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Stripe Application ✔

Gather the required business and bank details and complete the Stripe application to set up payments in LMN.

Written by Kaitlin Lane

In this article:

Required Information for Stripe Setup

Setup Stripe in LMN

🎥 Video: Getting Started in Stripe

Required Information for Stripe Setup

USA Accounts 🇺🇸

Business Information

✔ Legal business name
​✔ Business type: Corporation, Partnership, Sole Proprietorship, Non-profit, etc.
​✔ EIN (Employer Identification Number) for the business; sole proprietors can sometimes use SSN
​✔ Industry / product type

Business Address

✔ Street address, city, state, ZIP code
⚠️ Must be a physical address, not a P.O. Box

Bank Account

✔ U.S. bank account in the business name (or personal name for sole proprietors)
​✔ Routing number and account number
​✔ Used for payouts

Identity Verification

Stripe verifies an individual representing the business (usually the owner, director, or partner):
​✔ Full legal name
​✔ Date of birth
​✔ Social Security Number (SSN) for U.S. citizens/residents
​✔ Government-issued ID: Passport, state-issued driver’s license, or state ID
⚠️ For corporations/LLCs, Stripe will also verify beneficial owners with >25% ownership or anyone who controls the business.

Tax Information

✔ EIN for businesses
✔ Stripe may require SSN for sole proprietors to comply with IRS reporting
✔ Stripe automatically issues 1099-Ks for U.S. accounts meeting thresholds

Additional Verification
(if flagged)

✔ Business documents (articles of incorporation, operating agreement)
✔ Website verification or product description for certain high-risk industries
✔ Photo/video selfie of the authorized representative

Tips
💡 Ensure the bank account name matches the business name.
💡 Keep SSNs/EINs and IDs handy.
💡 Certain industries (high-risk, digital goods, subscription services) may trigger extra verification.

Canadian Accounts 🇨🇦

Business Information

✔ Legal business name
​✔ Business type: Corporation, Partnership, Sole Proprietorship, Non-profit, etc.
​✔ Business registration number / BN: Canada Business Number (if applicable)
​✔ Industry / product type
​✔ Proof of Directors: Provided through official records such as Corporate Profile Reports, which include the names and addresses of current directors.

Business Address

✔ Street address, city, province, postal code
⚠️ Cannot be a P.O. box (Stripe needs a physical address)

Bank Account

✔ Canadian bank account in the business name (or personal name for sole proprietorship)
​✔ Account number and transit/financial institution number
​✔ Void cheque or direct bank info to confirm payouts

Identity Verification

Stripe needs to verify an individual representing the business (usually the owner or director):
​✔ Full legal name
​✔ Date of birth
​✔ Home address
​✔ Government-issued ID: Passport, driver’s license, or provincial ID
⚠️ For corporations, directors or beneficial owners with >25% ownership must also be verified.

Tax Information

✔ Business number (BN) for GST/HST reporting
✔ Stripe may ask for personal SIN for sole proprietors (to comply with Canadian tax laws)

Additional Verification
(if required)

Stripe may flag accounts for extra checks:
​✔ Verification of ownership / incorporation documents
​✔ Business website or product verification
​✔ Photo/video selfie of the authorized representative

Tips
💡 Make sure the name on the bank account matches the business name you provide.
💡 Keep IDs and incorporation documents ready — delays usually come from mismatched info.
💡 For high-risk industries, Stripe may request extra documentation.

Stripe Application in LMN

⚠️ If you currently have a Stripe merchant account in another software, you will have to apply for a new Stripe merchant account in LMN, as this one is unique and specific to LMN only.

  1. Navigate to Settings in the bottom left corner of LMN
    ​

  2. Under the Account section, click on LMN Pay
    ​

  3. Click Sign Up with Stripe and follow the prompts to continue.

  4. Confirm your Currency by clicking Continue.
    ​

  5. Click the Add Information button, enter verification code sent to your phone and fill in your business information as prompted.
    ​

  6. Next, select your financial institution and connect your bank account for payouts.

    💡Can't find your bank? Click the Enter bank account credentials instead button


    ​

  7. At the end, you'll be prompted to fill in any information you missed.
    ​

  8. When finished, click the Agree and Submit button.
    ​

  9. When the Stripe Status shows Connected , your application has been approved and you are ready to take online payments!

    ⚠️ If the Stripe Status says Restricted- Action Required , you will need to upload any requested documentation under the Account Management Section

✅ Your LMN pay account with Stripe is ready, and you can start accepting payments right away, all seamlessly from your LMN workspace.

🎥 Video: Getting Started with Stripe

Click the button below to view a tutorial about Getting Started with Stripe

🎥 Getting Started with Stripe

Need more help? Contact our Support Team by email at lmn-support@granum.com, through Live Chat, or by phone at (888) 347-9864
​
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