Possible to find a payment processor without incorporating a business?

[Modaboost]

Hey guys!
New noob here, nice to meet everyone 🙂
I am trying to launch a nootropics ecommerce site that is in the grey area of the law of many countries so i am trying to weigh my options.
Honestly i would rather not incorporate my business at all which leads me to my first question:

1️ Would payment processors (even shady ones) accept a non-incorporated/registered business?
(Can i just buy a bank account use it to open a merchant account without registering a business?)

2️ If yes, which country would you guys suggest i have my business incorporated in? Am leaning towards either UK LLC (would allow me to have more payment processing options)
or Panama (because i am familiar with the registration process there).

Thanks in advance!

Sry i think i posted in the wrong thread... how do i edit

 

[JohnLocke]

Modaboost said:
Sry i think i posted in the wrong thread... how do i edit
Click to expand...

You should see the EDIT button under your post.

Do you want this thread to be both in the public and hidden forums or where do you want it?

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[Modaboost]

James Spader said:
You should see the EDIT button under your post.

Do you want this thread to be both in the public and hidden forums or where do you want it?
Click to expand...

Request help forum works! Thanks G

 

[VESTANON]

@OP look Towards a Fully Setup high risk merchant service package which consists of, (merchant acct+biz company+banking)..

a pratical scenario should be payments received in merchant acct, also incorporates seamless payout chanel/system into attached bank acct, within 24/48hrs max, whilst payments settled into bank acct can be accessed directly.

as per your enquiry and thread, merchant providers take into consideration registered/incorporated entities over non registered..as successful onboarding requires MOU,Tax certificates,Company VAT No.,bank acct in Entity registered Name Etc. all along those lines are basic criterias toward your stated need... 😎

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ӢBank AcctsӢDebit CardsӢCrypto Emis
ӢCard To Crypto Cashouts
:[email protected] 😎​

 

[JohnnyDoe]

VESTANON said:
@OP look Towards a Fully Setup high risk merchant service package which consists of, (merchant acct+biz company+banking)..

a pratical scenario should be payments received in merchant acct, also incorporates seamless payout chanel/system into attached bank acct, within 24/48hrs max, whilst payments settled into bank acct can be accessed directly.

as per your enquiry and thread, merchant providers take into consideration registered/incorporated entities over non registered..as successful onboarding requires MOU,Tax certificates,Company VAT No.,bank acct in Entity registered Name Etc. all along those lines are basic criterias toward your stated need... 😎
Click to expand...

@VESTANON solution seems legit, but not good if you do decent volumes.

I am still looking for a reliable solution for my nutra/cannabis shop, one that provides direct processing and 3d secure.

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[Modaboost]

VESTANON said:
@OP look Towards a Fully Setup high risk merchant service package which consists of, (merchant acct+biz company+banking)..

a pratical scenario should be payments received in merchant acct, also incorporates seamless payout chanel/system into attached bank acct, within 24/48hrs max, whilst payments settled into bank acct can be accessed directly.

as per your enquiry and thread, merchant providers take into consideration registered/incorporated entities over non registered..as successful onboarding requires MOU,Tax certificates,Company VAT No.,bank acct in Entity registered Name Etc. all along those lines are basic criterias toward your stated need... 😎
Click to expand...

@VESTANON Thanks for the help! Definately make sense, will try and find someone providing this kind of "full package" service.
But im definately leaning towards merchants that are on the shady end and understand exactly what are the service i provide. Feels better then just jumping from merchant to merchant whenever they shut down my accounts as that would defo have a affect on my business

JohnnyDoe said:
@VESTANON solution seems legit, but not good if you do decent volumes.

I am still looking for a reliable solution for my nutra/cannabis shop, one that provides direct processing and 3d secure.
Click to expand...

@JohnnyDoe I think i saw your comment on another post where you are using payofix currently? I know another ecomm site that is in the exact industry that im trying to order and they are using payofix as well but as you said, they do not have 3d secure.
Quick question for you if you are comfortable with answering, do you know the requirements of payofix? Do i need a registered business to run with them or what are their requirements?

Last edited: Aug 6, 2022

 

[JohnnyDoe]

Modaboost said:
@JohnnyDoe I think i saw your comment on another post where you are using payofix currently? I know another ecomm site that is in the exact industry that im trying to order and they are using payofix as well but as you said, they do not have 3d secure.
Quick question for you if you are comfortable with answering, do you know the requirements of payofix? Do i need a registered business to run with them or what are their requirements?
Click to expand...

