There are several “legal” businesses in the market but due to the nature of the business that the product or services they provide are such that the business is categorized as a high-risk business. Similarly “Escort” is booming in the environment. In this industry and agency, people, especially women, are hired to accompany them for entertainment purposes.
Bankers frown at the mere mention of the word “escort.” It’s no surprise that banks refuse to process it because the business is too risky, with a high rate of chargebacks and a bad reputation. Because this type of service is strictly confidential, chargebacks do occur. The customer is most likely concealing his or her behavior from family and friends. Customers have been known to make these transactions using stolen credit cards. Money laundering is the result of this. Even merchants have been known to use their websites as a front for money laundering or even illegal prostitution.
How to open an Escort Merchant Account?
To start an escort merchant account, you’ll need to gather the following documents:
- 3-6 months of payment processing statements showing total sales, refunds/returns, and chargeback requests with the company name;
- 3 months of bank statements from your business;
- Incorporation certificate This document establishes your company’s legal status. This certificate is issued by a state governmental entity or corporation.
- Certificate of Incumbency
- All company officers and owners must have copies of valid passports with visible bearer signatures.
Payment methods escort merchants prefer are just like any other businesses. Geo-preferences should guide escort businesspeople. Aside from local payment methods that vary by country, consider the following options:
Visa, Mastercard, Diners, Discover, etc.
These payment processors are popular all over the globe.
It can be difficult to find the right escort merchant account. It’s critical to do your homework and read the contract’s terms and conditions carefully. Providing documentation that clearly demonstrates that you are running a legal business is also essential. A knowledgeable merchant provider who specializes in escort merchant services can point you in the right direction.
Finding an escort merchant account can be time-consuming and difficult. However, if you arrive at the right door with the proper documents and application, you will be successful. Your only solution for a merchant account for your escort business is a high-risk merchant service provider.
Radiant Pay aims to provide lower rates and more secure processing options. It is a leading company, that specializes in tailor-made payment processing solutions in London, UK, for a variety of industries and risk levels, including escort services.