Are you an Ecommerce marketer in Vietnam? Philippines? Bangladesh? India? Pakistan or other Asian country? Do you want to sell on Shopify? But can’t because of the merchant processing restrictions in your country? You are not alone!
Most marketers in these countries want to sign up with Shopify for its numerous benefits. It’s great because it allows marketers to sell on their own domain, create and install their own apps, build a brand, get repeat purchases and have full control over the customer data. BUT- If you want to take advantage of all of these benefits, YOU NEED TO BE ABLE TO ACCEPT CREDIT CARDS GLOBALLY, especially from USA customers.
This ensures the highest conversion rates and the most profits. Stripe is the best option to accept credit cards globally and is used by millions of merchants. BUT- many Asian marketers have issues getting a Stripe account. So, we are going to show you a solution to that will help you get setup with Stripe and Shopify- No Matter Which country you are in! And you will soon be on your way to running your very own store and becoming an e-commerce god!
There are two options, one is more expensive up front, and one is more expensive over time. **Option 1- Shopify with Stripe as Processor and USA Business Setup(Preferred method, but upfront costs) (about $250 total cost) (Processing fee = 2.9% + .30 USD + 1% currency conversion) **Option 2- Shopify with 2Checkout as Processor (cost = $0) (Processing fee= 2.9% + .30 USD + 2-5% currency conversion) Option 1- Shopify with Stripe as Processor and USA Business Setup:
Signup for Payoneer.
Signup for Shopify.
Get a USA Mailing Address
Get a USA Phone Number
Get a USA company (EIN number)
Get a USA Bank Account (from Payoneer)
Setup Stripe with this info
Select Stripe as your merchant processor in Shopify.
1) Signup for Payoneer
Registering an account with Payoneer is very straight forward It requires you to fill very basic details and then validate your identity by uploading a passport or driving license soft copy.
4) GET A FREE USA Phone Number
- You can get a FREE US Phone Number on FreeTone or TextMe App both are available on App Store and Google Play Store
5) GET A USA COMPANY(EIN)Go to delawareinc.com
- Register for Delaware limited liability company (LLC) or corporation and Opt-in for EIN.
- Use your US Address and US Phone Number
- Green Package LLC ($179) + EIN Add-On ($95)
Total Cost: $274
6) GET A USA Bank Account
We will use Payoneer to get a US Bank Account that can accept ACH transfers (Stripe uses ACH for making transfers). It also provides a prepaid Mastercard (in some countries) to withdraw funds directly from the card and pay for various services like your Print On Demand Fulfillment for apps like ShineOn Jewelry Fulfillment.
In case your country doesn't support the Mastercard, you will receive funds to your local bank account directly. (takes just 24 hours, once funds are received from Stripe)
7) Setup Stripe
Use the information in the USD Receiving Account Section from Payoneer and type it into the Stripe settings.
Use the EIN number that you received when you setup your USA Company.
If you already setup your EIN, the social security number is not needed. You can skip this by entering random numbers here.
8) After Stripe is setup, go to Shopify settings, payment providers and select Stripe as your payment processor!
CONGRATS! You are now setup on Shopify as a full-fledged USA business and can accept credit cards around the world with the best and fastest payment processing solution!!
Option 2- Shopify with 2Checkout as processor If you have any issues with the first method, or if you don’t want to spend USA $250 to setup a USA company, you can also start on Shopify by using 2checkout.
What is 2Checkout and why should I use it on my store?
2Checkout is a payment gateway (a way for your customers to pay you for their order) which is particularly suitable for sellers living in South-East Asian countries, where signing up for Stripe, Shopify Payments or PayPal is problematic.
With 2Checkout, you can send your funds direct to Payoneer, then Payoneer will allow you to send funds onwards to your local bank account, or to spend with a virtual MasterCard.
What are the largest problems faced when using 2Checkout?
As 2Checkout is a 3rd party payment processor, the customer needs to insert their information 2 times: First on Shopify, then again as they’re redirected to the 2Checkout page to finish payment. In addition to this, for some sellers the fees that apply to each payment can be high. However 2Checkout remains the best solution available at present to handle customer card payments if you reside in a South-East Asian country.
How is the process signing up for 2checkout? Does it take a long time? The approval should take too long, anywhere from a week to a maximum wait time of a month. It’s important to set up your store as a real, reputable brand. Dropshipping brands aren’t viewed favourably by 2Checkout, which may delay the approval process.
What information is needed for a 2Checkout Sign Up?
Mainly standard business information and your personal information. This includes your tax IDs and the last 6 month copies of the utility bill to verify the address you will use during the signup process. In addition you will need your government ID card. You can use all your standard information, such as your home address in your country, as long as this is where the bills are being charged.
We feel that Shopify will eventually move globally with it’s own merchant processing solutions for store owners in Asia, but it is going to take at least a few years. But using the workarounds stated above, you can get a jump on everyone else who is waiting to sell on Shopify. Please note for 2checkout, they like to see you are using reputable vendors like ShineOn Jewelry Fulfillment (a USA based jewelry manufacturing service for Shopify).