I registered with Payofix using a company but I receive settlements in crypto (by my choice).
It's unfortunate they don't offer 3d secure, for the rest I'm satisfied with Payofix.

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[Modaboost]

JohnnyDoe said:
I registered with Payofix using a company but I receive settlements in crypto (by my choice).
It's unfortunate they don't offer 3d secure, for the rest I'm satisfied with Payofix.
Click to expand...

@JohnnyDoe being able to receive settlements in crypto (stablecoins) is totally a plus for me, thanks ill go set up a meeting with them after all.
Sry last question for you : So technically i am able to use their merchant accounts without having my own bank account set up when receiving settlements in crypto?
Appreciatate the help!

 

[JohnnyDoe]

Modaboost said:
@JohnnyDoe being able to receive settlements in crypto (stablecoins) is totally a plus for me, thanks ill go set up a meeting with them after all.
Sry last question for you : So technically i am able to use their merchant accounts without having my own bank account set up when receiving settlements in crypto?
Appreciatate the help!
Click to expand...

I remember I gave them my company's bank account details, I don't know if it's for their due diligence or else, maybe it's not a requirement. Anyway, I only received settlements in crypto (USDT), regular weekly payments. I think there is a threshold of like $1k for payments.
Better you ask directly to them 😉

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[Modaboost]

JohnnyDoe said:
I remember I gave them my company's bank account details, I don't know if it's for their due diligence or else, maybe it's not a requirement. Anyway, I only received settlements in crypto (USDT), regular weekly payments. I think there is a threshold of like $1k for payments.
Better you ask directly to them 😉
Click to expand...

Gotcha. Thanks a bunch!!

 

[VESTANON]

JohnnyDoe said:
@VESTANON solution seems legit, but not good if you do decent volumes.

I am still looking for a reliable solution for my nutra/cannabis shop, one that provides direct processing and 3d secure.
Click to expand...

@JohnnyDoe with regards, high volumes, for an average of low 6figures to High 6figures payment settlements.

a merchant acquiring banking acct would be most ideal, specifically setup towards receiving High incoming payment volumes from merchant dashboard to settlement bank acct.

ideally a merchant acquiring bank acct has to be setup prior to onboarding with the desired payment processer of choice..

currently just a handful of Merchant acquiring bank acct, flow seamlessly with payment processors.

@OP nootropics are generally under sub categories, such as supplements,dietary vitamins etc..

do clarify as most merchants processors would require specific info, on the intended items and such.

moreso it this an already existing business? or simply a start up??

typical/ expected average monthly sales?

main jurisdiction of paying clients?

shipping method(direct/drop shipping)?

Last edited: Aug 6, 2022
Toggle signature

HighRisk P2P Card To Crypto Setups
ӢFiat->CryptoӢVerified EmiӢVcc Cards
ӢBank AcctsӢDebit CardsӢCrypto Emis
ӢCard To Crypto Cashouts
:[email protected] 😎​

 

[Modaboost]

VESTANON said:
@JohnnyDoe with regards, high volumes, for an average of low 6figures to High 6figures payment settlements.

a merchant acquiring banking acct would be most ideal, specifically setup towards receiving High incoming payment volumes from merchant dashboard to settlement bank acct.

ideally a merchant acquiring bank acct has to be setup prior to onboarding with the desired payment processer of choice..

currently just a handful of Merchant acquiring bank acct, flow seamlessly with payment processors.

@OP nootropics are generally under sub categories, such as supplements,dietary vitamins etc..

do clarify as most merchants processors would require specific info, on the intended items and such.

moreso it this an already existing business? or simply a start up??

typical/ expected average monthly sales?

main jurisdiction of paying clients?

shipping method(direct/drop shipping)?
Click to expand...

@VESTANON I will still consider it a startup although i do have a decent customer base in my home country, but they pay by bank transfer so i never had to consider a payment gateway till now where i am trying to have international sales thus creating a website.

The specific products will be focused around modafinil, which is a pretty grey area for most countries thus i am leaning towards more shady payment processors who fully understand what are the products i have in my store.

Average monthly international sales i am estimating it to be at least 50k USD minimum although it would take a couple months from launch to hit that consistently.
Main jurisdiction would be US, UK and Australia while shipping methods would be both direct and dropship.

Do you have any suggestions where i should incorp my business? From other users comments i think UK LTD or registration in cryprus might be what im considering.