If you hire contractors in any of the countries supported by Stripe, they can easily set up payouts using their business credentials. This allows them to receive payments for their work directly to their business account, making it easier to manage their finances.
What is an EIN?
An EIN, or Employer Identification Number, is a unique nine-digit number assigned to businesses in the United States by the Internal Revenue Service (IRS). It is used for tax purposes and is required for businesses to open a bank account, hire employees, and file tax returns.
How can an EIN be used for Stripe onboarding?
An EIN can be used by both US and non-US individuals with a US business to onboard to Stripe using their business credentials. This makes it easier for contractors to receive payments from clients and manage their finances.
Setting Up a Business Account Using EIN as a Contractor
To set up a business account using an EIN, follow these simple steps:
Step 1: Go to the Wallet Page
To add a new account, you will need to go to the Contra Wallet page. You can access this page by clicking on the "Wallet" tab on the top navigation bar or by going to https://contra.com/independent/wallet in your web browser.
Step 2: Click "Add Account"
Once you are on the Wallet page, click on the "Add Account" button. This will open a new window where you can add a new account to your Contra wallet.
Step 3: Select Your Country
After clicking "Add Account", you will see a country select modal. From the drop-down menu, select "United States" as your country.
Step 4: Choose Your Account Type
Next, you will need to select the type of account you want to add. You can choose between an individual account (using your Social Security Number) or a business account (using your Employer Identification Number).
Step 5: Complete Stripe Onboarding
Once you have selected your account type, you will be directed to complete the Stripe onboarding process. This is a necessary step to ensure the security and legitimacy of your account.
During the Stripe onboarding process, you will be asked to provide personal and/or business information, depending on the type of account you are creating. This information will be used to verify your identity and set up your account on Contra.
Once you have completed the Stripe onboarding process, your new account will be successfully added to your Contra wallet. You can now easily manage your finances and payments through your Contra account.
Setting Up a Business Account in any Stripe-supported country
If you are a contractor in a country supported by Stripe, you can also set up a business account using your business credentials. Here's how:
Step 1: Go to the Wallet Page
To add a new account on Contra, you will need to go to the Wallet page. You can access this page by clicking on the "Wallet" tab on the top navigation bar or by going to https://contra.com/independent/wallet.
Step 2: Click "Add Account"
Once you are on the Wallet page, you will see a button that says "Add Account". Click on this button to start the process of adding a new account.
Step 3: Select a Country
After clicking "Add Account", a country select modal will appear. This modal allows you to choose the country where you want to set up your new account. Contra supports all countries that are supported by Stripe, so you can select any country from the list.
Step 4: Choose Account Type
Next, you will need to select the type of account you want to create. You can choose between an individual or business account, depending on your needs.
Step 5: Complete Stripe Onboarding
Once you have selected the country and account type, you will be directed to complete the Stripe onboarding process. This process is necessary to set up your new account and ensure that all your payments and transactions are secure.
That's it! You have successfully added a new account on Contra. You can now manage your finances and payments for this account directly from the Wallet page.