How to Set Up Stripe as a Payment Gateway?

Setting up Stripe as your business payment gateway enables you to accept payments from anywhere in the world.

However, there are other payment gateways but they are not accepting customers’ currencies directly as Stripe does.

So in this post, we’re covering how you can set up Stripe as your business payment gateway to accept payment from customers globally.

Let’s dive in.

How Do I Get a Stripe Payment Gateway

Stripe is a unified platform that’s fully integrated with payments products, making it possible for businesses to accept payments.

This is what has placed Stripe above other payment gateways, with customers from different industries, including big names in e-commerce and others like Deliveroo, Asos, Lush, Missguided, etc.

How Do I Get a Stripe Payment Gateway

For you looking for a payment gateway solution, then Stripe is an option because of its easy-to-use features and pricing structure. Making it possible for Stripe to be integrated with your site, allowing you to accept payment straight away.

Also, Stripe allows you to accept currencies through credit and debit cards, which is possible through the Stripe payment interface.

So how do you set up Stripe as a payment gateway for your business? It all boils down to having a Stripe account first, which will lead us to the following

steps of creating a Stripe account:

Step 1: Navigate to the Stripe site and click the “Start Now” button.

Step 2: On the page “Create your Stripe Account”, you’ll fill in your name, email address, and country. Also, you will be required to create a password for your account.

Step 3: A link will be sent to your email for you to verify your Stripe account.

Step 4: You’ll fill in your details to enable the activation of your Stripe account. These details include your business name, account details, fulfillment details, and a credit card statement.

Step 5: An email will be sent, notifying you of your account approval. This verification takes up to 24 hours or more. So you must be honest with your business, especially the products and services you plan to sell.

Your account has been created and that will take us to the next point.

Setting up Stripe as a Payment Gateway (Step-by-step)

As a business owner, you should know that a payment gateway is a means of receiving your business’s income.

Understanding how does Stripe work will help you to make a good decision for your business and customers.

A payment gateway is a means of transferring funds between you, the seller, and your customers. Meaning that your site is authorized to request funds from a customer’s bank for what they have purchased. And when it’s approved the payment is securely transferred to your bank account.

Setting up Stripe as a Payment Gateway

Let’s consider the steps of setting up Stripe as a payment gateway:

  1. Login to your Stripe Create account
  2. Navigate to the top menu and click “Shop”
  3. On the left-hand menu, click “Shop Setting”
  4. Then click “Payment Gateway”
  5. Click “Add Gateway”
  6. On the page that displays different options, select “Stripe”
  7. Click the “Connect with Stripe” blue button
  8. A new window will open on your browser, stating “Create. Would you like to accept payments with Stripe”
  9. If you have a Stripe account, navigate to the top right-hand menu and click “Sign in” to get access to your Stripe account. But if you don’t have a Stripe account, complete the online application form and submit by clicking “Authorise access to this account”
  10. Navigate your mouse pointer and click “Connect my Stripe account”
  11. A new page will open, stating “Connection to your Stripe account complete. Please close this window to continue”. When you close the window, it will bring you back to your Create account payment.
  12. When you log in Stripe must have been added to the Payment Gateway list of your Create account
  13. Activate the Payment Gateway by logging into your Stripe account.

Why is Stripe the Best?

Stripe is one of the largest and most established online payment providers. Also, it’s a payment gateway provider that allows its users to accept payment with either credit or debit cards on their website without any third-party service.

Why is Stripe the Best

Stripe handles more than 135 currencies, making it easier for companies to do business globally.

The following are the reasons why Stripe is the best option for your business:

Cost-effective solution

Stripe is a cost-effective solution for you if you’re considering selling across international borders. As a payment platform that’s available to merchants in 44 countries, still expanding into more markets.

Stripe can accept payments in different currencies. This means that even if your customer’s credit card currency differs from yours. Stripe will convert the payment to your currency for a small fee depending on exchange rates.

However, the currency conversion fee can be avoided if there’s a bank account connected with the same credit card’s currency.

Stripe displays your products in your customer’s native currency

Another nice feature of Stripe is it displays your products in your customer’s native currency. This means that if you’re a UK-based wine business, you can sell your products in Canadian Dollars to your customers in Canada.

Acceptance of large payment types

Stripe allows you to accept large payment types, which include the popular types in foreign markets. This is why Stripe is a convenient way for you to accept payment in foreign markets because it supports local payment types.

The following payment types are fully supported by Stripe’s payments API:

  • Apple Pay
  • Alipay
  • Microsoft Pay
  • Click to Pay
  • Google Pay
  • WeChat Pay

The above reasons and many more not mentioned in this position are why Stripe is regarded as the best for international payment processing services.

Now, let’s discuss the benefits you need to use Stripe for your business.

Benefits of Stripe’s online payment system

1. An easy and quick process

Stripe doesn’t go through an extensive process before approving your account. Meaning you only need to sign up online and your account will be approved.

2. An integration payment system

Signing up for Stripe allows any business to collect payment and act as the business payment gateway for its secured payments.

These services are offered as a single integrated system, which helps to support both retail and e-commerce sales channels of any business.

3. A set of security features

No provider guarantees its users 100% payment security all the time but Stripe almost offers your business this ideal package.

Final thought

Stripe is a good option for you that has a business with an e-commerce sales channel and wants to sell to customers globally.

However, Stripe can be expensive if you run a small business and don’t have the budget to handle it but it can be used as your business payment gateway. Thereby, making it possible for you to accept payment globally on your website securely.

Also, Stripe offers you the option to have your funds deposited to your bank account automatically on a monthly, weekly, or daily basis. However, you can also do it manually but the time it will get credited to your bank account is according to the Stripe payment schedule.

If you’re overwhelmed by Stripe’s scope, check out Stripe alternatives.