Easy Guide to Creating a Stripe Account for the VIOS Platform
At VIOS, we use robust digital payment platforms such as Stripe; to enable our network of telemedicine specialists to collect their consultation fees in a safe and easy method.
Our Telemedicine Specialists are instructed to apply for a Stripe user account using their personal bank accounts (or accounts authorised for their S-Corp/PLLC entity) so as to receive their premium consultation fees from direct pay options provided to patients.
This global online payment infrastructure allows doctors and specialists to collect fees, process payments and receive timely payouts with Stripe’s affordable and automated backend financial systems.
In this publication, we will quickly run through the essential steps to:
- How to Open a Stripe Account
- Which Countries is Supported by Stripe
- What are the Stripe fees
- Troubleshooting for any issues with Stripe accounts
Follow the instructions at the end of the article, for a step-by-step guidance on completing the new Stripe account registration for healthcare specialists who are approved as VIOS Telemedicine Providers
What is Stripe?
Stripe is a third-party global digital payment gateway that facilitates millions of secure online transactions between companies, individuals and aspiring entrepreneurs, in this new digital economy.
Stripe uses high quality online financial mechanisms to mitigate risks with online payments, account verification and allow for fast international payouts to its global users.
The Stripe payment gateway is ideal for online marketplace businesses and various e-commerce entities from around the world. Their unique user-friendly library of coding algorithms and responsive customer support is ideal for rapidly emerging and fast growing tech startups from anywhere in the world.
Why is VIOS using Stripe for its Global Payment Gateway?
The VIOS Telemedicine Platform is highly reliant on optimising its global digital health infrastructure, starting from its automated scheduling process with Calendly API all the way towards its core ideal of financial freedom for the VIOS Telemedicine Providers.
We seek to empower our network of dedicated healthcare specialists with total autonomy in their available online duties (according to their timezones) and the hassle-free earning potential in the digital economy.
This free infographic will show you how a seamless digital income process is 1 out 5 essential things that doctors must consider before joining a telemedicine platform.
The Stripe payment system allows VIOS to easily incorporate our global digital footprint beyond the continental United States, to provide much needed concierge-style tertiary level online consults to people in need; with easy-to-install Stripe api developer tools, code libraries, customisation payment options and their user-friendly real-time admin dashboard, giving us the freedom to invest our time and resources to developing an even stronger professional brand.
Not to mention, the Stripe customer support care has been instrumental in developing a strong professional rapport with ViOS, Inc and its network of Independent Contractors (i.e, the VIOS Doctors), to help with user onboarding and seamless fees processing.
Stripe user experience is more favorable for small businesses with a strong requirement for tailor-made customizable payment options , especially digital health platforms, compared to slightly more rigid (cookie-cutter) consumer options with Paypal or Square.
What Do I Need to Open a Stripe Account?
Doctors who wish to join the VIOS Platform must open their own Stripe user account by following the following steps:
- Go to the New Stripe Account Registration Portal
- Provide Personal Identification Details
- Email verification (which will be incorporated into the VIOS Stripe dashboard)
- Insert the business details (either as an Independent contractor with VIOS or their own PLLC business details)
- Authorize their banking details with Stripe
A full breakdown of the steps can be found in this link
The entire process to register a new stripe account may take you between 10-20min. When your Stripe account is authorized and approved, you will receive a verification link in your email which will grant access to your own Stripe account dashboard.
All online earnings and pending transactions can be viewed in the Stripe Dashboard.
What are the Steps to Creating My Stripe User Account?
To open a Stripe Account you will need to submit certain personal banking details to the Stripe registration portal found here:
You will need to share:
- Personal details
- Email Address
- Business Details
- Banking Information
The full process to opening a Stripe Account to use with VIOS can be found here
Is Stripe Free?
Stripe is free to sign up and all internal transactions between registered Stripe accounts have 0 Transaction fees. There is only a fixed credit card processing fee of 2.90% + $0.30.
Details on additional processing charges with Stripe eg. ACH transfers and international currency conversions can be found in this link
What are the Monthly Fees for Stripe?
Stripe does not have any sign up fees nor any monthly fees. Stripe will charge only for completed credit card processing at a flat rate of 2.9% + $0.30 per transaction.
Available Countries to Open a Stripe Account
Stripe allows online purchases to be processed and collected from almost anywhere in the world. To open a Stripe account in order to receive reimbursements for online consults, VIOS Telemedicine Providers must first check if the bank account in their respective countries is supported by Stripe.
At the time of publishing this article, Stripe is available in 44 countries including North America, Europe, Brazil, India, Malaysia, Japan, Australia, New Zealand and many other countries who are under their review for approval (such as the Philippines). A full list of available countries that is supported by Stripe can be found in this link:
My Country is Not Available for Stripe Payments, what Can I Do?
It is unfortunate that a Healthcare Specialist who would be an ideal candidate in the VIOS Telemedicine Platform, is unable to open a Stripe account due to their country not yet supported for Stripe registration.
