Need some guidance regarding high risk payment processor.

[AtlasShrugged]

If you have an LLC in the US but you are an EU resident, will it be easier to find a payment processing company in the US or the EU?
After doing some anecdotal research, I've seen many asking where you're based and that your residency matters. I've never seen anyone explain why. I live in the EU with an EU passport, but most of my customers will be in the US. That's why I'm forming an LLC to begin with, and at the same time this is in a high risk industry.

I've seen that they want some transaction history, but how will this be possible when you're just starting out?

Is there any way to avoid the 1000 USD visa/Mastercard registration fee?

 

[uplana]

You defiantly have better options with a EU entity like an UK LTD which is‌ the cheapest and fastest to setup.

In mentor group gold resource you have tons of‍ good high risk payment processors to choose from:
https://www.offshorecorptalk.com/resources/categories/high-risk-merchant-account.15/

 

[AtlasShrugged]

I forgot to mention that privacy is also important. With an LLC, I don't have to⁠ worry about having a public UBO.

I know there are tons of high risk processors,⁤ but the problem is that many of those will reject me. In what way will⁣ the mentor group golf resource help me?

Also, why would it be better with an⁢ EU entity?

 

[tacokai]

What is it you are doing? what business are you into? The payment processor will‌ want to know UBO otherwise they will reject. You can avoid public UBO if you‍ place nominees in there.. so you will also get rid of the risk to get⁠ black listed if you are into some funny business.

you will find processors, hints⁣ and other stuff there which can be useful.

Personally I'm going with a renewal shortly.⁢

 

[AtlasShrugged]

taboo erotic literature. I would like to sell my books directly⁢ from my website instead of being dependent upon other platforms.

I don't have a problem︀ with the payment processor knowing who I am. My problem is other individuals looking up︁ the entity and seeing my name.

Again, I know plenty of processors. Why would they︂ accept me because I subscribed to a mentor group on this forum?

 

[tacokai]

Forget mentor group then... your choice is CCBILL, VEROTEL or EPOCH - that's what all‌ pornmasters do.

 

[AtlasShrugged]

But I'm still facing the dilemma that they‍ will most likely ask for transaction history. Also, I need to know why it's problematic⁠ that I reside in the EU.

 

[Clearsky Network]

If you want to have a US processor with US company, most probably they would‌ ask you for a local US representative of the company, which i guess you dont‍ have.
I would register a EU company and apply to a EU processor that can⁠ support international payments. There are plenty of them.

 

[AtlasShrugged]

I have two issues with that solution.

First, all EU companies have a public UBO. I⁤ absolutely do not want anyone to google the name of the company and find my⁣ name. I'm really not sure about LTD/UK (since they aren't in the EU) though, so⁢ that could be a solution.

Second, 90 percent of my customers are in the US.︀ It certainly would look weird that they're buying from a Romanian company. It would definitely︁ look better if it was from an English speaking country, preferably the US. I'm not︂ sure if it is possible to hide that though, so that could be solution.

What about an LLC with a high risk payment processor in the EU? Why exactly would︃ that be an issue?

Does having a local US representative of the company come with︄ any additional costs or is it problematic to implement it?

Thank you for answering. I︅ thought this thread was dying.

 

[Clearsky Network]

In your case UK wouldn't work as everything is publicly visible.
Since 90% of your‌ customers are from the US, US company is indeed the best solution.
Can you find‍ a local US representative for your company? I know that majority of the PSPs are⁠ asking for it.

 

[AtlasShrugged]

I don't know anyone in the⁠ US personally.

Shouldn't I be able to find a processor in the EU if they⁤ care where I reside?

I talked to another guy who has a similar business as⁣ I'm planning on doing, and he's used PayPal for three years without his account getting⁢ nuked. If I succeed with this, and can show them processing history after six months︀ , do you think they'll accept me?

 

[Clearsky Network]

Paypal can be used as processing history.
EU processors usually have requirement⁢ of 40-50% EU traffic and the rest international, however, for an established business with good︀ history they may become more flexible. But keep in mind that, majority of EU processors︁ dont accept US companies.

 

[AtlasShrugged]

I guess I have some sort of solution⁤ in case PayPal works out.

I've also been told that I need either a SSN⁣ or ITIN at the bare minimum, and also that most High-Risk processors ask for proof⁢ of US residency. Is this also true? Since I certainly won't find one in the︀ EU since almost all my traffic comes from the US.

Thank you for reaching out.︁

 

[bonox]

never going to be accepted‍ because of cross boarder regulations by the card association!

yes, you won't come long way with it if you don't︀ have the proper setup in the US and some human to work for you.

 

[AtlasShrugged]

Define proper setup, and what do you mean by some human to work for you?

Are there no company formations in Europe that offers some degree of privacy? I see⁠ anonymous LTD banners here on this forum.

 

[High Risk Doug]

This is⁣ pretty accurate. You will also need a bank account in the US as very few⁢ domestic processors will wire funds out. There are other solutions out there, but they are︀ not cheap, and some have minimum volume requirements.

 

[JohnLocke]

Most register⁠ a company in England, a UK LTD, and find a payment service provider as well⁤ as some EMI/Neobank like Wise, Revolut, etc. This works quite well. I don't believe you⁣ can set up something legally that is anonymous. Besides, the new VAT rules are coming⁢ soon, and I think there will be increased supervision of companies. However, I can't imagine︀ they can cover the entire globe just like that anytime soon.

 

[AtlasShrugged]

I'm not asking for anonymity but privacy. I just don't want that⁢ private individuals can find out my name through my company.

 

[apres777]

If you truely‍ care about your privacy I guess best would be to go with a nominee shareholder⁠ and director.

His information would be visible in company register, but yours won't be shown.⁤

Most customers probably wouldn't care neither if you have an LLC or a British LTD.⁣ As most of them wouldn't see it straight forward besides they check imprint or whatever.⁢

Your nominee would have to do the KYC for your High Risk PSPs though, which︀ might be a little difficult depending on how "close" you're a with him or her︁ / or how good your connection is to the nominee.

Rotating PSPs / miscoded solutions︂ might work as well depending on how high your volume will be.

 

[AtlasShrugged]

How much would it cost to have⁣ a nominee shareholder and director. Is it possible in Romania?

What do you mean with⁢ check imprint? When you buy something from a website, doesn't is usually say where the︀ company is from in the bank transaction?