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fataliskain

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#1
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Hi, I am a non US citizen and this is my first post

We are a business specializing in providing Digital Goods which are Mobile Gaming Accounts with various different titles: Epic Seven, Exos Heroes & More. We partnered with various technology companies and they supplied us with digital products and we did the sale. We also have our own production within our country but only for some titles since production costs are extremely high.

Our annual sales are about 500.000 usd

I am living in Vietnam, and allow me to explain our situation atm

About 2 days from now we are going to register a LLC in Singapore (Because I heard that is the requirement if I want to create a merchant account so I can accept Visa/master card directly on our website. Or Do I need to Switch to Delaware LLC, and create a US bank account with Payoneer, for example. etc...). Please guide me on this part since you are real expert here.

I need a merchant account that can proceed credit cards on my website.

Up to now, we were using paypal for payment methods. But we heard that when your sales get too high (like over 1 million), our account might get shut down, that's why I need to put eggs on many basket/

Our volume each day is around 70- 80 transactions.

Average cart value is around $50.

Our chargeback rate of all time atm is around 0.6%.

Atm, we need a trustable payment processor so that within a year or two, we can push our sales to over 1 million annually. We tried Easypaydirect a day ago and they told us that we need to register the company in the US (this, it is not hard) but the next part, the owners of the business need to live in the US as well (this part is hard because we are living in vietnam). I dont know if its is true or not, I thought i only need to register an LLC in the US, open a business bank account, get EIN, etc... and I am good to go.

I also tried to ask a few different high risk payment processors but no contract from them yet.

So my real question is, is it even possible for me to get a merchant account to process visa/credit card directly on my website beside Paypal or not?

I want to ask what are the requirements I need (like LLC in singapore, US, etc...) in order to have a trust worthy merchant account up so that I can focus on the making money part, not wasting time running in circles like this

It would be nice if someone can point me to a direction.

Hope someone to reply to this post, fee is not the problem here.
 

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#2
You can try Paymentcloud, they are normally recommended by Stripe for High risk. However, IDK if they accept Singapore LLC. Moreover, be prepared to provide at least 3 months of personal bank statement to any High Risk processor and between 10%-20% in sales. There will also be initial limits on monthly transaction volume. You have to contact them for pricing as they custom pricing based on volume projections and chargeback history.
 
#3
sinos said:
You can try Paymentcloud, they are normally recommended by Stripe for High risk. However, IDK if they accept Singapore LLC. Moreover, be prepared to provide at least 3 months of personal bank statement to any High Risk processor and between 10%-20% in sales. There will also be initial limits on monthly transaction volume. You have to contact them for pricing as they custom pricing based on volume projections and chargeback history.
Click to expand...
Sorry can i have more clarity on this part "10% - 20%" in sales? Do you mean that I need to show them 20% of my total trasactions? Or the pricing is 10- 20% per transaction?
 
#4
It's a lot of applying and hoping your business is a risk due to charge backs. Yes they are very low fortunately for you but you are deemed as high risk.

Don't register in Singapore it's only going to be more headache.

What current corporate structure do you hold?
 
#6
1
fataliskain said:
Sorry can i have more clarity on this part "10% - 20%" in sales? Do you mean that I need to show them 20% of my total trasactions? Or the pricing is 10- 20% per transaction?
Click to expand...
10-20% per transaction depends, if they have tiered rates, "qualified", mid-qualified" and non-qualified". Their pricing is custom, as I said, but again target audience, merchandise and quality. You can try Cardfellow and get comparative rates on your business niche. They ask few details and then help you with quotes from processors, if any. I think its free, you can try them and get a feel as to what average rates you can expect.
 
#7
CaptK said:
It's a lot of applying and hoping your business is a risk due to charge backs. Yes they are very low fortunately for you but you are deemed as high risk.

Don't register in Singapore it's only going to be more headache.

What current corporate structure do you hold?
Click to expand...
at the moment i am looking for solutions, how about form a delaware LLC and get a business bank account? After that i can mostly apply to any payment gateway in the US I want, right?
 
#8
sinos said:
1

10-20% per transaction depends, if they have tiered rates, "qualified", mid-qualified" and non-qualified". Their pricing is custom, as I said, but again target audience, merchandise and quality. You can try Cardfellow and get comparative rates on your business niche. They ask few details and then help you with quotes from processors, if any. I think its free, you can try them and get a feel as to what average rates you can expect.
Click to expand...
Oh so these guys from Cardfellow can analyze my business and connect me with different payment processors that want my business?
 
