Stripe business account: A complete guide for 2025

Stripe has emerged as the go-to solution for businesses of all sizes to handle everything from one-off payments to complex billing across international markets.

The platform’s total payment volume soared to $1.4 trillion in 2024³. More than 300,000 companies now also rely on it for managing recurring subscriptions¹. It’s versatile and affordable, and one of the easiest ways to accept payments from customers around the world.

This guide will detail many of Stripe’s core features and their use cases, and cover a step-by-step guide on how to set up a Stripe business account. We’ll also look at the benefits of connecting Stripe to multi-currency accounts like Wise Business for a more cost-effective and convenient way to manage international transactions.

Table of contents
What is a Stripe business account? Key features Business use cases For international business How to set up a Stripe business account - Steps Handling international payments Receiving Stripe payments into a Wise Business account

What is a Stripe business account?

Stripe is a payment processing platform that allows businesses to accept a variety of online payments from customers. These transactions include credit and debit cards, bank transfers, mobile wallets, and cryptocurrencies.

However, Stripe isn’t like a traditional bank account. You can’t store money or send payments with it. Instead, the Stripe platform acts as an intermediary, an engine behind your checkout page or online store that processes customer payments securely and ensures they end up in your business bank account.

A Stripe business account is useful for:

• Online retailers
• SaaS platforms offering subscription services
• Businesses billing international clients
• Platforms or marketplaces

👆 Wondering if Stripe is a safe platform for your business? Read through our article to know more yourself!

Key features of a Stripe Business account

Stripe has lots of powerful features. Its main products are global payments, money management, and revenue and finance automation. The first one, global payments, is usually the headline attraction. This is what most people associate Stripe with: facilitating online payments with ‘frictionless’ checkout experiences, and payment links.

Some of the main features include²:

• Global reach - Accept payments in 135+ currencies across 47+ countries. As an Australian business, you can sell seamlessly to customers in Mumbai or Manchester.
• Multiple payment methods - Take payments using 100+ supported payment methods⁴. The wide choice is great for tailoring checkout experiences for the preferences of regional customers.
• Developer-friendly tools - Simple AIs and SDKs plus extensive documentation make it easy to customize checkouts and integrate Stripe into your website or platforms like Shopify and WooCommerce.
• Fraud prevention - Stripe Radar uses advanced machine learning algorithms to detect suspicious buyer patterns and prevent fraudulent transactions.
• Real-time reporting - Get detailed reports and analytics for deeper insights into your revenue and how customers interact with payment options.
• Payout scheduling - Stripe acts as a bridge to your bank account. Select from a range of custom payout schedules to settle funds based on your business needs.

If you dig a little deeper, there’s a ton of other features that are useful, including Revenue Recognition, a way to automate accounting calculations and create reports, and Stripe Tax, a tool for automating tax compliance.

Business use cases for a Stripe business account

Stripe markets its services as ‘solutions’ for businesses with three main categories: Stage, Business Model, and Use Case. There is support for everything in here, from startups and non-profits to larger enterprises and AI companies.

The use cases listed on its site are:

• Finance automation
• Embedded finance
• Global businesses
• Crypto
• Creator economy
• AI companies

It’s probably clear by now that Stripe is very flexible. It can be tailored for pretty much any situation where you need to process payments — whether online, in person, or across borders. Stripe’s modular tools can be used to support:

• Ecommerce stores - Accept secure payments from customers globally without needing to set up a complex network of servers and other infrastructure.
• SaaS business - Stripe Billing allows you to manage recurring charges and subscriptions for SaaS models and even take care of dunning management.
• Marketplaces - Stripe Connect allows platforms like Airbnb or Etsy to automatically split payments between the seller and the platform.
• Digital product sellers - Sell ebooks or software instantly with one-click payment integrations. There’s no need for manual invoicing or fulfilment.

Stripe for international business

Here are some of the use cases that show case how the Stripe platform can be leveraged for international business payments.

• An Australian SaaS company uses Stripe to accept recurring USD payments from US customers and then routes the payouts to a multi-currency account like Wise Business. They can then hold the funds in USD, pay US based contractors directly, or wait to convert to AUD.
• An ecommerce company based in Australia expands into Europe and the UK and starts accepting payments in EUR and GBP using Stripe. They then can settle the funds in a business bank account, all while keeping their operations in Australia.

