Wondering how to get ITIN for Stripe and PayPal and what are the requirements.
What are the requirements?
It’s a great question, especially the online boom in terms of people doing their business online, this generation, non U.S. citizens when they’re coming across trying to get a stripe in PayPal account, they’re going to pass on tax IDs and also other requirements.
People are always asking us questions about how to go about getting it. So the first thing we always like to mention to our foreign entrepreneur clients is just because you have an ITIN, it does not mean you’re guaranteed a stripe or PayPal account.
The Importance of an ITIN for Your Stripe and PayPal Account
Keep in mind that the ITIN is one of the major requirements to be able to get a stripe and PayPal account. But it’s not the only requirement.
There’s a lot of other stuff you have to or information to provide or documents you need to provide. So just because you have an ITIN it doesn’t mean you’re guaranteed one of these accounts.
We always like to start off by saying that because that’s one of the biggest misunderstandings when it comes to this question stripe and PayPal over the last few years.
We’ve obviously with the rise in foreign entrepreneurs in the online business over the last few years, they’ve definitely changed their requirements and added more things along the years for security purposes and all these different stuff.
How to Use Your ITIN for Stripe and PayPal
Now, in addition to ITIN and also the required business documentation, identification documentation, now one of the big things is starting to come up that we’re hearing a lot about is proof of address in the U.S. And these are things that you have to work on.
We always tell people when they’re trying to get a stripe or PayPal account before trying to sign up, contact their customer service and really ask them, what specifically do I need or can I even open a cyber PayPal account from my country because they don’t serve to all countries.
So these are different things you want to bring up, call customer service and ask them what specific requirements they need, what information they need, what documents they need, so that you could be able to open up a certain PayPal account.
Why Need an ITIN for Foreign Entrepreneur
You will need to have the ITIN, that’s for sure. If you are a foreign entrepreneur, you have a U.S. registered business trying to get a stripe or a PayPal 100% percent you’re going to need to have the ITIN.
Now, in some cases, what we see happening inside and PayPal is that they sometimes open up these accounts for these foreign entrepreneurs who don’t have the ITIN and they use their business start to EIN and all the other information.
And what ends up happening is the foreign entrepreneur, once they reach a certain threshold in transaction amount, then Stripe and PayPal puts a hold on their accounts and then requests the ITIN for their tax reporting purposes because that client has met that threshold amount of transaction value.
Then if they don’t provide them that ITIN in a timely fashion. Account like Banking, the merchant company, has the right to be able to close down their account. So that happens a lot, too.
So then we get clients who come to us who already have tried PayPal accounts, but they’re on the basically frozen at the top for the moment because they know how to get an ITIN.
And so we work with them on getting that for them.
What Do I Need to Open Stripe and PayPal?
This is different than people who have those type of PayPal account and they have a U.S. registered business and they’re trying to get these accounts opened.
You know, they obviously need the ITIN along with a lot of other pieces of information and documentation as well to be able to open an account with certain paypal. So we hope this response was pretty thorough and informative.
One of the other key things aside, and ITIN that’s coming of a concern to non US citizens for entrepreneurs is that proof of US address the issue
Obviously, as we mentioned before, and also the EIN documentation, it’s not just the EIN number anymore that also sometimes asking for this official IRS EIN letter.
So these are also more requirements that they’re asking for that are becoming an issue. But it doesn’t mean it’s not possible to be able to open up stripe PayPal account.
It’s just a few more, we guess, hoops you have to hurdle through, so to speak. But we hope this article was informative.
What To Do Next
we hope it was helpful. If you have any questions, post them below. If you have any questions for us and then you would like to sign for ITIN Application service.
You can email us at firstname.lastname@example.org or if you ready to sign for the ITIN service, go out and click the link below. We look forward to working with you.
Start your ITIN application here: ITIN.com