Firstly, software for it is no problem at all, relatively cheap and the same as paypal and Nochex.
Then you need a merchant account from which to run a line of credit. Easy – offshore bank as long as your credit is impeccable, your company is registered (some require that you be registed with companies house UK) and you have been trading for a while. hmmm
Then, you swallow their processing charges at between 9-15% and sometimes a transaction fee as well, meaning that the main account (adult payment processor) is being charged at between 9-15% so therefore us as account holders are going to be charged at least 1/2 or 1% more than that so the adult payment processor makes money.
Then, if you are in UK you need to be regulated by FSA. Which costs ?2,500.00 for a straightforward application, ?5,000 for medium and ?10,000 for in depth application. These funds are non-refundable and are just to get them to take a look at your application – whats the betting on a purely adult processor – yeah we thought so too Lol
So, thats why there is no adult processor, at least in UK. We know of a way to run one (Legally) without the FSA thing but the processing fees would be about 16%.
So if you sell a pair of panties for ?10 are you willing to actually only get ?8.30 for them? If you do – we’ll go for it.
We havent done it before now as, we felt, that no-one would be willing to pay the fees.
Dont know about the rules in US, only that you have to be a US citizen or at least 1 director of the company has to be a US citizen to get a merchant account.
Boring bit of info – but there you go.
Lisa
.
