Hello, so I am on a journey to open up my merchant accounts and solutions for several businesses.
Some will be virtual terminals for aggregate centers, others will be partnerships with individual businesses. CC, APM, echecks, and other payment methods. Id like to not clutter up the forum with multiple threads each time I have discovery so will put my experiences here and ask questions.
Firstly if yo have experience with Mercury and Novo please share, once I submit my business docs and ID, I dont recall there being live checks for US citizens. So long as they accept the business plan I think I should be good, anything to look out for to accept my business? Ill have my ID and SSN, business docs, utility bills etc if needed. Turnover of each account from 50-130k/month. Will have an ecommerce front, with incoming funds from payment processing. Any reserve I should keep in the account at all times? 10-20% of turnover?
Ill apply to Novo as a sole prop and upgrade to LLC later on, this way I do not waste money on an LLC that isnt accepted.
Mercury and Novo both said they do not perform credit checks fyi. Payment processors will, so I will either clean those credit reports over time or simply use those accounts with payment methods that dont require a processor/credit.
On BTC:
Mercury has not replied yet but on Twitter the Mercury account has said they work with crypto business and so should be good to send to exchanges/OTC desks. Novo has replied they do not allow purchase of crypto, however they have no way of knowing nor will try to monitor what the company does outside of the Novo bank account.
@uplana One thing I am interested in is bypassing a bank account altogether and sending funds directly from the payment processor to the crypto exchange. One less account to have to worry about opening up. Bitstamp has said they allow this, however their bank may refuse or require extra documentation to ensure it is sent properly. Meaning the reference number must be included as well as the payee in the wire must match the crypto account. The processor must be willing to do this. I am waiting for a reply of processors they are aware of that deposit to their accounts.
Nexo has not replied yet, however they (and Bitstamp) accept SEPA to their IBAN for EU accounts. I was under the impression that IBAN transfers could not see incoming names, that the only information shared was the IBAN number. So the Nexo/Bitstamp account would have no way of knowing if the transfer was form me, the payment processor, or any random person. Any feedback from EU residents on that?
Some will be virtual terminals for aggregate centers, others will be partnerships with individual businesses. CC, APM, echecks, and other payment methods. Id like to not clutter up the forum with multiple threads each time I have discovery so will put my experiences here and ask questions.
Firstly if yo have experience with Mercury and Novo please share, once I submit my business docs and ID, I dont recall there being live checks for US citizens. So long as they accept the business plan I think I should be good, anything to look out for to accept my business? Ill have my ID and SSN, business docs, utility bills etc if needed. Turnover of each account from 50-130k/month. Will have an ecommerce front, with incoming funds from payment processing. Any reserve I should keep in the account at all times? 10-20% of turnover?
Ill apply to Novo as a sole prop and upgrade to LLC later on, this way I do not waste money on an LLC that isnt accepted.
Mercury and Novo both said they do not perform credit checks fyi. Payment processors will, so I will either clean those credit reports over time or simply use those accounts with payment methods that dont require a processor/credit.
On BTC:
Mercury has not replied yet but on Twitter the Mercury account has said they work with crypto business and so should be good to send to exchanges/OTC desks. Novo has replied they do not allow purchase of crypto, however they have no way of knowing nor will try to monitor what the company does outside of the Novo bank account.
@uplana One thing I am interested in is bypassing a bank account altogether and sending funds directly from the payment processor to the crypto exchange. One less account to have to worry about opening up. Bitstamp has said they allow this, however their bank may refuse or require extra documentation to ensure it is sent properly. Meaning the reference number must be included as well as the payee in the wire must match the crypto account. The processor must be willing to do this. I am waiting for a reply of processors they are aware of that deposit to their accounts.
Nexo has not replied yet, however they (and Bitstamp) accept SEPA to their IBAN for EU accounts. I was under the impression that IBAN transfers could not see incoming names, that the only information shared was the IBAN number. So the Nexo/Bitstamp account would have no way of knowing if the transfer was form me, the payment processor, or any random person. Any feedback from EU residents on that?
