Stripe is a international payments method similar to PayPal. It enables business and individuals to send and receive money over the Internet. It is available in 39 countries as of now (including India). These days many sites like Medium and Quora are giving payments to their users throw Stripe.
Introduction
Stripe allows payments solution for individuals, businesses, freelancers, donations, ecommerce websites and many more. Stripe has an advantage over PayPal as it offers to accept payments from credit and debit cards.
Creating Account
Creating a Stripe account is an easy task and it would take you 15-20 minutes to complete the process.
Following steps are to be followed for creating Stripe account for an individual:-
- Sign up using this link-Register with Stripe
- Enter basic details like Name, Address, Phone Number, Email ID, etc. Remember your entered name should exactly match with your given ID proof (Here PAN).
- You can enter your home address in business address if you have no business address.
- Enter your website link. If not, you can enter your social media profile link.
- Select your industry and enter a description about your work. This information would be used only by Stripe for internal purposes and not send to third party.
- Select Individual category for yourself under "Type of Business".
- Enter your PAN Card details
- GST (Optional/ If applicable)
- Enter statement description for those who may send you payment through credit card.
- Enter details of your savings bank account with correct account number, account holder name and IFSC code.
- Two Step Verification is enabled by default.
Stripe vs PayPal
Stripe and PayPal both are similar in nature but have some pros and cons. Stripe has an advantage that an businesses can pay with the help of debit or credit card without creating an acoount. PayPal advantage is that it has it operations in 200+ countries which makes it more preferable for larger market expansion.
Ending Notes
I hope you were able to understand how to setup your account in Stripe. If you have any queries or problems you can reply in the comment section below.