Stripe Atlas: The payment processor’s latest service is aiming to make life easier for entrepreneurs with global businesses.
As you might know, Stripe’s goal has been to simplify the entry point and the acceptance of payments for businesses, while also innovating to increase the GDP of the Internet. Although the Internet seemingly exists everywhere today, a persisting problem is that geography still impacts the success of an online company.
In many countries, the payment infrastructure is still in its infancy—unable to mature due to lack of access from high-quality banking or technology innovations.
On top of that, some regions make it difficult for entrepreneurs to incorporate their business. This will exhaust their efforts before they even make a sale.
Do you have a business idea and feel you are at a disadvantage because you aren’t located in Silicon Valley? Well, here’s how Stripe Atlas is changing that feeling:
Eliminate barriers and shortens the process:
Entrepreneurs in Africa, Latin America, Asia and the Middle East are faced with a big hurdle when they want to launch their company in the US. These foreign companies are kept at arm’s-length by regulations and the process can be arduous and lengthy.
Stripe Atlas streamlines the process. What used to take months for a company to qualify will now take days. As simple as filling out a form, Stripe Atlas enables entrepreneurs to bypass the bureaucratic elements of starting a business.
For a young company, being incorporated in the US means that they’ll have an advantage when raising capital and gaining legal stability.
Access tools and services:
Entrepreneurs that have signed up with Stripe Atlas will have access to the legal expertise from Orrick, Herrington and Sutcliffe, tax guidance from PWC, financing advice from Silicon Valley Bank, and tools and services from Amazon Web Services (plus $15,000 in AWS credits).
Stripe Atlas knows that a new business will face a lot of turbulence during take-off. And since Stripe benefits from the success of young companies and established companies alike, they are generous with their resources and networks.
No need to relocate:
To be incorporated in the US but still be based in another country has benefits, such as reduced living costs. In the Internet age, a company’s geographical location shouldn’t really matter. And just because a company has its headquarter in a developing country, that doesn’t mean the company should be handicapped by the country’s lack of resources.
At the moment, all businesses that sign up with Stripe Atlas will have a US presence—more specifically, in Delaware. However, Stripe Atlas is already in the works to add other jurisdictions to the program.
Accept payments from across the globe:
Selling to a global market also means the company will need to be able to accept payments from customers anywhere. However, many places in the world are still struggling to adopt digital payments. Stripe Atlas solves this problem by setting up a US bank account (Silicon Valley bank) and Stripe payment account for the business, enabling the business to facilitate payments from customers anywhere.
Focus on the business aspect:
Perhaps the best part of Stripe Atlas is the fact that the service will free entrepreneurs up to manage their business and do what they really set out to do—rather than jumping over hurdles and putting out metaphorical fires.
Stripe forecasts that the majority of growth within the next 10 years will take place in “underserved markets.” It’s fantastic to see Stripe take their service to the next level with Atlas since so often we see businesses stuck idling.
Control is the go-to app for your Stripe payments analytic on mobile (iOS and Android) and desktop. With in-depth metrics, alerts, and management tools, you can stay on top of your business wherever you are. Sign up today!