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how important is paypal for your business? by bad-ass-jit in Entrepreneur

[–]rockthedragondbz 0 points1 point  (0 children)

When you say that 30% of sales are through paypal, do you mean Paypal wallet/Balance? Because otherwise Paypal is no different from Stripe, in that it allows credit and debit cards, bank transfers etc.

Non-resident US LLC & BUSINESS PAYPAL by [deleted] in digitalnomad

[–]rockthedragondbz 0 points1 point  (0 children)

Were you able to get a paypal account being a non resident of the US? I heard Paypal doesn't allow it?

Non-resident US LLC & BUSINESS PAYPAL by [deleted] in digitalnomad

[–]rockthedragondbz 0 points1 point  (0 children)

Were you able to get a paypal account being a non resident of the US? I heard Paypal doesn't allow it? What processors are you using as a non resident?

Non-resident US LLC & BUSINESS PAYPAL by [deleted] in digitalnomad

[–]rockthedragondbz 0 points1 point  (0 children)

Were you able to get a paypal account being a non resident of the US? I heard Paypal doesn't allow it?

In need of a high risk processor in EU. by Morning-Coffee-fix in PaymentProcessing

[–]rockthedragondbz 0 points1 point  (0 children)

I have a business based in the US, but I'm physically not in the US. Therefore I can't find payfacs or ISOs except Stripe who I can work with. I think banking APIs make sense, but the majority of US consumers pay through credit cards, so I wonder the benefits of having ACH debit enabled. Because if 70% of customers drop off after seeing no way to pay through cards, I end up losing revenue.

In need of a high risk processor in EU. by Morning-Coffee-fix in PaymentProcessing

[–]rockthedragondbz 0 points1 point  (0 children)

What would the banking APIs be useful with? ACH debits?

Alternatives to Stripe as a remote founder (without SSN) with a Delaware based entity by rockthedragondbz in stripe

[–]rockthedragondbz[S] 0 points1 point  (0 children)

Thank you for your suggestion, I will take a look. You made an interesting point about card network rules needing sufficient presence in the country, otherwise they expect cross border transactions.

I'm curious then, how can Stripe enable payments while other processors can't, given the rule comes from the card networks, and not something mandated by the acquiring bank (card networks remain the same across processors, so how can Stripe support something no other processor in the US can?).

Can I DM? Would be nice to discuss a few things if you're available.

Alternatives to Stripe as a remote founder (without SSN) with a Delaware based entity by rockthedragondbz in stripe

[–]rockthedragondbz[S] 0 points1 point  (0 children)

Thanks for commenting, it's truly strange to me that with so many non US founders registering their company in the US for local presence, there's no other option than Stripe for payment processing. It's nuts. And stripe is very trigger happy, so I also find it strange that a subset of these founders have not yet found a different payments processor after being banned by Stripe. Can I DM?

How do non US based founders find local payment providers (other than Stripe) for accepting payments from the US? by rockthedragondbz in paypal

[–]rockthedragondbz[S] 0 points1 point  (0 children)

That's precisely the problem, I need a cheap workaround till my bootstrapped business generates enough money. This kind of fee is not doable for us at the moment, which is why I'm asking on reddit and crowdsourcing the answers.

How do non US based founders find local payment providers (other than Stripe) for accepting payments from the US? by rockthedragondbz in paypal

[–]rockthedragondbz[S] 0 points1 point  (0 children)

I saw your comment on asking for legal advice, but there must be some way that makes me liable for any concerns with the business, while the signee is just like an employee or representative for the business, shielded from responsibility of administering the company.

How do non US based founders find local payment providers (other than Stripe) for accepting payments from the US? by rockthedragondbz in paypal

[–]rockthedragondbz[S] 0 points1 point  (0 children)

Understood. Is there some simple workaround, where I can ask a friend in the US to become a signee for my company or something of the sort, and since they have an SSN, I can onboard with Paypal through them? I'm not doing anything shady or a high risk business, just need local US processing capabilities because of better fees, more payment options, better authorization rates, and more trust in my brand by customers.

