We are an online gambling from Hong Kong and I'm confused to open a merchants account

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garyrafegd

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Apr 14, 2020
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I'm new and has a lot of problems want to figure it out.
1.Can I open a merchants account if my company location is in HongKong or Taiwan?
2.What payment processing solution that you guys suggest?
3.What document that I need to prepare to open a merchants account?
 
Do you hold any valid license for your operation?

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There is no loophole. You can't offer gambling services in Hong Kong. You're looking at up to fines of at least 5 million HKD and a few years in jail. Maybe Hong Kong authorities won't come after you if you don't target local customers, although I wouldn't count on it. Hong Kong has a pretty effective rule of law. Without a license, you will in most cases be breaking the law in the countries where your customers are based.

Without a gambling license, you will struggle to find payment solutions. It's practically impossible without knowing the right people. Once you do find one, you will quickly learn that many are going to vanish into thin air and run with your money, because they know you have no legal recourse.

If you're serious about starting a gambling business, the very least you could do is whitelabel someone else's license and let them handle all the difficult payments, finance, and compliance stuff. If you have adequate funding, you could look into getting your own license.

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This is the probably the answer to your question.
 
Sols said:
Sols said:
There is no loophole. You can't offer gambling services in Hong Kong. You're looking at up to fines of at least 5 million HKD and a few years in jail. Maybe Hong Kong authorities won't come after you if you don't target local customers, although I wouldn't count on it. Hong Kong has a pretty effective rule of law. Without a license, you will in most cases be breaking the law in the countries where your customers are based.

Without a gambling license, you will struggle to find payment solutions. It's practically impossible without knowing the right people. Once you do find one, you will quickly learn that many are going to vanish into thin air and run with your money, because they know you have no legal recourse.

If you're serious about starting a gambling business, the very least you could do is whitelabel someone else's license and let them handle all the difficult payments, finance, and compliance stuff. If you have adequate funding, you could look into getting your own license.
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Click to expand...
What if we also have a company that location in Taiwan, and have a license from Macro?
 
@garyrafegd, once you get tired of finding the right PSP partner, drop me an email and we will see if I can help you there. It depends on some factors, including your business activities, processing volume and who is the UBO.

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If unlicensed, open up merchant accounts, multiples, for crytpo vouchers or BTC.
Accounts should be 3D secure to avoid chargebacks so they last, but have a backup few (open new companies) and just swap them in when they bust.
I know of one similar company that simply sells its own vouchers redeemable on their own site. Sure risk of shut down is there but if they all last a few months at least who cares. No reason it cant last longer.

Can also add local payemts.
For example I run a pharmacy and use eChecks, BTC, Zelle, Skrill, Moneygram, transferwise. Its doing better now that we switched from just BTC, and going to move to a crypto merchant account soon also.
 
James2774 said:
James2774 said:
If unlicensed, open up merchant accounts, multiples, for crytpo vouchers or BTC.
Accounts should be 3D secure to avoid chargebacks so they last, but have a backup few (open new companies) and just swap them in when they bust.
I know of one similar company that simply sells its own vouchers redeemable on their own site. Sure risk of shut down is there but if they all last a few months at least who cares. No reason it cant last longer.

Can also add local payemts.
For example I run a pharmacy and use eChecks, BTC, Zelle, Skrill, Moneygram, transferwise. Its doing better now that we switched from just BTC, and going to move to a crypto merchant account soon also.
Click to expand...
Click to expand...
Do you mind sharing the details of the company which sells its own redeemable vouchers?
 
Estonian cryptolicense setup is increasingly popular within gambling industry, as it allows to process deposits as purchase of cryptos. PM me if you'd be interested.
 
James, I know of unlicensed casinos that recycle cover up companies to do their processing. I want to help you and give you some ideas, iam not charging anything nor selling anything. Drop me a line so we can discuss.
 
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