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Stripe cuts red tape for startups entering the US

24 February 2016  |  6174 views  |  0 One way

Payments processor Stripe has launched a service which lets entrepreneurs incorporate a US company, open a bank account and start accepting payments within days, sidestepping the bureaucratic red tape that small companies must navigate when expanding into new markets.

Starting out with an invite-only private beta, Stripe is working with more than sixty accelerators, investors, and partners from around the world to get 'Atlas' in the hands of promising startups.

For a $500 fee, Atlas promises to cut the time taken to incorporate a company in Delaware, open a business account at Silicon Valley Bank and register the business with the IRS. The entire process generally takes between a few days and a week after the documents are signed.

With a US Stripe account, Atlas users can accept payments from credit or debit cards issued by Visa, MasterCard, American Express, JCB, Discover, and Diners Club, and can also accept payments using ACH, Apple Pay, Android Pay, Alipay, and Bitcoin. Earnings from Stripe payments can be deposited at Silicon Valley Bank and transferred to any other US or international bank account.

Initially available only to companies incorporating in the US, Stripe says it intends to set up equivalent services in other markets worldwide.

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