online payment processors for Cyprus business / Cyprus bank

[user9823671]

Hi,

Hopefully this thread is a allowed. I made a general post on the offshore board here:

business/bank (ownership hidden from public) for subscription product

Hi, been a while since been on this forum and haven't kept up with latest happenings in offshore / privacy issues, so thought I would create a thread rather than wade through the 100s of other similar threads (sorry about that). Am starting a new business that is legal, but does involve...

www.offshorecorptalk.com

where a Cyprus entity was suggested. Some basic research into that and now I have lots of questions, so thought it would be best to add it to the Cyprus forum. If this is not allowed / considered spamming - my apologies.

Assuming I have a Cyprus business / bank account. Is it just a formality to get a business paypal / 2cho / paddle /other mainstream payment processors, or does Cyrpus still have a "reputation" making this harder than it would be for a normal business?

Would I the UBO have to provide my residence details, or would the fact the bank and business are in Cyrpus avoid that (I am aware of issues previously where having a Belize company with a Cyprus bank account would raise flags)

Would the online payment processors treat a resident Cyprus corporation differently to a non-resident Cyprus corporation? Is this information publicly attainable?

 

[JohnLocke]

Please posting the same over and over the forums, thread moved. 1 Warning point given!

 

[c4labs]

Hey,

A company is Cyprus is fine for most of the providers
However, in order to get a maximum of choices and approvals, it will be good to have
- bank in Cyprus
- director and shareholder based in cyprus (avoid some nationalities as Ukrainian and Russian). So as you are not a resident, it may cause some troubles, maybe with a nominee? If you have the budget
- notarize documents (incorporation documents, utility bill for the company, utility bill for the director and shareholder) you can use the service of one member of the forum if you struggle (pin in marketplace section)

Cyprus companies are considered as riskier especially if you have a recurring business (historically, many shady websites were incorporated there with recurring websites so there is a small flag)
One shot payments (so no recurring) is fine

Avoid paypal
You have plenty of providers out there

If you need more info, feel free to post

 

[bastard]

What is the problem to find a payment processor accept a legit setup Cyprus company? Have you tried WireCard, Instabill or websitebilling for that sake?

 

[c4labs]

I will advise to avoid wirecard, instabill and webbilling.
Also, it depends on the business vertical? What do you want to sell?

 

[JohnLocke]

I will advise to avoid wirecard, instabill and webbilling.

Why would you advise to avoid them?

 

[c4labs]

Well if the business activity is not high risk, he should go for a normal PSP
Wirecard : old acquirer, they are under the radar since 2 weeks, with their thai/Vietnamese fake companies. The platform is old and you will not have any support
Compliance is not easy for CY. Good pricing however.

Instabill: focused on highrisk, so if you are not Hr, you should avoid to optimize your acceptance rate. More focused on US merchants as well

Webbilling: same thing, but they accept more EU merchants. If you need advanced fraud tools, you will have some issues with this provider.

What is your forecast for volume? Country split? Business vertical?