, LLC registration, and the EIN acquisition process.
3. A USA LLC (Selecting a Tax-Free State like Wyoming) [Cost: $300] Opting for a tax-free state when registering an LLC as a foreign national is advantageous. Wyoming is one such state worth considering. Engaging the services of a recommended registered agent like Best Wyoming Registered Agent will cost approximately $250. This fee covers one year of registered agent service, same-day filing, and the Wyoming state fee of $100. Additionally, you’ll need around $200 for obtaining an EIN, a mandatory requirement. It’s advisable to file for the EIN simultaneously with LLC registration.
4. EIN – Employer Identification Number [Cost: $200 or $15 if DIY] Acquiring an EIN is a mandatory step. While it’s recommended to engage the same registered agent for this service, you can opt for a cost-effective DIY approach, although it may take 4-6 weeks and require access to a fax number. A virtual fax number for this purpose typically costs around $10-15. The process involves downloading the SS-4 form, printing and scanning it, and sending it via fax to the IRS. The IRS will then provide your EIN via fax, a process that can take up to 8 weeks.
5. A USA Bank Account (Wise.com or Payoneer) [Cost: Free] Opening a bank account is your next step. Simply visit Wise.com and initiate the process of opening a corporate account. The system will guide you through the required steps, including providing your passport, LLC documents, virtual address, and a virtual US phone number. Typically, your bank account will be ready within a few hours, although it might take 2-3 days for review. Be prepared for the possibility of depositing funds via your Pakistani credit card, a perfectly acceptable option. The same process applies to Payoneer.

Note: You can also create a company in UK to create a PayPal and Stripe account. It is relatively cheap and quick.

Creating Stripe Account in Pakistan Step by Step

With your LLC established and EIN in hand, you’re now primed to create your Stripe.com account. Follow these steps:

1. Visit Stripe.com and select “Sign Up.” Register your account as a USA LLC. It’s important to note that Stripe allows access to its dashboard and account via a Pakistani IP address. However, if you intend to open a PayPal account, you’ll require an RDP (Remote PC setup in the US) to access it via TeamViewer or remote access, effectively masking your location as a US IP.
2. During registration, you’ll need to provide your business structure, USA address, company name, and company type (USA LLC).
3. You’ll be prompted to verify your identity, for which your Pakistani passport is perfectly acceptable. Stripe doesn’t discriminate based on nationality, so proceed with confidence.
4. Enter your Wise.com or Payoneer bank account information and your EIN to complete the process. Stripe may conduct a brief account review lasting 1-2 business days, after which your active Stripe account will be ready. You can now accept online payments using the Stripe API or the Stripe customer portal.

In Conclusion

Incorporating Stripe as your preferred payment method can significantly enhance your business prospects. You can seamlessly integrate Stripe with platforms like Shopify, WooCommerce, or any e-commerce store, enabling you to accept credit/debit card payments from both Pakistani and international customers. You can also monetize your Twitter account in Pakistan now. Furthermore, Stripe simplifies billing for your international clients through its invoice system, allowing them to make payments with ease.