Payment Gateway for Hong Kong based business & Porto Rico Bank Account

[Ben Brown]

Hi,

I am an EU citizen trying to get payment gateway installed on my Shopify websites.

My company is based in Hong Kong, my bank account in Porto Rico, and this has been my major challenge when it comes to having my applications approved by payment gateways companies.

It seems so far, some just don't wire to Porto Rico (Paypal), or request that both company and bank account live in the same country.
I have seen Stripe helps you create an US based company to facilitate business but this means being tax compliant and adds too much complexity to my business.

Did anyone face such challenge in the past and how did you overcome it?
Thanks!

 

[Dubsize]

Hi,
Just out of curiosity, which bank in Puerto Rico ?
And regarding your problem why don’t you just inc an LLC in Delaware ? Maybe this would help?

 

[clemens]

Why don't you setup a UK company with some EMI account and apply for a merchant account in the EU i.e. WireCard, RBS WorldPay and so?

 

[Internationaloff]

Hello.
Stripe accepts Hong Kong.
If you need PayPal, try Neat Business
Alternatively, why not 2CO?

 

[Friendly ECommerce]

Hello.
Stripe accepts Hong Kong.
If you need PayPal, try Neat Business
Alternatively, why not 2CO?

I've seen mixed reviews about Neat as of late. I was actually thinking about using it for PP, but heard it was not accepted. Have you had a different experience? I'm also in the process of getting a HK company set up and have the same concerns as OP

 

[sheenue]

I've seen mixed reviews about Neat as of late. I was actually thinking about using it for PP, but heard it was not accepted. Have you had a different experience? I'm also in the process of getting a HK company set up and have the same concerns as OP

I have a company in HK and neat business account as well and things were good before this month. I've been accepted by PP and Stripe with neat, but on 1 february Standard Chartered Bank deactivated me and many others.

We understand the significant impact this will have on your business and we are doing everything we can to mitigate this situation and establish an alternative solution as soon as possible.

Neat is accelerating the rollout of a new system that has been under development for the past few months and is expected to go live by the end of March. From that point on you will again be able to collect incoming payments via your Neat Business account. Recognising the importance of resolving today’s difficult situation we very much look forward to giving you further updates on this new development.

We remain committed to providing alternative solutions to those companies and people who have otherwise been underserved by the traditional banking industry. As such we have done everything in our power to reverse this decision; however we have been informed that this is not going to be possible.

We sincerely apologize for the inconvenience caused by this situation.

Please let us know if you have any questions or concerns. We would like to stress our commitment to working with you to ensure the fastest possible resolution of this issue.

The Neat Team

 

[Friendly ECommerce]

I have a company in HK and neat business account as well and things were good before this month. I've been accepted by PP and Stripe with neat, but on 1 february Standard Chartered Bank deactivated me and many others.

Dang! Sorry to hear that. Did this impact your ability to send/receive on PayPal? Or just getting disbursements from Stripe? Is Standard Chartered Bank a the bank which neat relies on to provide bank accounts?

 

[sheenue]

Dang! Sorry to hear that. Did this impact your ability to send/receive on PayPal? Or just getting disbursements from Stripe? Is Standard Chartered Bank a the bank which neat relies on to provide bank accounts?

Well I can send payments, but can't receive any payments from paypal or stripe, so money just stuck there and I think I just need to change the bank acc info. And yes, I can use money from paypal I think, but I didn't try that. And yes, Standard Chartered Bank a the bank which neat relies on to provide bank accounts, only this bank. I found an alternative on this forum - Currenxie, and applied few hours ago, but I'm not sure about their "white list", I can't get what does that mean.

 

[Friendly ECommerce]

Well I can send payments, but can't receive any payments from paypal or stripe, so money just stuck there and I think I just need to change the bank acc info. And yes, I can use money from paypal I think, but I didn't try that. And yes, Standard Chartered Bank a the bank which neat relies on to provide bank accounts, only this bank. I found an alternative on this forum - Currenxie, and applied few hours ago, but I'm not sure about their "white list", I can't get what does that mean.

Haven't looked into it in depth, but the people who recommended Neat to me are now saying to switch to Airwallex when I mentioned the issue you were having.

 

[sheenue]

Haven't looked into it in depth, but the people who recommended Neat to me are now saying to switch to Airwallex when I mentioned the issue you were having.

Thank you, I never heard about them, but crunchbase said that they have more than 100m in funding, I've send an email, will check it out.

 

[JohnLocke]

I have a company in HK and neat business account as well and things were good before this month. I've been accepted by PP and Stripe with neat, but on 1 february Standard Chartered Bank deactivated me and many others.

It would be of interest to know why they have closed your account.

 

[sheenue]

It would be of interest to know why they have closed your account.

I asked it in online chat and they said it can be for many reasons: not so many transactions, owner citizenship and other, bank didn't tell them the reason, but I know that not so many accs were closed, I think it's because I'm ukraUkrai or it can be coz I had only about 2000$ a month, dunno.

 

[sheenue]

So I've started to use Airwallex instead of Neat for 3 months until today I have the same problem again, they shut down all the "Global Accounts" where I can receive money with my LLC name on it and now I have an only DBC bank account on the name if Airwallex (Hong Kong) Ltd, but I need to input the beneficiary name there and Stripe not allowed to do that. So I'm stuck again. Any ideas, guys?

 

[James Ganesha]

So I've started to use Airwallex instead of Neat for 3 months until today I have the same problem again, they shut down all the "Global Accounts" where I can receive money with my LLC name on it and now I have an only DBC bank account on the name if Airwallex (Hong Kong) Ltd, but I need to input the beneficiary name there and Stripe not allowed to do that. So I'm stuck again. Any ideas, guys?

Hey please rephrase this. Did not understand, but maybe I can help. Currently speaking with tax attorney about the same issue for my HK based company

 

[sheenue]

Hey please rephrase this. Did not understand, but maybe I can help. Currently speaking with tax attorney about the same issue for my HK based company

My main problem is to withdraw money from stripe to somewhere. When Stripe send payment to Airwallex HKD account, DBC bank return this payment back to Stripe again, because you need to input the beneficiary name in payment "Airwallex (Hong Kong) Ltd " and stripe just use bank and branch code, I can't input any names there.

 

[James Ganesha]

So you can receive payments with stripe x airwallex, but you can't withdraw the money from your stripe account?

 

[sheenue]

So you can receive payments with stripe x airwallex, but you can't withdraw the money from your stripe account?

That's right. I can't send it from Stripe to Airwallex

 

[amf]

@sheenue or @Ben Brown did anyone of you sorted your problems ? Cause im having something similar....and was wondering how u guys did it ?

 

[suppliersten]

Why don't you setup a UK company with some EMI account and apply for a merchant account in the EU i.e. WireCard, RBS WorldPay and so?

Do you have expierence with wirecard? Are they difficult to approach, as for example minumum monthly turnovers?

 

[clemens]

WireCard is awesome and has been working for me all the time also during the time where they have been in trouble, they still are, but still works.