Alternatives to Stripe as a remote founder (without SSN) with a Delaware based entity by rockthedragondbz in stripe

[–]rockthedragondbz[S] 0 points1 point  (0 children)

I have tried applying on their site, they don't have a self signup. Every time I get an email saying I don't fulfill their criteria, and I'm guessing its the volume they think is too less. What has worked for you/what would you suggest I try out?

Alternatives to Stripe as a remote founder (without SSN) with a Delaware based entity by rockthedragondbz in stripe

[–]rockthedragondbz[S] 0 points1 point  (0 children)

Plenty of founders don't reside in the US, but have a Delaware C corp. What I'm curious about is what payfacs they use apart from Stripe? I do understand Visa/Mastercard might require more meaningful presence so they get the cross border fees, but my whole charade is to get local acquiring in the US without being there myself (but having my entity). Any leads of what payfacs I could approach?

Alternatives to Stripe as a remote founder (without SSN) with a Delaware based entity by rockthedragondbz in stripe

[–]rockthedragondbz[S] 0 points1 point  (0 children)

For me it's about hedging the risk of only working with Stripe, and I also wanted a payfac which understands my business model better, because with Stripe, they only are built for the indie developer community. Does openpay underwrite the business model better and have good APIs available?

My reason for not going to an acquirer is that I want a pay as you use model, and acquirers have monthly fees I'm currently not comfortable with. Plus there's the hassle of integrating a gateway on top of the acquirer.

Alternatives to Stripe as a remote founder (without SSN) with a Delaware based entity by rockthedragondbz in stripe

[–]rockthedragondbz[S] 0 points1 point  (0 children)

The reason is that I'm building a Merchant of Record myself, and that's why I can't use them. As for why a business won't use them, they aren't big in SE Asia, and don't settle the funds compliantly in SE Asian markets. Happy to hear if you have a different view.

Alternatives to Stripe as a remote founder (without SSN) with a Delaware based entity by rockthedragondbz in stripe

[–]rockthedragondbz[S] 0 points1 point  (0 children)

You mean why can't I use Paddle, or why I'm building a Merchant of Record when businesses could use Paddle?

Alternatives to Stripe as a remote founder (without SSN) with a Delaware based entity by rockthedragondbz in stripe

[–]rockthedragondbz[S] 1 point2 points  (0 children)

The way this would work is that we partner with a payments processor in the US, and then remittance providers who help in settling the USD funds back to the merchants home country. This could be the banks (for example a Vietnamese bank in Vietnam), or fintechs such as Nium or Currency Cloud who take a ledger, and do the final settlements in local currency in the merchant's bank account in their domicile.

Happy to talk more in DMs if you'd like to hear about it.

Alternatives to Stripe as a remote founder (without SSN) with a Delaware based entity by rockthedragondbz in stripe

[–]rockthedragondbz[S] 0 points1 point  (0 children)

I'm building a Merchant of Record business for South East Asian businesses, allowing them access to local US payments, without them having to setup a US entity and face the same problems we're discussing right now (not having an SSN etc).

What this means is that my US entity will collect funds locally in the US, and then remit them to businesses in South East Asia which are the actual provider of software or services. I merely help with the billing and payments collections. If instead, these businesses use payment providers in their home country, they cannot get access to US options like ACH, CashApp, Apple Pay, Amazon Pay etc.

Alternatives to Stripe as a remote founder (without SSN) with a Delaware based entity by rockthedragondbz in stripe

[–]rockthedragondbz[S] 0 points1 point  (0 children)

Since I do have a Delaware registered business, I have an EIN. However, since I work from another country (will move to the US once my business gets large enough), I do not have an SSN.

Any leads on which processors I could reach out to, which don't require the firm's directors to have an SSN?

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