Sign up for the Wise Business account! 🚀

How to set up a Stripe business account

Stripe’s registration process is very similar to other online services. There’s an account page where you can quickly sign up with a Google account or enter a few details manually. Here’s a step-by-step process from beginning to end.

Step 1. Create a Stripe account

Navigate to the Stripe home page and enter your email address in the ‘Start now’ box. You’ll be taken to a brief account sign up sheet where you can enter your full name, password, and country where your business is incorporated.

After clicking enter, there’s a ‘Welcome to Stripe’ pop-up box. Here, you can input your Business name and website (optional).

Step 2. Tailor Stripe experience

Before you get to the main dashboard, you can select a few features to get started. These include setting up ‘non-recurring payments’ for checkout pages and ‘recurring payments’ for subscription services.

Step 3. Verify your business information (Stripe business account requirements)

You’ll then be sent to the ‘sandbox’, the main hub, where a pop-up will prompt you to verify your business. Here’s where you will need to submit details about your business, including:

• Business location, business type, and business structure
• Legal business name
• Australian Business Number (ABN)
• Full business address
• Business phone number
• Industry
• Business website and product description

Step 4. Verify your personal details

Next, there’s a form to submit your personal details. Stripe says this information is used to verify who you are and secure your account. You’ll need to include your:

• Legal name
• Email address
• Date of birth
• Home address
• Phone number

You can also add customer service information like a statement descriptor and support phone number. Stripe notes that this info may be used in invoices, receipts etc.

Step 5. Add your bank

As Stripe is only a payment processor, you need to add an account to get your payouts. The ‘add your bank’ page requests a BSB code and account number. You can also select a payout schedule here (manual, weekly, or monthly).

Step 6. Secure your account

Finally, it’s time to secure your Stripe business account with two-step account authentication. You can do this by adding a passkey or security key, or using an authenticator app. Once completed, there’s the option to add a couple of optional extras to your account — automate tax calculations and climate contributions.

There’s then a final page where you can review all the details you entered before clicking ‘agree and submit’.

How to handle international payments with a Stripe business account

Stripe is designed for global business. When you accept a payment in a foreign currency, Stripe automatically converts it into the Australian dollar (or whatever you’ve set as your default payout currency). It then sends it securely to your linked bank account.

For example, if you bill a customer in USD, Stripe collects the funds in this currency and then converts them to AUD. It then deposits the AUD to your Australian business bank account.

1. Accept payments in foreign currencies
2. Stripe collects the payments
3. Currency is converted automatically (fees apply)
4. Funds are sent to your linked bank account
5. Connect a Wise Business account for more control with multiple currencies

If you need more flexibility with currencies, pairing Stripe with a multi-currency account is preferable. You can do this with Wise. All you need to do is connect a Wise Business account to Stripe (more below).

Receive Stripe payments into your Wise Business account

Connecting your Stripe account to a Wise Business account can enhance your international payment management. By linking Wise to Stripe, you can receive payments in multiple currencies, allowing you to hold and manage funds in their original currency.

Wise Business offers local business account details for various currencies, enabling users to receive payments like a local business. To integrate, users can simply add their Wise Business account details into the Stripe dashboard. As Wise Business offers conversions at the mid-market exchange rate without hidden markups, businesses can save on conversion fees and also gain control over when to convert funds using Wise's competitive exchange rates.

Expanding a business globally opens up exciting opportunities, but also new challenges like receiving payments across borders. Hidden foreign transaction fees and hefty currency conversions involved with international payments can eat into your profits and time.

Wise Business serves as a cost-effective solution where you can receive money from around the world at the speed and price of local payments.

Transform the way you receive payments with Wise Business:

• One-time fee of 65 AUD for local account details in 8+ currencies, including AUD, NZD, USD, and more—no recurring fees
• One account to hold, send, and convert money with no hidden fees or exchange rate markups
• Create and send professional invoices directly to your customers through Wise Business
• Create payment links to request money in specific currencies
• Seamlessly receive payments from customers, online sales, or PSPs like Stripe and Amazon.
• Wise is safe and secure - Trusted by 13 million people and counting

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

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Sources:

1. Stripe - 2024 update
2. Stripe - Home page global scale
3. Stripe total payment volume
4. Supported payment methods