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Unlocking Payments

Unlocking payments
Anthony Whitford
Anthony Whitford
Chief Curator

Before launching your Minimum Viable Product to the world, there are some things you will need to do before you can actually sell it.

  1. Website for your business
  2. Legal business entity
  3. Sign up for Stripe

You need a Website

Your business needs a web site. It should contain the following:

  1. Your business name
  2. Description of the goods or services offered
  3. Terms of Service
  4. Privacy Policy (if you are authenticating or storing private information)
  5. Contact information

You can build one yourself, or use services to create and host them.

Creating a legal business entity, such as an LLC or corporation, offers several advantages over using your individual Social Security Number (SSN) for your business:

  • Personal Liability Protection

    • A legal entity provides a shield for your personal assets.
    • If your business faces lawsuits or debts, your personal assets (like your home, car, and savings) are generally protected.

  • Tax Benefits

    • Business entities often have access to tax benefits and deductions that aren’t available to individuals.
    • For example, an LLC can choose how it wants to be taxed (as a sole proprietorship, partnership, or corporation).

  • Professional Credibility

    • Having a registered business entity can enhance your business’s credibility with clients, suppliers, and potential investors.

  • Easier Access to Funding

    • Many investors and lenders prefer to work with businesses that have a formal structure, as it provides a clear framework for ownership and decision-making.

  • Separation of Finances

    • Keeping your business and personal finances separate simplifies accounting and tax filing, and it can make it easier to manage cash flow.

Sign up for Stripe

Stripe is a leading payment processing service with robust integration options, global payment support, and competitive pricing.

Once you have signed up, you will need to integrate it. Stripe offers several payment integration options, but the Stripe Checkout integration is the most popular.

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