Can a Canadian get access to US payment processing?

[sleez]

I run several e-commerce dropshipping businesses, and one of my main challenges has always been payment processing. I previously attempted to open a US LLC but faced difficulties accessing payment processors because I lacked an SSN, which many companies required. Does anyone know of any workarounds or legal methods to access the advanced payment processing options available in the US? My primary market is in the US, and I sell mainly in USD, so being able to process payments directly with a US bank account would save me a significant amount in currency conversion fees.

I'm Canadian and currently run under a Canadian corporation but would love to see if I have more options

 

[Sols]

Do you need processing in the US, or do you need processing in USD?

Check out Stripe and Braintree, and speak with Nuvei and Elavon, as well as your preferred banks in Canada. AFAIK, practically all of them support processing in USD and as long as you have a USD bank account, you can receive payments in USD.

Otherwise, maybe Stripe Atlas would be a good fit for you?

 

[sleez]

Do you need processing in the US, or do you need processing in USD?

Check out Stripe and Braintree, and speak with Nuvei and Elavon, as well as your preferred banks in Canada. AFAIK, practically all of them support processing in USD and as long as you have a USD bank account, you can receive payments in USD.

Otherwise, maybe Stripe Atlas would be a good fit for you?

ideally processing in the US to get more access to higher risk merchants as well as options such as cash app,Zelle,and other popular payment methods there for my checkout

 

[Sols]

Well, you can try forming a US company and get an ITIN and EIN, but many processors will still insist on the directors/managers having SSN.

Stripe Atlas might be a good starting point.

Can you hire or find a business partner in the US?

 

[Forester]

Actually, the same problem is currently discussed in one thread in Mentor Group Gold, in quite deep details.
To sum up the results:
1) Yes, for operating at the US market it is beneficial to have a US payment processor.
2) To have an access to some US payment processor it is proper to operate via a US company.
3) The best way how to get some US payment processor for a US company is to engage a US director for this company – or, to be exact, a director having the SSN. Hiring such a director is quite well doable (ways depend on what tasks you want to assign to him).
For your case I'll just add that as you are Canadian (living in Canada, I presume) you can look around for a director having SSN also in your environment, quite well – I was doing the business in Canada (AB) for some years so I know that there is quite a lot of Canadians having a SSN (I witnessed it and I even still know some).

 

[sleez]

Actually, the same problem is currently discussed in one thread in Mentor Group Gold, in quite deep details.
To sum up the results:
1) Yes, for operating at the US market it is beneficial to have a US payment processor.
2) To have an access to some US payment processor it is proper to operate via a US company.
3) The best way how to get some US payment processor for a US company is to engage a US director for this company – or, to be exact, a director having the SSN. Hiring such a director is quite well doable (ways depend on what tasks you want to assign to him).
For your case I'll just add that as you are Canadian (living in Canada, I presume) you can look around for a director having SSN also in your environment, quite well – I was doing the business in Canada (AB) for some years so I know that there is quite a lot of Canadians having a SSN (I witnessed it and I even still know some)

thanks for clarifying! Yeah, I assumed getting a partner involved with an ssn would be the best workaround. Do you know if any existing services would provide this or my only best bet would be to find a genuine business partner to bring in?

 

[Forester]

thanks for clarifying!

You are welcome.

Yeah, I assumed getting a partner involved with an ssn would be the best workaround. Do you know if any existing services would provide this or my only best bet would be to find a genuine business partner to bring in?

Well, it really depends on what tasks you want to assign to him.

If you just want him to ease getting to payment processors (and perhaps managing them, or some similar tasks), what is IMO actually close to being just a nominee director, you can go for some company incorporation agent who also offers the nominee director service, they should be able to help you. (I can eventually direct you to one reliable provider if you like.)

If you feel that a genuine business partner would really help you in general, to manage and develop your business, then seek him as you would seek a business partner, or at least hire a HR agency as if you were looking for a new employee...

 

[sleez]

You are welcome.

Well, it really depends on what tasks you want to assign to him.

If you just want him to ease getting to payment processors (and perhaps managing them, or some similar tasks), what is IMO actually close to being just a nominee director, you can go for some company incorporation agent who also offers the nominee director service, they should be able to help you. (I can eventually direct you to one reliable provider if you like.)

If you feel that a genuine business partner would really help you in general, to manage and develop your business, then seek him as you would seek a business partner, or at least hire a HR agency as if you were looking for a new employee...

if you could direct me to that incorporation agent who offers nominee director services, it would appreciated!

 

[Forester]

if you could direct me to that incorporation agent who offers nominee director services, it would appreciated!

OK, I've just sent you a PM.

Sorry for the delay, I am travelling a lot now...