Stripe Multiple Accounts

Receiving Payments from Different Sites with the Same Stripe Account

If you have multiple projects, businesses or websites operating under the same legal entity, you can use a single company information and the same tax number.

The above paragraph was taken and translated from stripe.com. the Stripe Multiple Account for original instructions .

Let's say you formed an LLC company, obtained an EIN number for your company, and opened a stripe account with this information. During account opening, Stripe asks which website you will receive payment from and you enter the link of your working website in the "Business website" section during registration.

So what happens when you have another project with another website in a new e-commerce category?

Stripe Multiple Account

Thanks to Stripe multiple account, you can open sub-accounts for different websites with the same company information and EIN number. For example, let's say you formed an LLC and first received stripe approval for this project for a website where you sell kitchen accessories.

After a while, you planned to create another website to sell clothes. Instead of opening a separate Stripe account for each website, you can open sub-accounts in Stripe and use the same company and tax information for your different projects, thanks to multiple accounts. Stripe allows this.

If you try to receive payments from more than one website with the same account, this will cause confusion for your customers. Because, after the customer makes the payment, whatever information is in your first account is reflected in the customer statement during the payment. This causes both confusion for customers and financial confusion for your Stripe account. It also causes serious confusion in taxation-related situations.

To avoid all these problems, it is recommended by stipe that you use the Stripe Multiple Accounts feature. You can even assign different people permission to manage these sub-accounts.

How to open Stripe Multiple Account?

You can open multiple accounts to receive payments from different websites using the same LLC business and the information you received for this business, such as EIN and address.

This is quite simple, you can easily do this by following the instructions below.

Log in to the Stripe dashboard, click on your business at the top left and click on the “+New Account” link.

Write the name of your new project or business in the Account name section and enter the region where your business address is located (You should select United States since your company is an LLC in the USA)

After creating a new account, you need to fill in the company information again to activate this account. Click on the “Add business details to activate your account” link as if you are opening a stripe account for the first time.

You can click on the “Start Now” button and start entering information about the new business.

Here, select your company address as when you first opened an account, company as the Business type, and single member LLC as the business structure (if you have a multi-member or Crop company, you should choose accordingly). Since entrepreneurs usually create a single-member LLC, we prepared the example based on a single-member LLC. If you have a multi-member LLC or a Corp type company, you should choose accordingly.

All the next steps are actually How to Open a Verified Stripe Account . So, the LLC company name, EIN, Doing business as part should be the name of your new website or project. Since this section will appear in the payment section and billing details, you can write the name of your new project in this field. Afterwards, you can write a brief information about your service category, website name and business and move on to the next step.

The next step is to collect business representative information, product shipping details, bank account details, etc.

Switching Between Accounts

After you enter all the information and create the sub-account for your new project, you can switch between the accounts you want to use. Click on the company names in the upper left and switch to the accounts you want to manage.

Advantages of Using Additional Accounts

There are many advantages to using additional accounts on Stripe;

Separate tax and legal entity information:

Only one tax number entry is allowed for each account. If you have multiple businesses with different tax numbers (for example, belonging to different legal entities), you can use multiple accounts for them.

Multiple subaccounts on the same LLC or Corp company:

We have already discussed this issue in detail above. You can open multiple sub-accounts on the same company and with the same tax number and use this feature for different website projects. This way, you will avoid confusing customers by specifying the correct website and project name in the payment details.

Easy Reporting:

Reporting payments you receive from subprojects or different sites is easier with multiple accounts. This prevents confusion for you or your accountant in situations such as sales tax calculation.

Separating Bank Accounts:

By opening multiple sub-accounts, you can enter separate bank information for each sub-account. If you want, you can use the same bank information in all accounts.

Conclusion:

You can open a stripe multiple account to create multiple websites, multiple projects, and create separate store information (appearing on the payment statement) for all of them, with a single LLC and EIN.