Stripe is a payment processing platform that allows consumers and organizations to send and receive money over the internet.
Stripe provides the technical, fraud protection, and financial infrastructure needed to run online payment systems, including complete PCI Level 1 compliance.
Credit card information does not pass via your companies servers, and it is not stored on them for PCI compliance and security.
If you own a business that has an e-commerce platform, you may benefit from Stripe’s services.
Below you’ll find out how to connect Stripe to your bank account, the benefits of using Stripe, and more!
Connecting Stripe to Your Bank Account
The following are the steps to connect your bank account to Stripe in a single step:
Select Payment Settings from the left side menu under Account Settings.
You'll see a screen that gives you the choice to Connect with Stripe, and if you choose that option, a Stripe form will appear on the screen.
If you already have a Stripe account, utilize the login option to link it to your new account.
Fill out the form with your business and financial details if you don't have a Stripe account or want to create one.
Each supported country has its unique set of requirements, so make sure you use the country dropdown area on the form to select the relevant country.
Fill in the remaining fields, including Business Type, Business Address, Legal Name, and Bank Account.
This step will generate a new Stripe account for you, which you can access at any time to check all of your transactions and make any necessary changes to your details.
Once you've completed this step, you'll be fully integrated and ready to collect online payments which will be securely transferred to your bank account.
How Long Does it Take to Receive Payments?
The advantage of choosing Stripe to handle all online credit card payment transactions is that your funds will be paid immediately into your bank account on a two to seven-day rolling basis, depending on which country you support.
You can even have your registration fees automatically deposited as they come in, ensuring that you receive your monies as soon as possible.
If you'd prefer to receive your payments on a fixed schedule, such as monthly, you may change your payout preferences by signing into your Stripe account.
Benefits of Using Stripe
Users do not need a specific bank account or merchant account to utilize Stripe, and they can direct their payouts to whatever regular bank account they want.
Stripe processes and receives payments from your clients' credit/debit cards, then combine and deposits these into the bank account that you've connected.
Your Stripe account gives you a full overview of all of your transactions, including payouts to your bank account, as well as comprehensive reporting capabilities.
Stripe also allows your consumers to pay with a credit card or debit card online, which is both safe and easy.
It has industry-standard transaction costs and no hidden fees, and it supports businesses in a variety of nations worldwide.
If you have any questions regarding your country, you may find additional information on Stripe's list of supported countries.
This enables your website to support a wide range of currencies and to take payments from all over the world in real-time.
Stripe has several tools that can help you improve your online payment processing experience, especially if you know how to code.
Let's look at some of Stripe's features in more detail:
- Stripe supports 135 currencies, as well as subsidiaries and local payment methods (such as ACH Credit or Direct Debit, wire, and checks).
- Stripe's fraud detection and prevention tool, Radar, is rooted in tons of data and a sophisticated algorithm.
- Subscriptions and billing repeatedly: This service is free for recurring charges up to $1 million and includes auto-reconciliation and smart recovery options.
- Stripe's unique UI toolkit allows you to create your checkout flow on both desktop and mobile platforms.
- Stripe’s Dashboard: Using the dashboard app on your iOS and Android devices, you can manage roles and permissions, take notes on your collaborations, and take action.
- Dispute resolution: Evidence submission is automated, and all disputes can be measured and monitored.
- Stripe deposits funds into your account in two business days or less. Meanwhile, Stripe's Instant Payouts service gives you immediate access to your funds by transferring them to a compatible debit card or bank account (available for a fee).
Is Stripe Right for You?
Stripe is a payment platform that allows e-commerce firms and service providers to pay as they go.
It has a number of noteworthy features, including superior data security, worldwide payment capabilities, unified dashboard tools, and machine learning fraud protection.
It is quite developer-friendly, which means it has interface and customization options that need some software development knowledge.
Stripe offers a variety of free and open-source tools to assist consumers in customizing their online checkout.
Connecting your bank account to Stripe couldn’t be any easier.
By following the instructions above, you’ll be receiving payments in no time! If you have any questions about your account, Stripe’s customer service can walk you through just about anything to get you the answers you need.
To get started, go to Stripe and sign up for a free account.