Offshore Payment Processing for Shady Business Venture?

J

JimmyP

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Dec 12, 2012
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Evening all, looking for a little advice if possible.

Let's say hypothetically you have an opportunity to go into a relatively new niche business, although you're providing a product/service that's not legal to sell in your country of residence. Sites already existing within this small niche are processing payments via Credit Card- I was wondering if anyone could shed any light on how to go about setting up an offshore merchant account to process payments?

Looking for all recommendations including best countries to opt for (Panama, perhaps?), and whether it's worth setting up a company over there to ensure you don't have to accept payments in your real name. Furthermore, how would you go about withdrawing funds once they were in the offshore account?

Any tips and wisdom would be welcomed,

Thank you.
 


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I'm sure there's a few here that are willing to post a link to what you need. Keep checking back
 
JimmyP said:
Evening all, looking for a little advice if possible.

Let's say hypothetically you have an opportunity to go into a relatively new niche business, although you're providing a product/service that's not legal to sell in your country of residence. Sites already existing within this small niche are processing payments via Credit Card- I was wondering if anyone could shed any light on how to go about setting up an offshore merchant account to process payments?

Looking for all recommendations including best countries to opt for (Panama, perhaps?), and whether it's worth setting up a company over there to ensure you don't have to accept payments in your real name. Furthermore, how would you go about withdrawing funds once they were in the offshore account?

Any tips and wisdom would be welcomed,

Thank you.
Click to expand...

Use the search function, cum bubble.

Here is a thread by one of WickedFire's Internet lawyers: WickedFire - Affiliate Marketing Forum - Offshore Payment Processing
 
Don't need to be a WF regular to know I'm going nowhere near that link, poor effort.
 
I'm guessing legal highs or some similar niche.

It really doesn't come down to the processor. It's whether or not Visa and MasterCard are willing to accept such transactions. Your processor's compliance dept, whoever's doing the underwriting, are going to have to look at and approve whatever it is you're selling based on whether or not it's allowed under Visa and MasterCard's rules.

If you look at the sites that are already processing credit card you'll most likely see they are doing it on the sly, either spoofing what is being bought or using a service like Moneybookers against their T&Cs. If they aren't, a little digging into their site should shed some clues as to which processor they are using who you can then contact directly.
 
JimmyP said:
Evening all, looking for a little advice if possible.

Let's say hypothetically you have an opportunity to go into a relatively new niche business, although you're providing a product/service that's not legal to sell in your country of residence. Sites already existing within this small niche are processing payments via Credit Card- I was wondering if anyone could shed any light on how to go about setting up an offshore merchant account to process payments?

Looking for all recommendations including best countries to opt for (Panama, perhaps?), and whether it's worth setting up a company over there to ensure you don't have to accept payments in your real name. Furthermore, how would you go about withdrawing funds once they were in the offshore account?

Any tips and wisdom would be welcomed,

Thank you.
Click to expand...

Sounds like a job for moneybookers ... watch out for drones.
 
Fatbat said:
I'm guessing legal highs or some similar niche.

It really doesn't come down to the processor. It's whether or not Visa and MasterCard are willing to accept such transactions. Your processor's compliance dept, whoever's doing the underwriting, are going to have to look at and approve whatever it is you're selling based on whether or not it's allowed under Visa and MasterCard's rules.

If you look at the sites that are already processing credit card you'll most likely see they are doing it on the sly, either spoofing what is being bought or using a service like Moneybookers against their T&Cs. If they aren't, a little digging into their site should shed some clues as to which processor they are using who you can then contact directly.
Click to expand...

Thanks for the input, just the kind of response I was looking for.

Most do appear to be spoofing with cover sites to process payments from my research in the last couple of hours. Will keep digging for a while yet.
 
Be creative, is its legal highs, set up a store selling rave clothing etc then "add" products once approved. Or just do something legit and sleep well at night.
 
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