[METHOD] STRIPE Payment Gateway

[Ryan]

@kristijan95
Maybe I am missing something or don't understand, but why does Payoneer need my local bank account details?
As I see in Payoneer sign-up instructions I searched on google they weren't required to fill bank account info.

 

[Ryan]

@kristijan95
Maybe I am missing something or don't understand, but why does Payoneer need my local bank account details?
As I see in Payoneer sign-up instructions I searched on google they weren't required to fill bank account info.
View attachment 1256

Ok, I got an answer from Payoneer.

Once the account is approved, they will have the option to order a prepaid card if they prefer immediate access to their pay at any time.
The benefit of applying with his bank account details as that if for any reason they do not have access to their card, the default option for accessing their pay would be to withdraw the funds to their local bank.

Payoneer's focus is to provide access to your pay at any time without restricting you to the card only. Some countries it can take 3-5 weeks to deliver the card, which is why having the bank withdrawal option available can eliminate any inconvenience that may stem from pure card accounts.

 

[neeraj89]

Ok, I got an answer from Payoneer.

Once the account is approved, they will have the option to order a prepaid card if they prefer immediate access to their pay at any time.
The benefit of applying with his bank account details as that if for any reason they do not have access to their card, the default option for accessing their pay would be to withdraw the funds to their local bank.

Payoneer's focus is to provide access to your pay at any time without restricting you to the card only. Some countries it can take 3-5 weeks to deliver the card, which is why having the bank withdrawal option available can eliminate any inconvenience that may stem from pure card accounts.

Did you register your llc? if yes what website you found having low fee..

 

[Ryan]

Did you register your llc? if yes what website you found having low fee..

No, I don't have LLC.
If I will find any I will let you know. Hope you will let me know either if you find first.

 

[DanielM]

I just received an email from Stripe and they asked me my SSN. I'm not a us citizen and i don't have a SSN but my company is registered in US. What should i do? I wanna give them an email and tell them that i'm not a us citizen, is this ok?

 

[AKC]

I'm planning to register my US LLC in Wyoming (I think this is the best choice for non-US single member LLC, please correct me if I'm wrong) using the service of myusacorporation.com as recommended by @Yaros. Looks like they're going to take care of everything.

I think the next problem after registering to Stripe is filing taxes. We need to find a US accountant, right?

 

[Goji]

I have just installed the stripe plugin and have noticed that the currency jumps back to USD at the checkout. Am I missing a seeting that the currency changes from the woocommerce currency switcher?
As I want to use Australian and US dollar in the beginning it is super difficult to distingusih these two as you can only see the dollar sign and upon checkout it appears that the products are slightly cheaper but actually they are in USD.
Can anyone help=

 

[neeraj89]

I'm planning to register my US LLC in Wyoming (I think this is the best choice for non-US single member LLC, please correct me if I'm wrong) using the service of myusacorporation.com as recommended by @Yaros. Looks like they're going to take care of everything.

I think the next problem after registering to Stripe is filing taxes. We need to find a US accountant, right?

did you form llc? and i am sure, if you are dropshipping, and your supplier is not based in uSA, then you are not suppose to pay any sales tax there.. Correct me someone if i am missing something..

 

[DanielM]

I just received an email from Stripe and they asked me my SSN. I'm not a us citizen and i don't have a SSN but my company is registered in US. What should i do? I wanna give them an email and tell them that i'm not a us citizen, is this ok?

Any help?

@Yaros

 

[Peeyoosh Kumar]

I just received an email from Stripe and they asked me my SSN. I'm not a us citizen and i don't have a SSN but my company is registered in US. What should i do? I wanna give them an email and tell them that i'm not a us citizen, is this ok?

Give them your EIN number which you must have received with your LLC registration. Thats all.

 

[Peeyoosh Kumar]

did you form llc? and i am sure, if you are dropshipping, and your supplier is not based in uSA, then you are not suppose to pay any sales tax there.. Correct me someone if i am missing something..

As far as i understood, if you are registering an LLC and are not a US Citizen then the company does not have to pay any taxes. Although as an individual as the profits drop down to you as being the company owner there is a part of process which states to file inidividual returns as well to US Government yearly between 1-15th March and they do deduct some taxes although you claim refund for those in June or July. I read a post on quora with some calculations as well and based on that if your profit was 40,000USD for the year then you get around 34k USD back and 6kUSD is kept by them for future taxation and stuff.

 

[Peeyoosh Kumar]

I have just installed the stripe plugin and have noticed that the currency jumps back to USD at the checkout. Am I missing a seeting that the currency changes from the woocommerce currency switcher?
As I want to use Australian and US dollar in the beginning it is super difficult to distingusih these two as you can only see the dollar sign and upon checkout it appears that the products are slightly cheaper but actually they are in USD.
Can anyone help=

Which plugin are you using for currency switching?

 

[neeraj89]

As far as i understood, if you are registering an LLC and are not a US Citizen then the company does not have to pay any taxes. Although as an individual as the profits drop down to you as being the company owner there is a part of process which states to file inidividual returns as well to US Government yearly between 1-15th March and they do deduct some taxes although you claim refund for those in June or July. I read a post on quora with some calculations as well and based on that if your profit was 40,000USD for the year then you get around 34k USD back and 6kUSD is kept by them for future taxation and stuff.

I have mailed one CPA regarding this. Following is the question and his reply.

