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/

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[AtlasShrugged]

uplana said:
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/
Click to expand...

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?

Last edited: Oct 28, 2023

 

[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.

AtlasShrugged said:
In what way will the mentor group golf resource help me?
Click to expand...

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

Personally I'm going with a renewal shortly.

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[AtlasShrugged]

tacokai said:
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.
Click to expand...

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 problem with the payment processor knowing who I am. My problem is other individuals looking up the entity and seeing my name.

Again, I know plenty of processors. Why would they 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.

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[AtlasShrugged]

tacokai said:
Forget mentor group then... your choice is CCBILL, VEROTEL or EPOCH - that's what all pornmasters do.
Click to expand...

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.

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[AtlasShrugged]

Clearsky Network said:
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.
Click to expand...

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 definitely look better if it was from an English speaking country, preferably the US. I'm not 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 would that be an issue?

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

Thank you for answering. I 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.

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[AtlasShrugged]

Clearsky Network said:
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.
Click to expand...

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 months , do you think they'll accept me?

 

[Clearsky Network]

AtlasShrugged said:
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 months , do you think they'll accept me?
Click to expand...

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 good history they may become more flexible. But keep in mind that, majority of EU processors dont accept US companies.

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Join our payments channel https://t.me/PaymentSolutionsClearsky
Payment and Financial Licenses: https://t.me/FinLicense

 

[AtlasShrugged]

Clearsky Network said:
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 good history they may become more flexible. But keep in mind that, majority of EU processors dont accept US companies.
Click to expand...

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 the EU since almost all my traffic comes from the US.

Thank you for reaching out.

 

[bonox]

AtlasShrugged said:
What about an LLC with a high risk payment processor in the EU? Why exactly would that be an issue?
Click to expand...

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

AtlasShrugged said:
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 the EU since almost all my traffic comes from the US.
Click to expand...

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

 

[AtlasShrugged]

bonox said:
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't have the proper setup in the US and some human to work for you.
Click to expand...

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.

Last edited: Nov 7, 2023

 

[High Risk Doug]

AtlasShrugged said:
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 the EU since almost all my traffic comes from the US.

Thank you for reaching out.
Click to expand...

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 are not cheap, and some have minimum volume requirements.

 

[JohnLocke]

AtlasShrugged said:
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.
Click to expand...

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 imagine they can cover the entire globe just like that anytime soon.

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[AtlasShrugged]

JohnLocke said:
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 imagine they can cover the entire globe just like that anytime soon.
Click to expand...

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]

AtlasShrugged said:
I'm not asking for anonymity but privacy. I just don't want that private individuals can find out my name through my company.
Click to expand...

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, which might be a little difficult depending on how "close" you're a with him or her / or how good your connection is to the nominee.

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

 

[AtlasShrugged]

apres777 said:
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.
Click to expand...

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 the company is from in the bank transaction?