When running a business, you need to manage multiple accounts efficiently. Stripe makes this easy with the multi-account feature. This handy feature lets you set up multiple accounts and link them to your main Stripe account. You can then switch between your different accounts whenever necessary. It’s a useful tool that streamlines your business operations, keeping things neat and organized.
This blog post will introduce how the multiple Stripe accounts work and how to use it for your business.
Table of Contents
- What do multiple Stripe accounts mean?
- How to sign in with multiple Stripe accounts with ChargeStripe
- Why would I use multiple Stripe accounts?
- What are the advantages of the multiple Stripe accounts feature?
- What are the disadvantages of the multiple Stripe accounts feature?
- FAQs about the multi-account feature
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What does it mean to have multiple Stripe accounts?
The Stripe multi-account feature allows users to create and manage multiple Stripe accounts from a single Stripe dashboard. This is useful for businesses needing to maintain separate Stripe accounts for different departments or locations and manage multiple Stripe accounts for different countries or currencies.
The Stripe multi-account feature is easy to set up and use and provides a convenient way to manage multiple Stripe accounts from a single interface.
Note: When you activate a new Stripe account, it is still subject to Stripe’s standard policies and pricing. There are no special considerations that will apply to your existing account.
How to sign in with multiple user accounts with ChargeStripe
Setting up a multi-Stripe account with ChargeStripe is easy once you have one account. Once you set your accounts up through Stripe, you can easily add them to ChargeStripe.
Here are the steps to add a multiple-user account with Stripe:
- Log into your Stripe account
- Click on the name of your current Stripe account in the upper-left corner.
- Select New Account.
- Type in an account name.
- Then, you’ll see an Activate option in your Stripe account. Enter your account details and provide bank information.
Next, you’ll want to add this new account to ChargeStripe.
- Log into your ChargeStripe account.
- Click on Settings.
- Scroll to the bottom of the page.
- Click on Add a New Account.
Why would I use multiple Stripe accounts?
Sometimes one Stripe account isn’t enough for a business. Sometimes you’ll need more than one account, and here’s why:
1. You need separate tax and legal entity information
When operating a business, you must understand and follow the law. However, the legal and tax issues may be too complex and time-consuming if you have numerous businesses to manage.
Multiple Stripe accounts allow business owners to process taxes for different businesses while maintaining a single tax ID for all of their businesses.
2. You need a unique description and public company information
Having one Stripe account makes it difficult to create business statements because data is often overlapped or missed for your other businesses. This creates a high level of confusion when handling your business information. Having multiple Stripe accounts eliminates this confusion and clarifies this data.
3. You need increased ease of reporting and reconciliation
Having multiple accounts with Stripe provides accurate reporting because data from different businesses is processed and analyzed separately. Different reports are created for different businesses. This improves business operations.
4. You need payouts to separate bank accounts
Having different Stripe accounts can simplify bank account payout. Every account will have a unique payout option, solving many frustrating issues.
What are the advantages of multiple Stripe accounts?
There are several benefits to having multiple Stripe accounts. First, it allows you to access various information from a single platform. This is especially useful if you have a lot of data in many places and want to consolidate it.
Second, that centralized data accessibility increases performance and streamlines business processes. This way, you don’t need to constantly search through various Stripe accounts to find what you need.
Finally, it decreases the chances of error. By keeping track of your payments in one dashboard but through multiple accounts, you’re less likely to make mistakes that could cost you money.
Whether or not multiple Stripe accounts are right for you will depend on your specific needs and goals. But for many businesses, having multiple accounts can be a helpful way to optimize their Stripe experience.
What are the disadvantages of multiple Stripe accounts?
While there are many advantages to having multiple Stripe accounts, it’s not always right for everyone. There are a few disadvantages. First, managing multiple accounts can be confusing because it can be challenging to keep track of the information.
This runs into the next disadvantage: sometimes information can overlap and merge. For example, if one customer says they purchased something from store A but were made at store B, verifying and auditing the information can prove challenging.
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How to monitor multiple accounts with Stripe in a single dashboard: Two ways
Now that we’ve reviewed multiple Stripe accounts’ advantages and disadvantages let’s go over two ways to monitor and manage them.
Method #1: View one account at a time
If you go to your Stripe account’s dashboard, you can select the account you want to manage from the upper left-hand corner. All of your Stripe accounts display under this section.
Unfortunately, you can only view one account overview at a time, which may be confusing and time-consuming. So, there’s another way.
Method #2: View multiple accounts
Using ChargeStripe, you can view all of your Stripe accounts simultaneously. You can also accept credit cards on-site and issue custom invoices to your customers weekly or monthly.
Having all your credit card information in one place makes tax season easier, as you can quickly review your records and compare them to your bank statements. It’s also faster to swipe, type, or take a photo than to look up a card manually.
Frequently Asked Questions about Multiple Stripe Accounts
What are multiple Stripe accounts?
Multiple Stripe accounts allow you to manage several different Stripe accounts in one dashboard. You can toggle between accounts in Stripe to view invoices and recent transactions. In ChargeStripe, you can view multiple accounts simultaneously from one dashboard.
How can I add multiple Stripe accounts to ChargeStripe?
First, you’ll add another account to your existing Stripe account. Then, you will log into ChargeStripe, click on Settings, scroll to the bottom of the page and click on Add a New Account.
Can I have more than one Stripe account?
Yes, you can. It’s easy to add another Stripe account. Just log into your Stripe account, and click on the name of your existing account in the upper-left corner. Then, select New Account. Type in an account name. You can then Activate your Stripe account. Enter your account details and provide your bank information.
If you are a business that needs to maintain separate Stripe accounts for different departments or locations, or if you need to manage multiple accounts for different countries or currencies, the Stripe multi-account feature is an easy and convenient way to do so. Setting up and using the multi-account feature with ChargeStripe is simple and provides a one-stop dashboard from which you can manage all your Stripe accounts.