MY QUESTIONS :

Thanks for the mail.
Basically i am a dropshipper in India. My supplier is in China. And he ships the items to different countries like USA, UK, CANADA, GERMANY etc. I want a payment gateway of Stripe. For this, i need a llc in USA.
So basically my question is that, do i need to pay sales tax?
What taxes do i need to pay overall, & its monthly or yearly or quarterly.

What are the recurring/fixed charges/taxes if i open llc and operate this dropshipping business.

ANSWERS FROM CPA:

Unless your dropshipper has a presence in the U.S. you will not owe sales tax in the U.S. Also you won't have a U.S. income tax filing requirement. You will need to renew your LLC registration each year. The cost of registering varies by state. I hope that helps.



Best Regards,

 

[Peeyoosh Kumar]

I have mailed one CPA regarding this. Following is the question and his reply.

MY QUESTIONS :

Thanks for the mail.
Basically i am a dropshipper in India. My supplier is in China. And he ships the items to different countries like USA, UK, CANADA, GERMANY etc. I want a payment gateway of Stripe. For this, i need a llc in USA.
So basically my question is that, do i need to pay sales tax?
What taxes do i need to pay overall, & its monthly or yearly or quarterly.

What are the recurring/fixed charges/taxes if i open llc and operate this dropshipping business.

ANSWERS FROM CPA:

Unless your dropshipper has a presence in the U.S. you will not owe sales tax in the U.S. Also you won't have a U.S. income tax filing requirement. You will need to renew your LLC registration each year. The cost of registering varies by state. I hope that helps.



Best Regards,

Can you check with the CPAthe below as well, would be really helpful for all i guess:
1. What about the income generated from sales to US customers and what tax liability would the profit from sales generated from US customers be on the LLC or the LLC owner(LLC owner being NRA)?
2. What about the LLC filing every year to the registrant state like Wyoming or Delaware? What expenses would be incurred?
3. When the profits are brought to owner of the LLC. Does the owner need to file a income return? Any deduction and expenses for filing the return?
4. As the Stripe payment would be going to a US bank on the name of LLC. How to transfer those funds from US bank account to India Bank account? Any charges or procedurals to follow from a US State laws liability prospective?

 

[AKC]

did you form llc? and i am sure, if you are dropshipping, and your supplier is not based in uSA, then you are not suppose to pay any sales tax there.. Correct me someone if i am missing something..

I'm planning to form one just for Stripe purposes. AFAIK, you're right. As long as the supplier or warehouse is not US-based, we don't have to pay taxes as we don't have a "Nexus" in US.

I have mailed one CPA regarding this. Following is the question and his reply.

MY QUESTIONS :

Thanks for the mail.
Basically i am a dropshipper in India. My supplier is in China. And he ships the items to different countries like USA, UK, CANADA, GERMANY etc. I want a payment gateway of Stripe. For this, i need a llc in USA.
So basically my question is that, do i need to pay sales tax?
What taxes do i need to pay overall, & its monthly or yearly or quarterly.

What are the recurring/fixed charges/taxes if i open llc and operate this dropshipping business.

ANSWERS FROM CPA:

Unless your dropshipper has a presence in the U.S. you will not owe sales tax in the U.S. Also you won't have a U.S. income tax filing requirement. You will need to renew your LLC registration each year. The cost of registering varies by state. I hope that helps.



Best Regards,

Thanks for sharing. Is the accountant from US?

 

[Amdorse]

I just formed LLC for Stripe purpose. But now I’m having a BIG problem to integrate Stripe with my Shopify store. It’s called Linking existing Stripe account to Shopify. Shopify Payment does not accept Payoneer bank account. Plus, there is no option to select Stripe as your gateway it’s because Shopify Payment is now powered by Stripe. Anyone here is struggling the same issue like mine?

 

[tamzy]

I just formed LLC for Stripe purpose. But now I’m having a BIG problem to integrate Stripe with my Shopify store. It’s called Linking existing Stripe account to Shopify. Shopify Payment does not accept Payoneer bank account. Plus, there is no option to select Stripe as your gateway it’s because Shopify Payment is now powered by Stripe. Anyone here is struggling the same issue like mine?

If you just formed an LLC, it wouldn't hurt to just go ahead and get a merchant account set up to process credit card payments directly. Stripe and Paypal are third-party processors.

 

[Goji]

Which plugin are you using for currency switching?

I am using the Woocommerce Currency Switcher.
Does anyone else have the problem that the currency switched to USD at checkout?

Which Currency Plugin do you guys use?

I have contacted stripe and they said the issue is not with them.

Really need some help. Any ideas how to fix it?

 

[Nick84]

works perfect

Hi Yaros, all,

How do you actually issue refunds with this method (Stripe - Payoneer)? I am also using it and it seems to work ok until now, but what happens if I get a chargeback or refund request? How do you deal with it? I've read somewhere to keep some cash in your stripe account but how is this possible when payouts happen automatically and also I've read in a different forum that in the course of a chargeback Stripe will automatically try to charge your bank account (i.e. Payoneer).

 

[kristijan95]

Hi Yaros, all,

How do you actually issue refunds with this method (Stripe - Payoneer)? I am also using it and it seems to work ok until now, but what happens if I get a chargeback or refund request? How do you deal with it? I've read somewhere to keep some cash in your stripe account but how is this possible when payouts happen automatically and also I've read in a different forum that in the course of a chargeback Stripe will automatically try to charge your bank account (i.e. Payoneer).

it's no big deal when you have customers, if someone disputes the transaction or ask you for a refund you simply do it through stripe, and they can't charge your Payoneer bank account because Payoneer doesn't allow it so Stripe will charge it with next transaction, and if it's not enough they will cover it through next transactions...