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I am selling on the net and wanted to get a merchant account in USA. But it seemed to be hopelessly difficult to get this done now days. I have my US corporation registered without any problems. But opening a US bank account was a complete nightmare. All US banks seemed to require US resident with SSN.
Any one in this forum had real experience or had a solution about how to set up, under the current laws and regulations, corporate bank account and merchant account in US?
I am open to any suggestions including new shareholder/director with SSN to my company or new US officer with SSN to my company. Will this fulfill US laws and regulations and allow me to set up US bank account?
[edited by: lorax at 12:42 pm (utc) on July 14, 2005]
[edit reason] removed contact info [/edit]
You will get a huge list. Now the problem. some of these sites are scams and ripoffs.
You will need to do your research. Do a search on the web about the legitmacy of the companies you are interested in, and never pay a large fee upfront.
The way this is done, is one of the banking officers of
an US internet bank, becomes an officer of the company,
and performs transactions on your behalf, since they are a US citizen. Due to the paperwork and security checks involved, this is probably going to cost over a $1000 US.
Another option, is to open a bank account in Canada,
as most Canadian banks can setup a US dollar account with a US Dollar merchant terminal.
And most debit cards have a Visa / Mastercard logo on them so they can actually be processed in the Visa / MasterCard network
Well, to my understanding a debt account is like a traditional checking account plus a VISA/MASTER debt card which acts like a regular credit card + ATM card in one. the only difference is that debt card spend money against your own real cash deposit every time you use your debit card online or at POS. And you never need to pay credit card bills cause it is not a "credit card" by definition.
A chargeback is when the consumer calls the issuing bank of the credit card to start that either the product was wrong, he did not get what he paid for, the product never came, etc instead of contacting you. The issuing bank usually gives the refund to the consumer and then gets the money from the acquiring bank who gets it from the merchant account processor who gets it from you.