#9
fataliskain said:
Oh so these guys from Cardfellow can analyze my business and connect me with different payment processors that want my business?
Click to expand...
Its like an online marketplace for Card processors, but the catch is they normally cater to US businesses. Again high risk processing is a slippery area. There are processors who quote very low prices but in the end it is settlement that is very important. Are they quick with settlements without being finicky like Paypal. On Cardfellow you can get very low & ridiculous prices, Tech Support & Softwares may get a quote of 2%-3% but are they realistic, I don't know.

So, again, if you plan to incorporate an LLC in USA as a non-resident, its easy. But there are certain tricky issues as I have already mentioned, where are your customers? If you deal with US customers there can be certain issues with IRS on the tax front. Its best to consult with a qualified accountant on this.

The next issue may be getting a business bank account for your US LLC. Its very difficult to get an US bank account. Many cite Mercury Bank, but its difficult to get an account from Mercury, again banks will like to know about your businesss, they may want to see your website if you have any, there are lots of things. Incorporating a US LLC is the least of your worry.
 
#12
fataliskain said:
Hi, I am a non US citizen and this is my first post

We are a business specializing in providing Digital Goods which are Mobile Gaming Accounts with various different titles: Epic Seven, Exos Heroes & More. We partnered with various technology companies and they supplied us with digital products and we did the sale. We also have our own production within our country but only for some titles since production costs are extremely high.

Our annual sales are about 500.000 usd

I am living in Vietnam, and allow me to explain our situation atm

About 2 days from now we are going to register a LLC in Singapore (Because I heard that is the requirement if I want to create a merchant account so I can accept Visa/master card directly on our website. Or Do I need to Switch to Delaware LLC, and create a US bank account with Payoneer, for example. etc...). Please guide me on this part since you are real expert here.

I need a merchant account that can proceed credit cards on my website.

Up to now, we were using paypal for payment methods. But we heard that when your sales get too high (like over 1 million), our account might get shut down, that's why I need to put eggs on many basket/

Our volume each day is around 70- 80 transactions.

Average cart value is around $50.

Our chargeback rate of all time atm is around 0.6%.

Atm, we need a trustable payment processor so that within a year or two, we can push our sales to over 1 million annually. We tried Easypaydirect a day ago and they told us that we need to register the company in the US (this, it is not hard) but the next part, the owners of the business need to live in the US as well (this part is hard because we are living in vietnam). I dont know if its is true or not, I thought i only need to register an LLC in the US, open a business bank account, get EIN, etc... and I am good to go.

I also tried to ask a few different high risk payment processors but no contract from them yet.

So my real question is, is it even possible for me to get a merchant account to process visa/credit card directly on my website beside Paypal or not?

I want to ask what are the requirements I need (like LLC in singapore, US, etc...) in order to have a trust worthy merchant account up so that I can focus on the making money part, not wasting time running in circles like this

It would be nice if someone can point me to a direction.

Hope someone to reply to this post, fee is not the problem here.
Click to expand...
https://www.offshorecorptalk.com/members/rsgm.15580/he did the same business as you, video game coins for sale, but i didn't know what's his Merchant account, try to contact this guy, maybe he can help you, good luck!
 
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#15
Ill reply more in depth alter as I have to head out but no, you cannot get a US bank account unless you physically come to the US for the most part due to our anti money laundering laws.
You can open a US LLC but you will not get the bank account, nor will any real payment processor in the US give you a merchant account as a foreigner.

Best option will depend on what countries you can get a bank account in more easily, but EU or US is best.
Getting one in the EU is easy remotely set up or having an EU bank act as a pass through to accept the money and pass it on to you.
Ive been away so Im gonna come back on in a bit, upgrade my account again, and then chat.

But anyway options are:
1) Come to the USA in person to open bank account etc, but even then, youll need a US based resident as a partner for the merchant account.
2) Set up an EU/UK corp and bank account remotely
3) open up a bunch of paypals etc and just juggle merchant accounts, IDK why but people do that and always complain and wonder why they are having such a hard time lol especially when the business is not shady
 
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