Most of the entrepreneurs who establish companies in America establish their companies receive payments with Stripe ! Stripe does not accept individual applications from Turkey. This information should probably be known by most people doing research to open a Stripe account. To overcome this problem, entrepreneurs can establish an LLC company in the USA, have their Stripe accounts approved and receive payments.
In this article, we will talk about the steps to take to receive payments with Stripe. previously Opening a Verified Stripe Account , so we will not go over the steps of opening a Stripe account again. Instead, we will talk about some details about Stripe and the steps that need to be taken before opening an account. Many entrepreneurs have already started to open Stripe accounts and collect payments securely from credit cards with this method
What is Stripe?
For those who haven't heard of or don't know, what is Stripe? What does it do? It is useful to make a brief definition to answer questions such as.
Stripe is a virtual POS (payment gateway) system that supports every platform, from startup projects to fortune 500 companies. Instead of working only with large companies, Stripe supports very small SMEs and even startups. Its rich documentation, incredibly fast support system and massive structure that allows trading with 135+ currencies distinguish it from its competitors. For any business model that takes payments online, there is a solution on stripe. Their easy interface, rich API support and compatibility with almost all e-commerce infrastructures have made them perhaps the most used payment solution in the world.
You can receive payments via many payment methods with Stripe. It supports numerous platforms such as Apple pay, Visa, Mastercard, Alipay, Wechat pay, Klarna Amex. In the table below, you can see the payment methods supported by Stripe in different geographies.
Are Turkish Virtual POSs Not Used?
It can be used, but you have to bear the consequences or you have to have enough budget to test it. Those who deal with dropshipping are probably familiar with these issues. Many people try to receive payments globally with local virtual POS systems, but they face the harsh reality when unsuccessful payments increase or there are no sales. Unfortunately, domestic payment gateways cannot provide most of the payment methods in the table above. Additionally, local POS systems may reject some card types. Almost all orders that have no sales or fail on the checkout page are due to payment infrastructure incompatibilities.
In addition, there are different difficulties in selling in a global environment with local companies and payment gateways. When all these are taken into account, we can say that a global payment infrastructure such as Stripe strengthens your hand as a seller.
Does Stripe Work in Turkey?
The first question that comes to the mind of many people who have limited knowledge about Stripe is: Does Stripe work in Turkey? There may be questions. Stripe works in Turkey, but it may not work the way you think. If we explain the issue a little more, you will be able to understand the situation more clearly.
Stripe does not support opening an individual account from Turkey. In order to open an account with Stripe.com and verify that this account is valid, it is necessary to have an llc in the countries it supports. To summarize;
- Stripe does not support opening individual accounts for Türkiye
- Stripe does not support opening accounts with Turkish companies
- Stripe allows Turkish citizens who own an llc in supported countries to open an account.
When it comes to supported countries, the first country that comes to mind is the USA because forming an llc in the USA is quite simple and cheap. Stripe supports the account opened by a Turkish citizen who owns an Usan company, 100% legally, and allows you to approve the accounts and receive payments in a short time if you complete the requirements.
Requirements to Open a Stripe Account from Turkey
You will need the following requirements to open a stripe account that is verified and payable;
- A company incorporated in the USA (any state) ( Detailed guide )
- An EIN number for your company in America ( Detailed guide )
- A telephone number with an American area code ( Detailed guide )
- A working website for the application to be approved (It can also be an e-commerce site or a web project suitable for receiving payments)
- A bank account in America. Powered by Transferwise or Mercurybank Stripe ( Detailed guide )
Once you meet these requirements, you can open a verified stripe account even though you reside in Turkey, receive payments in any currency you want from anywhere in the world, and transfer your earnings to your country.
Meet These Requirements Before Opening an Account
There is no need to explain all the requirements step by step, because we have a lot of information on basic topics such as forming an LLC and obtaining an EIN on our website. Mentioning some tips in this section will make your job easier during the verification phase.
Phone Number
After forming an llc and obtaining an EIN, you will need a phone with a USA area code. In fact, you can pass the SMS verification with your mobile phone with a Turkey area code during the account opening phase, but when you enter the link of your website, they request a USA area code customer support number for support communication. At this stage, you are not allowed to enter a phone number with a Turkey area code, so you must have a phone number with a USA area code.
Website
Stripe is a payment gateway that provides approval based on the project. In order to receive Stripe approval, you must apply through a website that complies with Stripe conditions. If your website meets the following conditions, you will not have any problems during the approval phase;
- It should not be a site in the unacceptable (prohibited) category. a list of the types of sites that Stripe does not approve of in any way here .
- Your website should be completely finished, and the products and services should be clearly displayed on your site.
