online payment processors for Cyprus business / Cyprus bank

[user9823671]

Hi,

Hopefully this thread is a allowed. I made a general post on the offshore board here:
https://www.offshorecorptalk.com/th...ic-for-subscription-product.25548/#post-93711
where a Cyprus entity was suggested. Some basic research into that and now I have lots of questions, so thought it would be best to add it to the Cyprus forum. If this is not allowed / considered spamming - my apologies.

Assuming I have a Cyprus business / bank account. Is it just a formality to get a business paypal / 2cho / paddle /other mainstream payment processors, or does Cyrpus still have a "reputation" making this harder than it would be for a normal business?

Would I the UBO have to provide my residence details, or would the fact the bank and business are in Cyrpus avoid that (I am aware of issues previously where having a Belize company with a Cyprus bank account would raise flags)

Would the online payment processors treat a resident Cyprus corporation differently to a non-resident Cyprus corporation? Is this information publicly attainable?

 

[JohnLocke]

Please posting the same over and over the forums, thread moved. 1 Warning point given!‌

 

[c4labs]

Hey,

A company is Cyprus is fine for most of the providers
However, in order‌ to get a maximum of choices and approvals, it will be good to have
- bank in Cyprus
- director and shareholder based in cyprus (avoid some nationalities as Ukrainian‍ and Russian). So as you are not a resident, it may cause some troubles, maybe⁠ with a nominee? If you have the budget
- notarize documents (incorporation documents, utility bill⁤ for the company, utility bill for the director and shareholder) you can use the service⁣ of one member of the forum if you struggle (pin in marketplace section)

Cyprus companies⁢ are considered as riskier especially if you have a recurring business (historically, many shady websites︀ were incorporated there with recurring websites so there is a small flag)
One shot payments︁ (so no recurring) is fine

Avoid paypal
You have plenty of providers out there

If you need more info, feel free to post

 

[bastard]

What is the problem to find a payment processor accept a legit setup Cyprus company?‌ Have you tried WireCard, Instabill or websitebilling for that sake?

 

[c4labs]

I will advise to avoid wirecard, instabill and webbilling.
Also, it depends on the business‌ vertical? What do you want to sell?

 

[JohnLocke]

Why would you advise to avoid them?

 

[c4labs]

Well if the business activity is not high risk, he should go for a normal‌ PSP
Wirecard : old acquirer, they are under the radar since 2 weeks, with their‍ thai/Vietnamese fake companies. The platform is old and you will not have any support
Compliance is not easy for CY. Good pricing however.

Instabill: focused on highrisk, so if you⁠ are not Hr, you should avoid to optimize your acceptance rate. More focused on US⁤ merchants as well

Webbilling: same thing, but they accept more EU merchants. If you need⁣ advanced fraud tools, you will have some issues with this provider.

What is your forecast⁢ for volume? Country split? Business vertical?