How to switch from individual to company account in Stripe?

How to Switch from Individual to Company Account in Stripe

 

Step 1: Log in to your Stripe Dashboard

 

First, you need to access your Stripe account:

1. Open your web browser and go to https://dashboard.stripe.com/
2. Enter your login credentials to access your account
3. Ensure you're logged into the individual account that you want to convert to a company account

 

Step 2: Access Account Settings

 

Navigate to your account settings where you can update your business information:

1. Click on your account name in the top-right corner of the dashboard
2. Select "Settings" from the dropdown menu
3. In the settings menu, click on "Account settings"

 

Step 3: Update Business Type

 

In the Account settings, you'll need to change your business type:

1. Find the "Business type" section
2. Click on "Update" or "Edit" next to your current business type
3. Select "Company" from the available options (instead of "Individual")
4. Click "Continue" or "Save" to proceed

 

Step 4: Enter Company Information

 

Now you'll need to provide details about your company:

1. Enter your company's legal name
2. Provide your company's tax ID or business registration number
3. Enter your company's address and contact information
4. Select your industry and describe what your business does
5. Provide the required details about company ownership structure
6. Click "Save" to continue

 

Step 5: Update Representatives Information

 

Stripe requires information about company representatives:

1. Add details about company directors, executives, or owners
2. For each representative, provide:

• Full legal name
• Date of birth
• Home address
• Government ID information
• Ownership percentage (if applicable)

1. Ensure all required fields are completed accurately

 

Step 6: Verify Business Documentation

 

Stripe may require documentation to verify your business:

1. Prepare digital copies of required documents, which may include:

• Certificate of Incorporation
• Business license
• Articles of Organization
• EIN documentation

1. Upload these documents when prompted
2. Follow any additional verification steps provided by Stripe

 

Step 7: Update API Keys (for Developers)

 

If you're using Stripe's API, you may need to update your implementation:

// Your existing implementation might look like this
const stripe = require('stripe')('sk_test_YOUR_OLD_KEY');

// Update to use your new company account API keys
const stripe = require('stripe')('sk_test_YOUR_NEW_COMPANY\_KEY');

Note: Your API keys may remain the same after the transition, but it's good practice to verify them.

 

Step 8: Update Webhook Endpoints (if applicable)

 

If you've configured webhooks, you may need to update them:

// Creating a new webhook endpoint for your company account
const webhookEndpoint = await stripe.webhookEndpoints.create({
  url: 'https://example.com/webhook',
  enabled\_events: [
    'charge.succeeded',
    'charge.failed',
    'invoice.payment\_succeeded'
  ]
});

// Save the new webhook signing secret for verification
const webhookSecret = webhookEndpoint.secret;

 

Step 9: Update Payment Methods

 

Ensure your payment methods are updated for the company account:

1. Navigate to "Settings" > "Payment methods"
2. Review all active payment methods
3. Update any information that needs to be changed for the company account
4. Verify that all payment methods are properly configured

 

Step 10: Update Payout Information

 

You'll need to update your bank account information for payouts:

1. Go to "Settings" > "Bank accounts and scheduling"
2. Click "Add a bank account" if you need to add a company bank account
3. Enter your company bank account details:

• Account number
• Routing number
• Bank name
• Account holder name (company name)

1. Verify the bank account according to Stripe's instructions
2. Set this as your default payout account

 

Step 11: Review and Update Tax Settings

 

Ensure your tax settings are properly configured for your company:

1. Navigate to "Settings" > "Tax settings"
2. Update your tax ID information with your company's tax ID
3. Configure any automatic tax calculations based on your company's tax obligations
4. Save your updated tax settings

 

Step 12: Verify the Transition

 

After completing all the steps, verify that the transition was successful:

1. Check your account dashboard to confirm it shows your company name
2. Review all settings to ensure they reflect your company information
3. Make a test transaction to verify everything works correctly
4. Check that payouts are properly directed to your company bank account

 

Step 13: Update Customer Communications

 

If needed, update customer-facing elements with your company information:

// Example: Updating customer-facing receipt emails
const customer = await stripe.customers.update(
  'cus_CUSTOMER_ID',
  {
    name: 'Customer Name',
    metadata: {
      vendor\_name: 'Your Company Name, Inc.'
    }
  }
);

 

Step 14: Contact Stripe Support if Needed

 

If you encounter any issues during the transition:

1. Go to the Stripe Dashboard
2. Click on "Support" in the bottom-left corner
3. Choose "Contact support"
4. Explain that you're transitioning from an individual to a company account
5. Provide any specific issues you're facing
6. Follow their guidance to complete the transition