- Must have SSL certificate
- They attach importance to necessary pages such as contact, about us, privacy, return policy, cookie policy. All of these pages must be active and working.
- The main language of your website should be English at the initial approval stage, but later it can be translated into two languages and it can be in Turkish or other languages. Having it in English to pass the first approval stage eliminates the need to explain it to the other party.
The web page with these requirements will be 99% approved by stripe.
authentication
After opening an account, you will be asked to upload a photo of your Republic of Turkey ID card. Take a clear photo of the front and back of the ID and upload it to the stripe panel. Additionally, when entering your personal information, you must enter your country according to your citizenship. For example, if you are a Turkish citizen, it is no longer necessary to select USA and write “0000” in the SSN section. After the latest update, Stripe accepts ID numbers from every country it supports. You can select TR and enter your TR ID number in the relevant field.
Bank Account and Payment Withdrawal
Stripe now supports digital banks like Wise and Mercurybank. You can transfer the balance accumulated on Stripe to your Wise or Mercurybank account. You do not need to open a physical bank account and enter the information for that bank in the Stripe bank information section. Banks like Wise and Mercurybank are now supported by Stripe, make no mistake about it.
When it comes to the payment receiving part, the first few sales made from your website are transferred to your Wise or Mercurybank account via Stripe, within approximately 1 week. Stripe is essentially still in the verification phase at this time. The first few payments will be credited to your account within 1 week, but subsequent payments will be processed on the same day and deposited into your bank account within 24 hours.
Therefore, before you start trading with Stripe on your website, make a few purchases yourself and pass the verification process. You will also test your systems. After the first payment is transferred to your bank account, Stripe trusts you and starts transferring subsequent payments the next day.
Can Perform Additional One-Time Verification on Large Amount Shots
After completing the first few tests, when you go to the real world and make a large sale, your account will probably be subject to additional verification. They may ask you for information about your products and services or your EIN letter (Cp 575 or 147C). This situation is completely normal. While most businesses are automatically approved from the beginning, a few may be subject to additional review after receiving a large payment.
Don't stress at this stage, if your website complies with the rules and you give Stripe what they want, your account will be opened again in a few hours and there will be no extra verification phase after that.
Country Selection
Another important issue you should pay attention to when opening your Stripe account is country selection. When opening an account, you must select the country where your company is formed (USA) and enter your company's mailing address in the relevant address field. This part is often confused with the part where TR ID information is entered, but there is no need for confusion. Since your company is in the USA, stripe asks you for your company address and you must enter your company's mailing address. Previously, Stripe was cautious about accounts opened from different countries, but now they are aware of everything. In other words, they are aware that you do not actually live in the USA, but that you are a Turkish citizen who owns an llc there, so you are not deceiving Stripe, on the contrary, you open an account as they accept.
As mentioned above, you will select TR in the section where your nationality is and enter your TR ID number. You have an llc in the USA, but you are not a US citizen, so you just need to choose your nationality and enter your identification information correctly.
Is ITIN Required?
One of the most frequently asked Stripe questions to us, both in the comments on our website and via e-mail, is when opening an account; Isn't ITIN required? There are people who say that an account cannot be opened without ITIN, is this true? There are questions like this.
There is no such requirement in the Stripe documentation. You can now choose your nationality TC during the Stripe account opening phase, so there is no need to insistently look for a field to enter ITIN because they do not need it. Do not confuse Stripe with Paypal because ITIN is required as Paypal does not allow TR citizens to open accounts. There is no such obligation in Stripe. If you want to enter a password, you can obtain it by paying a fee to an intermediary to obtain it, and when opening an account, you can select the citizenship section as US. This time, when you upload your ID, the system that sees your TR ID will probably not approve your account and you will waste time explaining this situation to the support assistant via chat. As a result, the support assistant will manually convert your nationality to TR from the system and do the first thing you need to do. Instead of making things difficult, if you open an account with your TR ID number without ITIN, there will be no problems.
Is Address Verification Required?
If the mailing address of your Usan LLC company is a physical address, that is, not a po box, Stripe will not ask you for address verification in any way. In the past, account holders were subjected to this type of address verification processes (3.4 years ago), but this is no longer the case. If your company mailing address is a real address, no proof of address etc. is required. undesirable. If you form your LLC company thanks to the guides on our website, everything is in accordance with the rules, address verification etc. You do not have to deal with troublesome operations such as
Conclusion
If you meet the required requirements to receive payments with Stripe, your account will be approved without any problems and you can start trading quickly. Individuals and Turkish companies are not accepted in Turkey, but Stripe will verify your account with an Usan company you formed as a Turkish citizen without any problems.
