Hello Offshorecorptalk community,
I hope this message finds you well. I am reaching out to seek advice and guidance as I embark on an entrepreneurial journey in a challenging niche. I'm based in Bulgaria, and I'm in the process of starting an e-commerce business involving a Shopify store specializing in adult toys using a dropshipping model. This venture has been a labor of love and dedication, taking over half a year to set up from scratch.
Currently, I am at the stage of applying for a high-risk merchant account, and I'm doing so through Instabill. As a newcomer to this industry, I have several questions for which I would be extremely grateful if anyone could provide insights and answers.
1. Is there a better alternative than Instabill for a high-risk merchant account?
2. Regarding the merchant application, I'm encountering questions related to PCI compliance: "Are you PCI Compliant?" and "PCI level (If applicable)." This is the first time I've encountered these terms, and while I've conducted some research to grasp their implications better, I would greatly appreciate it if someone could shed more light on these matters. Specifically, can my application be denied if I answer "NO" to the question regarding PCI compliance?
3. I have contemplated what monthly turnover to apply for, and I eventually settled on a figure of $50,000. My question is whether there is a requirement for a specific amount of money to be present in the company's bank account in order to qualify for this turnover?
4. Instabill's requirement of having a customer support toll-free number on the website struck me as quite demanding, especially for a startup like mine. I've observed that many competitors' websites do not feature such a number. I have purchased the toll-free number as required, but I am curious if this is a common practice in the industry.
5. Additionally, I found it unusual that Instabill requests access (login details) to the Shopify account. Is this a standard procedure?
I want to express my gratitude to everyone for taking the time to read and respond to my inquiries. I believe this forum is a valuable resource for entrepreneurs, and I regret not discovering it sooner. Better late than never, as they say.
Wishing success to all! 😎
I hope this message finds you well. I am reaching out to seek advice and guidance as I embark on an entrepreneurial journey in a challenging niche. I'm based in Bulgaria, and I'm in the process of starting an e-commerce business involving a Shopify store specializing in adult toys using a dropshipping model. This venture has been a labor of love and dedication, taking over half a year to set up from scratch.
Currently, I am at the stage of applying for a high-risk merchant account, and I'm doing so through Instabill. As a newcomer to this industry, I have several questions for which I would be extremely grateful if anyone could provide insights and answers.
1. Is there a better alternative than Instabill for a high-risk merchant account?
2. Regarding the merchant application, I'm encountering questions related to PCI compliance: "Are you PCI Compliant?" and "PCI level (If applicable)." This is the first time I've encountered these terms, and while I've conducted some research to grasp their implications better, I would greatly appreciate it if someone could shed more light on these matters. Specifically, can my application be denied if I answer "NO" to the question regarding PCI compliance?
3. I have contemplated what monthly turnover to apply for, and I eventually settled on a figure of $50,000. My question is whether there is a requirement for a specific amount of money to be present in the company's bank account in order to qualify for this turnover?
4. Instabill's requirement of having a customer support toll-free number on the website struck me as quite demanding, especially for a startup like mine. I've observed that many competitors' websites do not feature such a number. I have purchased the toll-free number as required, but I am curious if this is a common practice in the industry.
5. Additionally, I found it unusual that Instabill requests access (login details) to the Shopify account. Is this a standard procedure?
I want to express my gratitude to everyone for taking the time to read and respond to my inquiries. I believe this forum is a valuable resource for entrepreneurs, and I regret not discovering it sooner. Better late than never, as they say.
Wishing success to all! 😎
