[METHOD] STRIPE Payment Gateway

Discussion in 'Payment gateways' started by kristijan95, Jan 27, 2017.

  1. neeraj89

    neeraj89 Active Member

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    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,
     
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  2. Peeyoosh Kumar

    Peeyoosh Kumar New Member

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    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?
     
  3. AKC

    AKC New Member

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    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.

    Thanks for sharing. Is the accountant from US?
     
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  4. Amdorse

    Amdorse New Member

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    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? :confused:
     
  5. tamzy

    tamzy New Member

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    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.
     
  6. Goji

    Goji New Member

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    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?
     
  7. Nick84

    Nick84 Member

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    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).
     
    Last edited: Oct 4, 2017
  8. kristijan95

    kristijan95 Active Member

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    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...
     
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  9. Nick84

    Nick84 Member

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    Very much appreciate your response kristijan95! Have you had a similar case in the past? Is there any specific way you'd normally process this kind of transactions in Stripe? Do you just click on the refund option next to the original payment? What happens when Stripe tries to charge your Payoneer account for the refund and the transaction ends up unsuccessful? Isn't that some sort of an alarm to Stripe to trigger a review on your account?

    "so Stripe will charge it with next transaction, and if it's not enough they will cover it through next transactions..." are you referencing this from experience? If that's how it works in reality, then that's great, I am just a bit surprised Stripe are willing to wait for your next transaction and not try to get their money right away (or potentially block your account). What if your next transaction is let's say in a couple of weeks or a month?
     
  10. kristijan95

    kristijan95 Active Member

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    yes, some idiot from Ghana obviously bought CC on the dark web and bought on my store items in 3 separate orders in the total of 400$ and the owner of CC disputed it as a fraud on Stripe and I had nothing else to do than accept the dispute and refund (on Stripe RADAR) but as they can't charge Payoneer account because Payoneer doesn't allow it I had to wait for a few more orders from normal customers to cover the debt. Stripe try to do a charge on a Payoneer but they refuse it and then you need to retry it as many times as you need to customers cover the debt...and Payoneer sent me an email in which they said to me that someone tried to charge the card for blah blah and that they can't-do it and I should fix it...

    I don't know how they will gonna look at your account if you don't cover the debt in months, cause mine flew away next day...they will probably put you on hold or something like that and then look into your account deeper I don't know, that's my guessing.

    on part of all that what happened to me with that stolen CC purchases, I installed Block IP plugin on WordPress and blocked all suspicious countries that might have creativity like this one from Ghana and now for months not a clue of them. Happy, Happy, Happy!

    best regards!
     
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  11. Nick84

    Nick84 Member

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    What a story and a journey indeed... Sorry to hear you had to take the hit. Unfortunately things like these happen with ecom. Appreciate your detailed explanation, this might be very helpful for me (and everyone else on the forum) since I still have not been hit by a chargeback but I have one order now that I feel might end up bad :)
    "I had to wait for a few more orders from normal customers to cover the debt." so once you had enough money in the Stripe account to cover the debt did they take them automatically? Or you had to still manually process the refund?
     
  12. kristijan95

    kristijan95 Active Member

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    yes, indeed, hell of a story :D, I want everyone to know what they might experience with this kind of problem, cause Middle East loves to buy CCs from Dark Net and cause a problem on your store, and so clever to think that you "will" send the items to a P.O. box in Ghana hahah WTF? :D

    yes Stripe will automatically cover it, that's good for both cause then you can use it as normal and they will not look into you :)
     
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  13. Nick84

    Nick84 Member

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    Haha, right! Thanks once again for your explanation, very helpful.
     
  14. AKC

    AKC New Member

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    Thanks for sharing your experience @kristijan95 I've been thinking of this too for a while now.
     
  15. Nick84

    Nick84 Member

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    Hey @kristijan95,

    Was wondering if you could help here with some guidance, would very much appreciate it as I am having the issue now. As we discussed above Stripe would normally cover the debt automatically from your existing Stripe balance. Do you remember exactly how this went in your case?
    Because what happens currently in my case: I received a payment from a customer for one order. She paid via CC so amount ended up in Stripe and from there deposited to Payoneer. However 5-6 days later I decided to refund the amount to the customer as she was in a country that might have caused issues. I processed the refund in Stripe (total amount was - $8.43) and meanwhile I received a payment from another order for $22.30 (so I do have a balance in my Stripe account). I was expecting that Stripe would not charge my Payoneer account but instead just take out these 8.43 from my existing balance. What happened however was that they first tried to charge my Payoneer account and of course it was unsuccessful. Now what happens is that payments from Stripe to Payoneer (the $22.30 - $8.43 = $13.87) are placed on hold (see snapshot). Do you remember how you resolved this? Did you just select "retry payouts"? I feel that if I go with this option they will try to debit my bank account again for these ($8.43) and it will of course again go unsuccessful. Looking at the snapshots it seems that Stripe considers these 8.43 they have to charge my Payoneer account as a "payout". So just wondering how exactly you went by that? Thanks!

    P.S. attached also the email I've received from Stripe
     

    Attached Files:

    Last edited: Oct 11, 2017
  16. kristijan95

    kristijan95 Active Member

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    proceed with retry payouts till it automatically cover the debt as I said
     
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  17. The Dropper

    The Dropper Active Member

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    How much it took the CC owners to dispute the transaction ? & did you send any payments to your supplier ? I'm very concerned about that timeframe, between receiving a fraud payment & discovering it's a fraud !
     
  18. Nick84

    Nick84 Member

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    Thanks will give it a try!
     
  19. iatemycat

    iatemycat New Member

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    The time limit on making dispute/chargeback claim depends on which company issues the card: MasterCard: Customer needs to make the dispute no more than 120 days after the transaction went wrong. Visa: Within 120 days of the transaction going wrong (or 180 days for an overseas transaction)

    But here you go:

    https://chargeback.com/visa-chargeback-time-limits/
    https://chargeback.com/mastercard-chargeback-time-limits/
     
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  20. The Dropper

    The Dropper Active Member

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    Geez ! it means if someone didn't notice their CC was hacked & took him/her long time to report, i'll have to refund amount & the spammer will got their product.
     

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