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!

 

[EliasIT]

Modaboost said:
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?)
Click to expand...

yes they will but you will take the full risk on your name and personal details. It's not advisable to do unless you use darks or some other sort which you may discuss in the mentor group gold.

Modaboost said:
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)
Click to expand...

UK LTD is a perfect company setup for payment processing as an foreigner! It is accepted by almost any European payment processor, it's cheap and easy to setup and you can get rid off it just like that.

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[Modaboost]

EliasIT said:
yes they will but you will take the full risk on your name and personal details. It's not advisable to do unless you use darks or some other sort which you may discuss in the mentor group gold.


UK LTD is a perfect company setup for payment processing as an foreigner! It is accepted by almost any European payment processor, it's cheap and easy to setup and you can get rid off it just like that.
Click to expand...

Thanks for the help Elias!

Reason im trying as much as possible to avoid incorporating a company in the UK or anywhere else its because the items sold on the site are in the grey area so to speak. Thus if i do want to set it up i would have to do it under other peoples profiles and will have to pay additional fees to them (or use DARKs ofc).

But its interesting that some payment processors can take me on if i just have a bank account... might be something i will pursue. Do you know requirements for this such as does it have to be a business account or personal account might work, etc.

 

[bountymounty]

if you don't setup a company most high biz processors will refuse you.