Backup Payment Processing/Merchant Accounts

[HGi]

Hello All,

I run a US LLC that has functioning Stripe & Paypal accounts. Our monthly volume is high, and I'm looking to add additional payment processing/merchant accounts as backups, just in case anything happens with either Stripe or Paypal.

Looking to with work with a professional who can help us set these up - I'm not a US citizen, and don't have an SSN.

In case it is difficult to open with the US LLC, I'm also open to SG/HK/etc - Company Incorporation + Bank Account + Merchant Account setups.

Thank you

 

[Gediminas]

Hi,

I think I can help you. What kind of business it is? Drop me an email (click on the banner) and we will discuss it further.

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[onemansomewhere]

The best combination for you is Canadian LLP + Canadian corporate bank account + Canadian Merchant account, There are at least 4-5 good merchant account providers in Canada. And there is no kind od personal number of partner needed.

Last edited by a moderator: Apr 30, 2020

 

[JohnLocke]

@HGi should you find someone from OCT that can help you with a good solution that will work for you it would be nice to let us know here 🙂

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[Jameson123]

onemansomewhere said:
The best combination for you is Canadian LLP + Canadian corporate bank account + Canadian Merchant account, There are at least 4-5 good merchant account providers in Canada. And there is no kind od personal number of partner needed.
Click to expand...

I am in the same boat as OP, just with a HK company. Do you have any contacts That can open Canadian bank accounts remotely? wouldnt mind to travel, but it just seems impossible to get done Fast during these restricted travel times.

 

[onemansomewhere]

Jameson123 said:
I am in the same boat as OP, just with a HK company. Do you have any contacts That can open Canadian bank accounts remotely? wouldnt mind to travel, but it just seems impossible to get done Fast during these restricted travel times.
Click to expand...

Not possible. Canadian law requires to be present in a bank when signing a bank forms and account openning. As I seen, Canada closed its borders for all foreigners till April 2021. I believe, some banks will accept video conferrence, soon. Canada is little bit closed country in mentality. They do not believe in sense of foreign investment. They believe in sense of foreign skilled work force. Many of bankers will not accept any other option than to travel.. It will take some time, but there will be a few banks, which will adapt conditions to actual situation.

 

[Jameson123]

That was a good explanation, thank you for that. Do you know any other country + merchant combo apart from US and CA? I don't want to have anything to do with US so I guess there might be some options to incorporate in EU and for processing there.

the only issue I have is that we will need to build processing history from 0 again and it will take a while to get to high volumes.

tax wise it shouldn't be an issue if this company is mainly doing processing and let's say takes a 5% margin cut and pays normal taxes on it.

Does anyone have suggestion on what kind of country would be good that supports somekind of EMI with Video ident? I don't even want to use stripe/PayPal as they have just too much power over our funds so a normal processor with fair rolling reserves would be sufficient.

 

[onemansomewhere]

Jameson123 said:
That was a good explanation, thank you for that. Do you know any other country + merchant combo apart from US and CA? I don't want to have anything to do with US so I guess there might be some options to incorporate in EU and for processing there.

the only issue I have is that we will need to build processing history from 0 again and it will take a while to get to high volumes.

tax wise it shouldn't be an issue if this company is mainly doing processing and let's say takes a 5% margin cut and pays normal taxes on it.

Does anyone have suggestion on what kind of country would be good that supports somekind of EMI with Video ident? I don't even want to use stripe/PayPal as they have just too much power over our funds so a normal processor with fair rolling reserves would be sufficient.
Click to expand...

Panama only

Forget EU. Many people falsely believe, that using european company as some kind of billing agent is legal. IT IS NOT. Not be a billing agent, you have to have a payment processing license from national bank or similar financial market authority.. I do not know, who can as a first with idea of having offshore company + EU company for having a merchant account and use this company as billing agent. This is illegal structure in the most cases. Billing agent is a service, where licence from financial market authority is required. And there are plenty other problems with VAT regime.. So forget EU..

 

[WoWNull]

I am similar position,
currently i have UK LTD with UK PayPal and Stripe.

but not sure what will happen in future, for me now I am getting max monthly of 2k to 4k$ income so there is not that much high risk or getting disputes or something
but now I start getting more clients and afraid, I try with other payment gateways but they reject me because I am not EU/USA.

I got a suggestion for opening bank with a merchant account in Belize but I feel its risky, not sure why, even they say it will work with my LTD etc..

so if someone have good setup
for my income, i know there is good setup but its require a lot of money, income is high but low profit ^^"