How to Build a Perfect Payment Ecosystem?

In this guide, we will talk about how to form a minimum-cost ecosystem to receive payments by credit card from abroad.

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What you will learn in this guide:

• Why is it necessary to receive payments via credit cards from abroad?
• For whom is it necessary and advantageous?
• Preliminary information about the credit card payment ecosystem
• Requirements and what to do
• Step by step ecosystem setup

Read on to start receiving payments via credit cards from abroad for any of your online business.

Such solutions are needed due to payment problems that arise during credit card collections from customers abroad.

The main collection problems that arise during payment are as follows:

1. Local payment gateways or banks require 3D secure
2. Not supporting some card types
3. Problems with non-approval when withdrawing from foreign credit cards
4. Not supporting some currencies
5. Inability to receive payments from platforms such as Apple pay, Amazon pay, Google pay, Alipay
6. Inability to collect via Paypal
7. Business models such as dropshipping are not supported

Due to the above reasons, payment problems arising from collections from foreign credit cards cause entrepreneurs to lose many customers.

While coping with the tough competition in global markets, unsuccessful checkout transactions pose a great risk for the seller.

Using global payment gateways to cope with these problems provides great advantages to the seller.

You can find all the details required to receive payments with different types of credit cards from all over the world and to form an ecosystem for this purpose, in the rest of the article.

There are many sectors that need to receive payments from abroad. Although businesses that appeal to global customers come first, foreign collections may also be required for the following sectors.

• Selling digital products or services
• Training and online course
• Consulting services
• social media experts
• Software projects (SAAS)
• Digital marketing experts and businesses
• Businesses that sell products in the global market from their own website
• Internet entrepreneurs who do dropshipping. (also called Shopify dropshipping)

In order to receive payments via credit cards from abroad, it is necessary to first understand this system and then form a healthy ecosystem.

In this guide, we will cover all the details you need to install this system properly.

In order to receive payments by credit cards from abroad, it is necessary to receive service through Global payment gateways.

When it comes to global payment gateway, the first platform that comes to mind is Stripe.

Stripe supports all major credit cards globally and multiple payment solutions including Google pay and Apple pay.

It also provides rich documentation support and rapid integration with all known e-commerce solutions, especially Shopify, Woocommerce, Wix, Bigcommerce and Prestashop.

In order to form this type of ecosystem, you must undoubtedly have a payment gateway like Stripe.

However, an llc abroad is required to open a Stripe account. When it comes to forming an llc abroad, the first country that comes to mind is the United States.

Forming an llc in the USA is easy, affordable, and in most cases tax-free.

After forming your company in the USA and creating a simple tax number registration for the company, a digital bank account is needed.

Thus, the balances collected as a result of credit card collections made with Stripe are transferred to this opened bank account and the final chain of the payment process is completed.

You do not need much cost to form this ecosystem. Thanks to the guides on our website, we have many followers who have formed this ecosystem and have been continuing their business in the global market for years.

The infographic below explains the payment system from credit cards more easily.

The following requirements are required in order to receive payments from your customers abroad with various credit cards and in many currencies.

1. An LLC company in Usa
2. Company EIN (tax number) ID
3. digital bank account
4. Payment processor (virtual POS) Stripe account

A verified Stripe account is required to create this structure. An LLC company is required to open a Stripe account, and a bank account belonging to the LLC company is required to withdraw payments from Stripe.

Now let's detail the requirements needed to form this system.

Form an LLC Company in Usa

For this purpose, we have a wide range of articles and guides on our website. As it is known, there are 50 states in Usa and each state has its own laws and forms of government. For this reason, it is necessary to first choose a state for the company to be formed in Usa.

When choosing a state, it is wise to choose a location that does not have annual fees, has low initial setup costs, offers anonymity and requires minimal procedures.

The most advantageous state that meets all of these features is the state of New Mexico.

When forming an llc in New Mexico, the fee to be paid to the state is 50 USD. In addition, you must also pay the registered agent fee of 39 USD. The total amount you need to pay for New Mexico LLC formation is $89.

Additionally, this state does not have annual state fees that must be paid in future years. There is no requirement to file an annual report or similar with the secretary of state.

In short, entrepreneur-friendly New Mexico is one of the most economical and maintenance-free states in Usa to form an LLC company.

How to Form an LLC in New Mexico?

You can form a New Mexico LLC online. There is no need to go to the USA or complicated paperwork and signature procedures.

Installation is quite simple.

If you want to form a New Mexico LLC company, you can follow the steps in the guide below.

Get an EIN (Tax Identification Number) for Your LLC

Once you form your LLC, it is essential to obtain an EIN Number for your company. By the way, for those who don't know, the IRS is the US Internal Revenue Service. The IRS provides companies with these tax IDs, called EINs.

An LLC without an EIN cannot engage in business activities. Bank account, Stripe, virtual POS etc. cannot open accounts.

In short, after forming an llc in Usa, it is very important to obtain an EIN so that you can do business with your company.

How to Get an EIN?

To obtain an EIN, your company must first be set up. After receiving your company formation document (Articles Of Organization), you can apply for EIN by correctly filling out a form called SS4.

If you have an SSN or ITIN number, you can obtain an EIN for your company online from the IRS website instead of waiting for results by fax.

If you do not have an SSN or ITIN (SSN is issued to US citizens, residents, or Greencard holders), the only solution to obtain an EIN is to fax the SS4 form to the IRS.

After your company is established, you can easily prepare your SS4 form and apply for EIN via fax by following the steps in our guide titled Getting an EIN Number from America Or you can get your EIN through us by taking advantage of our ongoing free EIN campaign.

You can check out the guide below for details.

EIN numbers are delivered by fax and mail to your US business address in approximately 4 to 6 weeks.

Open a Digital Bank Account for Your Company

Once your EIN number is assigned, your company can now officially begin business operations.

As soon as you receive the EIN, the first thing you should do is open a digital bank account for your LLC company.

There are two alternatives to easily open a digital bank account. One of them is Wise Business and the other is Mercurybank.

It is very easy to open an account in these banks. You can benefit from the following guides for account opening processes.

Opening a Payment Processor (virtual POS) Stripe Account

After opening a bank account for your company, you can now sign up for Stripe to apply for virtual POS.

Before applying for a Stripe account, you must first create a website in English.

Before applying, your website must be completely ready, the products or services pages it contains must be completed, and pages such as about us, privacy, and return policy must be visibly placed in the menus.

After preparing your website, you can open your Stripe account by following the steps in the guide below. All necessary information and requirements are available in this guide.

Receive Payments Via Paypal by Opening a Paypal Account

The fact that Paypal does not operate in many countries may cause entrepreneurs to lose customers during the payment process. As it is known, Paypal is still the most reliable payment solution in all developed countries.

Thanks to Paypal's reliability, customers can shop more easily and get refunds easily.

This convenience and habit increases the use of Paypal in developed countries day by day.

For this reason, entrepreneurs who want to reach more customers need a verified Paypal Business account.

By opening an approved Paypal account through the formed USA LLC company, the balances collected in Paypal can be transferred to the digital bank account.

If you want to include the Paypal platform in this ecosystem, you can take a look at the guide below.

When you follow the steps in this guide completely, you will have formed a well-functioning payment ecosystem.

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You can ask your questions about the subject in the comments section.