High-Risk Shopify Store and Instabill Merchant Account

[freedom37]

Hello Offshorecorptalk community,

I hope this message finds you well. I am reaching out to seek advice and guidance as I embark on an entrepreneurial journey in a challenging niche. I'm based in Bulgaria, and I'm in the process of starting an e-commerce business involving a Shopify store specializing in adult toys using a dropshipping model. This venture has been a labor of love and dedication, taking over half a year to set up from scratch.

Currently, I am at the stage of applying for a high-risk merchant account, and I'm doing so through Instabill. As a newcomer to this industry, I have several questions for which I would be extremely grateful if anyone could provide insights and answers.

1. Is there a better alternative than Instabill for a high-risk merchant account?

2. Regarding the merchant application, I'm encountering questions related to PCI compliance: "Are you PCI Compliant?" and "PCI level (If applicable)." This is the first time I've encountered these terms, and while I've conducted some research to grasp their implications better, I would greatly appreciate it if someone could shed more light on these matters. Specifically, can my application be denied if I answer "NO" to the question regarding PCI compliance?

3. I have contemplated what monthly turnover to apply for, and I eventually settled on a figure of $50,000. My question is whether there is a requirement for a specific amount of money to be present in the company's bank account in order to qualify for this turnover?

4. Instabill's requirement of having a customer support toll-free number on the website struck me as quite demanding, especially for a startup like mine. I've observed that many competitors' websites do not feature such a number. I have purchased the toll-free number as required, but I am curious if this is a common practice in the industry.

5. Additionally, I found it unusual that Instabill requests access (login details) to the Shopify account. Is this a standard procedure?

I want to express my gratitude to everyone for taking the time to read and respond to my inquiries. I believe this forum is a valuable resource for entrepreneurs, and I regret not discovering it sooner. Better late than never, as they say.

Wishing success to all!

 

[Clearsky Network]

Hi
Good luck with your business!
1. There are several good providers depending on target market.
2. I guess you will be using Shopify payment page which is certified Level 1 PCI DSS compliant. This compliance extends by default to all stores powered by Shopify.
3. If you will apply too low, you have better chances of having the application rejected. If you will indicate too high it will be categorized under higher risk, thus you will pay higher fees. I would recommend giving estimated 6 months sales volume that shows gradual growth in the income.
4. Its always the best to have a phone number on the website, if you cant handle it at the moment at least have live chat or consider at least getting phone message forwarding service, it shouldnt cost much.
5. Instabill is requesting test account credentials. Its very common with PSPs.

Hope the above helps

 

[freedom37]

Hi
Good luck with your business!
1. There are several good providers depending on target market.
2. I guess you will be using Shopify payment page which is certified Level 1 PCI DSS compliant. This compliance extends by default to all stores powered by Shopify.
3. If you will apply too low, you have better chances of having the application rejected. If you will indicate too high it will be categorized under higher risk, thus you will pay higher fees. I would recommend giving estimated 6 months sales volume that shows gradual growth in the income.
4. Its always the best to have a phone number on the website, if you cant handle it at the moment at least have live chat or consider at least getting phone message forwarding service, it shouldnt cost much.
5. Instabill is requesting test account credentials. Its very common with PSPs.

Hope the above helps

Thank you very much for your reply!

1. My target market is USA, the second targets are Europe, Canada, Australia, UK. I am not sure if Instabill good enought for me or I have to check the mentor group..
2. Yes, I will using Shopify payment page. As I mentioned, I am new to this and thought that I will usings Instabill's gateway...
3. I understand. The questions is what is "Low"and what is "High". Is it $50k per months revenue too high?
4. I have 3-4 forms of contact with me. But they said that the toll free number is mandatory..
5. Thank you!

Cheers

 

[Clearsky Network]

Dont have much experience with your industry, so im not sure who would be the best match. requires some work...
In regards to the monthly volumes, do you have any estimations?

 

[freedom37]

Dont have much experience with your industry, so im not sure who would be the best match. requires some work...
In regards to the monthly volumes, do you have any estimations?

Not really, but I know that the revenue will be more than $50k.
Hey there, could you kindly explain what kind of permissions I should grant when setting up a staff account to provide access to the store? Should I grant full permissions or limit them in some way?

 

[Clearsky Network]

Not really, but I know that the revenue will be more than $50k.
Hey there, could you kindly explain what kind of permissions I should grant when setting up a staff account to provide access to the store? Should I grant full permissions or limit them in some way?

If you are sure it will be more than 50k then you can mention it. At the end, you know your capabilities better than anyone.
As for the tech settings, the best is to contact shopify tech support.