Gift Card Payment gateway
DLS Dubai - Company Formation & Bank Account
Turner Little - Company Formation Agents

Bank requesting invoices for PSP payouts

CALL US ON +971 50 4467827 - TO SETUP YOUR NON-CRS COMPANY STRUCTURE IN DUBAI.

Avalon

New member
Hi!

I’ve opened a couple of corporate bank accounts (not EMI, real banks) for my LLC (outside EEA or USA), but once i started receiving payments from 2checkout and other credit card processing providers, these banks started to spit and shout, requesting invoices and explanations for these transfers.

Their corporate internet banking is extremely outdated and on top of that they require invoices and explanation for each incoming/outgoing transfer.

How do I go about it if I receive 2-8 payments everyday from different PSPs?
Payments are coming from EEA, Europe and Asian processors via their own bank accounts/acquirer banks, so almost the same senders, just different amounts.
My banks say there must be a product sold/bought, even if it’s digital, it should be b2b transaction so we can track it and know everything about it.

But when we receive payouts from PSPs, there’s nothing sold and nothing bought, hence no invoices.

Can someone explain me this in detail?

Thanks in advance!
 

cardbit

New member
Hi Avalon,

There should be an agreement with each PSP, even if its digital one. If no agreement, you can still ask every PSP for confirmation of merchant account being held with them. You do sell digital goods, like you say, so there is something to show to banks. You can send confirmation that digital goods were successfully downloaded by clients, for example.
 

negon

hannibal the cannibal
BANNED MEMBER
Their corporate internet banking is extremely outdated and on top of that they require invoices and explanation for each incoming/outgoing transfer.
Is this Euro Pacific Bank? sounds like them!

You should always be able to get a statement from the processor which clearly state, processed amount, processors fees, chargebacks, holdback and whatelse each payout include. Most processors provide that, if not all.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
But when we receive payouts from PSPs, there’s nothing sold and nothing bought, hence no invoices.

You mean you get no receipt or confirmation from the PSP for funds they receive and funds they remit to you? Even if you get this info, any half decent bank will want to see end customer invoices for what services or goods were provided and to whom i.e did you sell to Mr Heinz in Frankfurt or Abdul in Kabul.
 

Avalon

New member
You do sell digital goods
physical goods, month long shipping, no chargebacks


any half decent bank will want to see end customer invoices for what services or goods were provided and to whom
This is freaking brilliant because before moving to this structure we had about 15,000-35,000 credit card payments per month, and sometimes double that with upsells and fees. Sending this data to the bank will be totally preposterous, let alone aggregating it or storing it!

Is there any way to avoid this? I had some business partners in EEA operating under sole traders with stripe and nor their bank, nor anyone else have never asked anything about their incoming/outgoing payments for years. Is this due to agreements with stripe?

is this a commonality for banks to conduct digital proctology exams to every business on everyday basis?
 

cardbit

New member
>>is this a commonality for banks to conduct digital proctology exams to every business on everyday basis?

We are talking about basic aml measures. If they won't do that, their business will not last long in nowadays reality.
 

blizz

Mentor Group Gold
You should always be able to get a statement from the processor which clearly state, processed amount, processors fees, chargebacks, holdback and whatelse each payout include. Most processors provide that, if not all.
I agree. This can't be any standard payment processor if you don't get an transaction statement from them. Usually you can do it like you can in PayPal and show this to the bank.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Is there any way to avoid this? I had some business partners in EEA operating under sole traders with stripe and nor their bank, nor anyone else have never asked anything about their incoming/outgoing payments for years. Is this due to agreements with stripe?

is this a commonality for banks to conduct digital proctology exams to every business on everyday basis?

Stripe is reputable company with clients like google, amazon, microsoft etc etc. 2checkout and the other obscure card processors you use have clients like..............you :( - no offense intended.

It is common for banks to examine certain kinds of businesses in detail especially when aggregation of payments happens upstream before funds reach your account. What bank are you using or at least in which country is it?
 

blizz

Mentor Group Gold
This is a BS trolling thread! Why don't you simply provide the invoices you generate to your customers to the bank together with the account statement you get from 2co and almost any other payment gateway. Can't be hard, can't be difficult unless this thread is only for your personal entertainment.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Probably is trolling he said he had 35,000 card payments a month. That's 1166 card payments on average a day...lol.
 
Fast Offshore - Company Formations Since 1998
DLS Dubai Company Formation and banking solution
Top