High Risk Payment Processing Woes

Hi all,

New to the forum but this looks like a great place to ask my question.

I am starting a nootropics company and am looking for payment processing. We are based in Belize and have no history of taking payments (being a new company and all).

This combination of factors is making it next to impossible to even get a payment processor to talk to us.

Does anyone have any idea about the best way to secure a high risk merchant account and payment processor?

Thanks in advance.

 

Why not using bit coins as it anonymous and secure.

 

Yes, go for Bitcoin and be happy. But it isn't fully anonymous, anyone can look at the blockchain to see the transactions in/out your wallet.

 

You will not find any payment processor that will take on your offshore corp. in Belize I assure you of this! You may consult firstatlantic.com but as far as I know they don't take startups any longer. You may want to incorporate in the UK or Malta / Cyprus to get a EU merchant account your chances to get approved there are 10 times higher.

 

Your only hope is to find someone who will process for you using a factored merchant account. Merchant factoring is the process of taking a merchant account and using it for a purpose not defined in the business plan which was laid out when the account was approved. If you get caught, the merchant account will get terminated likely with a TMF. Once the chargebacks start rolling in, this is likely especially if the business model is not the same as the original account. You can find some companies which will do this for 30-50% off the top, but honestly, there is no reason for any sane company to do this for you. You want something that a lot of shady businesses want. And one thing there is no shortage of, are companies more legit than you who need merchant processing as well. I've dealt a lot in high risk merchanting, I still do. I run merchant accounts right now that sustain 6% chargeback ratio and still keep on going. But I'd never set up an account for you. Just letting you know.

 

I don't know if Stripe.com (merchant account) would be available but they seem to accept the Belize Dollar. Worth checking with them.

 

If you are a normal, legal, registered company then you can approach your local banks in Belize. Outline your business plan and your projections to them and see how it goes.

 

Bitcoin is safe and anonymous but what if you'll see a huge market crash?

I'd go with Visa/Master card, Wire payment, Payoneer is also a good choice, basically you have an account in a financial paradise I think it's Belize the bank name is Choice Bank Limited. I have about 5 credit cards from them and never had a problem. I am not sure what's all the negative talking about that tey might steal money from your accounts. Never happened to me, or some other 200 something people that I know use payoneer.

OneCoin is another option, I am not sure how it can be implemented, the downside for now is that it is in fact a MLM scheme. Not a scam I have received dozens of payments from them already.

 

bitcoin is one hell of your option there are already APIs available particularly those processors like bitpay which is used by merchants these days as well.

 

Hi! Dear krombopmichael,
Today several different online payment processing companies are developed and worked for high-risk merchant accounts. I suggest you to first of all readout all the reviews of top payment processing companies.

 

As some others mentioned, you will only be able to get an aggregate account with your Belizean corp. I would say it would be a good idea to open a corp in another jurisdiction like the EU, but that still wouldn't help you due to the nature of your business (nootropics company). Although still legal in most areas, nootropics are not support by the card associations (V/MC). So anything you find is going to be aggregated and you will risk losing the account due to the performance of other merchants sharing it with you.

Your local Belize bank will not offer you an ecommerce account for nootropic sales
Stripe - does not support nootropics
Bitcoin - is great but its likely that only 1-10% of your customer base uses this

Other options would be WU or money order but neither are ideal. Good luck!

 

Hi, not sure if you still looking. We are a payment solutions for high risk accounts but not sure what kind of requirement/needs?

 

You can try CCBILL. They are one of the best high risk payment processor. You can sign up with them. Bitcoin is also a good option.

 

Hello everyone.
I partner with many payment service providers, that accept all kinds of high-risk business structures.
Businesses without legal entities and licenses are also acceptable.
Hit me up via Telegram and we will discuss your project and help you with onboarding: @serg_rankovskiy