In such cases there are a few options that the applicant may consider:
Overseas Bank Accounts
If the applicant is residing in a non-supported country but has a bank account located in a Stripe supported country (eg. A Doctor living in Saudi Arabia has an account in UK), it would be possible to apply with the following documents:
- A Government-issued ID eg. Passport, Driver’s Licence, NID
- Tax ID
- Physical location in that country to receive any documents
- A phone number in that country
- The bank account in that country, with Stripe-supported currencies
Other requirements can be found here if applicable:
Opening an S-Corp or PLLC with Stripe Atlas
You may apply to Stripe Atlas to register your professional online services (i.e. virtual consults and remorse second opinions) as a US-Business entity in the State of Delaware, as an S-Corp or LLC. Professional legal and tax advice is highly recommended beforehand.
Having a remote US Business entity would allow you to apply for a US Bank account affiliated with Stripe such as Mercury Bank, where your online earnings can be deposited.
Using other 3rd Party Digital Payment Wallets as an Alternative to Stripe
Alternative online wallets such as Transferwise, Skrill, Neteller and others can be used in case the applicant is unable to proceed with a Stripe Account. However, the applicant must consider the additional charges to be incurred when online earnings are to be transferred from Stripe to your 3rd party payment option.
Which Currencies are Available for Stripe Payments?
Stripe payments are available in 135 currencies such as USD, Pounds Sterling, Euro and many others. The full list of available currencies and the details for international currency conversion rates can be found here:
Can I Open a Stripe Account as a Sole Proprietor, S-Corp or PLLC?
As the VIOS Telemedicine Providers are officially contracted in our online platform as Independent Contractors, many applicants have created a separate legal entity to represent their online services.
For tax purposes in your country of residence, it may be beneficial for you to create a business entity such as a sole proprietorship/S-Corp or a PLLC, open a separate bank account and apply for a private practice insurance coverage.
When registering for a new Stripe Account, your business details and bank account can be used for the registration process.
The step-by-step guide to opening a stripe account can be viewed here:
Can I make a Stripe Account with a Separate or Multiple Bank Account When I Work With VIOS?
Yes, it is possible to use an overseas bank account authorized with your professional legal entity (eg. PLLC) which you would like to use when working as an Independent Contractor with ViOs, Inc. You may add multiple bank accounts in your Stripe Dashboard as well.
When will I Receive Payments in My Stripe Account?
When your new Stripe account is verified and registered, you may share your email address (which is used for your Stripe User Profile) to us via [email protected]. We will insert your details into our dashboard so that our fees processing system can automatically tag your account for expedited reimbursements, as soon as a VIOS Patient completes their online payment, and their card is approved.
Initial payouts may take 7-10 days in order for the Stripe payment gateway to recognise this process as a bona fide transaction. After reconciliation of payments from the VIOS Dashboard, subsequent payments can be processed within a matter of 2-3 days (for banks located in the US, UK, EU and select locations) per transactions.
Processing duration may differ based on the central banking processes of your country.
How will I be Notified of any Stripe transactions?
Every approved transaction will be recorded in your Stripe Dashboard for your records. You will receive a notification of each transaction by email or Stripe app notification as well.
Do Patients need a Stripe Account to use VIOS?
Not at all.
Only the Doctors who wish to join the VIOS Network as a Telemedicine Provider need to open a separate Stripe account in order to be reimbursed for their out-of-pocket fees.
Patients (or their caregivers) just need a valid credit card (VISA/Mastercard) in order to complete the online transaction, after they make an online booking appointment with their preferred provider from the VIOS Clinic (www.viosapp.com)
How do I Get Paid by VIOS into my Stripe Bank Account?
When a Patient inputs their credit card details to purchase your online consultation fees, Stripe will process that transaction accordingly. When approved, the fees are collected, processed and disbursed to your Stripe account (according to conditions in the VIOS Provider Agreement) almost instantaneously.
You will receive an email and/or Stripe app notification of this online transaction.
Depending on the location of your bank account, Stripe will payout the funds to your bank account within 2-3 days (may take 7 days for the first transaction).
Can I use my Stripe Account for Business Activities besides VIOS?
As an Independent Contractor, you are completely free to provide your online services to the general public in any form as you wish. Your Stripe account is your digital wallet, which you can use to integrate into any online payment transaction eg. you may start an online coaching workshop, an e-commerce site or even open your own Telemedicine platform!
Where can I get more Information and Help with Stripe?
Additional information about Stripe can be found in these links:
STRIPE CONTACT US
Which Social Media Accounts can I Follow to Receive Updates about Stripe?
Is there a Stripe Dashboard App for iOS or Android?
Are You Ready to Apply as a VIOS Telemedicine Provider?
If you are a Healthcare Professional seeking to provide high quality expert consultations and remote second opinions to the global patient population, join the VIOS Network as a Global Telemedicine Provider.
In these easy steps you can leverage decades of your clinical expertise on a global scale in the VIOS Platform
- Click here to apply
- Complete the assessment process
- Submit your Professional documents
- Open you own Stripe Account
And be a part of the VIOS Global Telemedicine Platform
…in your own virtual clinic!