Payment Gateway For A Prize Competition Business

[VincentIgwe]

I'm a frequent visitor of this community which is undeniable very useful.

Our company is incorporated in the UK and we offer skill-based prize competitions (startup).
We are currently having a very hard time getting accepted by a payment gateway provider. So far, our applications have been declined by:

Trustpayment
Instabill
Nochex
Opayo
Vivawallet
Paymentworld.

Right now, we feel really stuck. I have a feeling these rejections are a result of our company's directorship structure.

Director1 70% (Nigerian, lives in Nigeria)
Director2 30% (British, lives in the UK)
Director3 0% (German, lives in the UK)

Any advice on a way to get a reliable payment gateway would be appreciated.

Trustpayment: We got along pretty well, but at a point, they said we can't proceed and they can tell us the reason for rejection (we suspect it's because of the Nigerian profile on our directorship).
Instabill: They said all directors must reside in EU jurisdiction.
Nochex: They said they would like to stop supporting Prize Competitions.
Opayo: They said they can't tell us the reason we can't proceed.
Vivawallet: We registered and account, 24hrs later, it got closed. No reason for the closure. No response to emails.

Thanks for the anticipated assistance.

 

[cryptounions]

can you explain more? what's Prize Competition Business? also what's the monthly volume and cb rate?

 

[VincentIgwe]

A skill-based prize competition is an activity where participants compete to win a stipulated prize. The competition is a test of skill in any field as required by the competition promoter. This could in form of a question or a series of logical tests.

We are a start-up, hence, no processing history.

 

[no1d]

I'm in the same boat as you, probably your project is very similar to ours. Take a look at Home Page - Welcome To Paytriot Payments

You can even try Stripe for a while to get some processing history.

Why don't you setup a new UK company with one direct and reapply?

 

[boomy]

Your only chance may be to buy something from your competitor and file a chargeback, so you most often can see who they are using.

or you simply use a crypto payment gateway as the only available payment option.

 

[no1d]

Crypto payment will put off many buyers.
I still wonder if @VincentIgwe has found a payment solution for his business.

 

[JohnLocke]

no1d said:
Crypto payment will put off many buyers.
I still wonder if @VincentIgwe has found a payment solution for his business.
Click to expand...

Why do you wonder, do you have a solution that works?

I believe it is very difficult to get any stable payment processing for such business activity.

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[no1d]

Actually it's more difficult to frame the competition in a way processing company requires, free entry route, number of tickets in each draw & number of tickets left, number of extensions extensions. In my previous post I recommended him a processor that has accepted our business for UK only.

I find more difficult to find a bank to accept the business model.

 

[Rain0241]

Hi,
I dont know if this thread is still open but since the 70% shares is owned by a Nigerian,why dont you look for a bank in Africa? There are good banks and service providers in Africa (Just my thought😎)

 

[erni]

What service providers in Africa would you trust your money?