When it comes to handling online payments, Stripe is a well-regarded platform known for its security and ease of use.
As of now, Stripe does not operate directly in Kenya. This means you will face certain challenges if you wish to use this payment platform.
However, there are ways for businesses in Kenya to utilize Stripe by forming a company in one of the supported countries.
However, all is not lost. There are workarounds that allow Kenyan entrepreneurs to still utilize Stripe as a payment method.
- Registering a US company or any of the supported countries
- Using Stripe’s official extended
a) Registering a US Company
To fully utilize Stripe, you might consider registering a US company remotely. This process, though it might seem daunting, is straightforward with the right tools and guidance.
This method requires setting up a legal entity and meeting specific requirements to open an account in the selected country.
Steps to register a US company in Kenya
- Choose a state: Decide in which state you want to incorporate. Colorado, Delaware, and New Mexico are quite affordable in terms of taxes.
- Name your business: Select a unique name that complies with state regulations.
- Hire a registered agent: This is a person or company authorized to receive legal documents on behalf of your business.
- File incorporation documents: Submit the necessary documents to the state’s business filing agency. This typically includes the Articles of Incorporation.
- Obtain an EIN: Apply for an Employer Identification Number (EIN) from the IRS. This is necessary for tax purposes and opening a bank account.
- Open a US bank account: Many US banks allow non-residents to open accounts remotely. You might need to visit the US for this step, but some banks and financial services provide remote options.
With your business, EIN, and bank account, you can now open a Stripe account and start accepting payments through Stripe in Kenya.
Benefits of registering a US company
- Access to Stripe: Registering a US company allows you to directly access Stripe and its services.
- Global reach: A US company can help in expanding your business’s global presence.
- Ease of doing business: The US has a well-established legal and financial system that supports business operations.
Tools to help you register
Consider Registered Agents, which simplifies the process of incorporating a US company. Popular ones include
- Northwest (From $125)
- Incorporate
- ZenBusiness (From $199)
- LegalZoom
- Stripe Atlas (From $500)
b) Accept Stripe payments via Paystack
If you’re in Kenya, you can take advantage of Stripe’s extended network through Paystack.
Paystack is a Stripe subsidiary that helps businesses handle online payments across Africa. Acquired by Stripe in 2020, Paystack supports companies in Kenya and other African countries.
Benefits of Using Paystack:
- Local Expertise: Paystack understands the African market, ensuring smoother operations.
- Wide Adoption: Companies like Burger King, UPS, and MTN use Paystack.
- Secure Payments: Paystack’s technology ensures secure transactions.
How to get started:
- Sign Up: Visit the Paystack website to create an account.
- Set Up: Follow the setup instructions for integrating Paystack with your platform.
- Start Processing Payments: Begin accepting payments from your customers.
Key features:
- Multi-Currency Support: Handle transactions in various currencies.
- API Integration: Easily integrate with your existing systems.
- Detailed Analytics: Get insights into your payment activities.
- Handle local and international transactions effectively, including M-Pesa.
Using Paystack allows you to leverage Stripe’s technology while benefiting from Paystack’s local knowledge and reach.
For more information, you can check out Paystack’s dedicated page.