In this tutorial, I will show you how you can use Stripe in combination with your Estonian company to sell products and services online.
Up until a few months ago, Stripe was not available in Estonia. Now it is available and as such, you have one more payment processor at your disposal for growing your online business.
Most importantly, you can use Stripe as an alternative to PayPal and avoid high fees when selling online and whenever a currency conversion takes place.
This tutorial will show you how to setup your Stripe account – getting it up and running – including important things to know.
I will NOT cover the registration process because it’s as simple as entering your email, full name and coming up with a password.
Once that is done, you get a confirmation email. You click the confirmation button in that email and end up in the Stripe dashboard.
The first thing you want to do is activate your account. To do this, you have to fill out all the essential information about your Estonian company.
Most of it is self-explanatory; I don’t need to go into details. Here are a few things that might be confusing for you.
If you run a standard Estonian company via the e-Residency program – and your company is an OÜ – then you have to select the following from the drop-down menu.
What is listed here as company number is your Estonian company’s registry code.
Then you fill out the executive details. In other words, who owns and operates the company. Again, if you are using a standard company setup, this will most likely be you owning 100% of the company.
Bank account details in order to receive the payouts. Select EUR as currency.
Credit card statement details is very important. This is what your clients and customers will see on their credit card statement.
They should instantly know the charge is from you, otherwise you’ll get charge-backs because your customers might not recognize the charge and think it’s fraud.
As an example, if your website is BOB’S HOME TRAINING VIDEO, then it would make sense to put that as credit card statement details so customers instantly know what the charge was for.
Before you can submit the application, you need to set up two-factor authentication.
I recommend you use Google authentication because if you are travelling a lot, you won’t always have access to the same phone number to receive the confirmation text message.
Now any time you log in to your Stripe dashboard, you will need two-factor authentication.
THE FINAL STEPS
What follows now is that based on the information you have provided, you need to submit documentation to verify that information. This is identical to the process of setting up a PayPal business account.
Provide proof of company registration.
Where do you find this documentation? It depends. If you are using Xolo (formerly know as LeapIN), you log in to the dashboard.
On the left sidebar menu, you navigate to Company profile.
Then you click the tab Company documents. This is where you find all the relevant documents. For Stripe, what you need is the Company registration application.
As you see, this Company registration application is not a PDF file but a container.
You download this file and open it with the DIGIDOC software (which is the software you use with your e-Residency card to sign documents). Inside this container are the PDF files. The one relevant for Stripe is entry_petition.pdf
To verify your personal details you need to verify your personal identity and your home address. Both are self-explanatory, so I don’t need to go into detail here.
Depending on where you are from a drivers license may or may not be suitable; for most people a passport copy will be best here.
One thing to keep in mind is that you can still start to receive payments before all this documentation is provided. However, you can only get a payout once it’s all submitted.
That’s it. Now you are all set and can use Stripe to sell online!