In this article:
Required Information for Stripe Setup
🎥 Video: Getting Started in Stripe
Required Information for Stripe Setup
USA Accounts
Business Information |
✔ Legal business name ✔ Business type: Corporation, Partnership, Sole Proprietorship, Non-profit, etc. ✔ EIN (Employer Identification Number) for the business; sole proprietors can sometimes use SSN ✔ Industry / product type |
Business Address |
✔ Street address, city, state, ZIP code ⚠️ Must be a physical address, not a P.O. Box |
Bank Account |
✔ U.S. bank account in the business name (or personal name for sole proprietors) ✔ Routing number and account number ✔ Used for payouts |
Identity Verification |
Stripe verifies an individual representing the business (usually the owner, director, or partner): ✔ Full legal name ✔ Date of birth ✔ Social Security Number (SSN) for U.S. citizens/residents ✔ Government-issued ID: Passport, state-issued driver’s license, or state ID ⚠️ For corporations/LLCs, Stripe will also verify beneficial owners with >25% ownership or anyone who controls the business. |
Tax Information |
✔ EIN for businesses ✔ Stripe may require SSN for sole proprietors to comply with IRS reporting ✔ Stripe automatically issues 1099-Ks for U.S. accounts meeting thresholds |
Additional Verification |
✔ Business documents (articles of incorporation, operating agreement) ✔ Website verification or product description for certain high-risk industries ✔ Photo/video selfie of the authorized representative |
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Tips 💡 Ensure the bank account name matches the business name. 💡 Keep SSNs/EINs and IDs handy. 💡 Certain industries (high-risk, digital goods, subscription services) may trigger extra verification. | |
Canadian Accounts
Business Information |
✔ Legal business name ✔ Business type: Corporation, Partnership, Sole Proprietorship, Non-profit, etc. ✔ Business registration number / BN: Canada Business Number (if applicable) ✔ Industry / product type ✔ Proof of Directors: Provided through official records such as Corporate Profile Reports, which include the names and addresses of current directors. |
Business Address |
✔ Street address, city, province, postal code ⚠️ Cannot be a P.O. box (Stripe needs a physical address) |
Bank Account |
✔ Canadian bank account in the business name (or personal name for sole proprietorship) ✔ Account number and transit/financial institution number ✔ Void cheque or direct bank info to confirm payouts |
Identity Verification |
Stripe needs to verify an individual representing the business (usually the owner or director): ✔ Full legal name ✔ Date of birth ✔ Home address ✔ Government-issued ID: Passport, driver’s license, or provincial ID ⚠️ For corporations, directors or beneficial owners with >25% ownership must also be verified. |
Tax Information |
✔ Business number (BN) for GST/HST reporting ✔ Stripe may ask for personal SIN for sole proprietors (to comply with Canadian tax laws) |
Additional Verification |
Stripe may flag accounts for extra checks: ✔ Verification of ownership / incorporation documents ✔ Business website or product verification ✔ Photo/video selfie of the authorized representative |
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Tips 💡 Make sure the name on the bank account matches the business name you provide. 💡 Keep IDs and incorporation documents ready — delays usually come from mismatched info. 💡 For high-risk industries, Stripe may request extra documentation. | |
Stripe Application in LMN
| If you currently have a Stripe merchant account in another software, you will have to apply for a new Stripe merchant account in LMN, as this one is unique and specific to LMN only. |
- Navigate to Settings in the bottom left corner of LMN
- Under the Account section, click on LMN Pay
- Click Sign Up with Stripe and follow the prompts to continue.
- Confirm your Currency by clicking Continue.
- Click the Add Information button, enter verification code sent to your phone and fill in your business information as prompted.
- Next, select your financial institution and connect your bank account for payouts.
💡Can't find your bank? Click the Enter bank account credentials instead button - At the end, you'll be prompted to fill in any information you missed.
- When finished, click the Agree and Submit button.
- When the Stripe Status shows Connected , your application has been approved and you are ready to take online payments!
⚠️ If the Stripe Status says Restricted- Action Required , you will need to upload any requested documentation under the Account Management Section
✅ Your LMN pay account with Stripe is ready, and you can start accepting payments right away, all seamlessly from your LMN workspace.
🎥 Video: Getting Started with Stripe
To view a tutorial about Getting Started with Stripe, click HERE
Need more help? Contact our Support Team by email at lmn-support@granum.com, through Live Chat, or by phone at (888) 347-9864
Signup for our Live Webinars or learn more about attending our in-person Bootcamps HERE
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