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Payment Processing Discuss payment processing with PayPal, Stripe, Authorize.Net, Bitcoin and other processors for your products and services.

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Old 05-10-2013
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Default no bank acct, need a merchant acct

Hello everyone,

I just found this website the other day. I love it. My situation, I can't get a regular checking acct cause I'm in chk system. I would like to get a regular merchant account were I can accept credit cards. I know a lot of prepaid cards are linked to an acct # and routing #. Is their a prepaid out there that I can use as a bank acct to link to a merchant acct. I do not have a website. Just wanted to type customers info into a virtual acct online. Thanks for any feedback.
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Old 05-12-2013
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Merchant accounts require ID and credit checks.

Simple fact of ecommerce.

All processors will protect themselves.

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Old 05-13-2013
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Register your business and operate well - dont look for loopholes. GB has laid out a simple rule of ecommerce.
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Old 05-15-2013
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I have an ID and have fairly decent credit. Just don't have a bank account. My question was can I use a prepaid debit card as a checking bank acct since it has a routing and acct number?
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Old 05-21-2013
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Quote:
Originally Posted by michael702 View Post
I have an ID and have fairly decent credit. Just don't have a bank account. My question was can I use a prepaid debit card as a checking bank acct since it has a routing and acct number?
Yes few prepaid debit cards have been working - Amex Bluebird, Payoneer, Rush, etc - read around the forums - see what limitations each card has - there are also significant fees involved.

Have you gone to local credit unions? They might have more flex options for you
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Old 05-21-2013
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Quote:
Originally Posted by rsot View Post
Have you gone to local credit unions? They might have more flex options for you
Correct term is flexible options.
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Old 07-02-2013
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Brian,

Do you have permission to advertise on this forum?
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Old 07-03-2013
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You can probably get approved for a merchant account, but you WILL need an actual bank account, preferably a business account.

You can get a bank account at "second chance" banks, one of which I am aware is WoodForest. They don't care about Chex Systems.

I don't think that an account attached to a prepaid card is going to do it for you.

The good news is, you can likely be approved for a merchant account. I used Charge.com as they told me if they could not approve me, they could find another processor who would. I was approved by them directly.

I have NO affiliation with WoodForest or Charge.com and do not benefit in any way if you decide to use them.

The thing is, if your credit is so-so, then you may have a monthly sales limit - usually $5,000 and/or a rolling reserve. Rolling reserves are between 5% - 20% of your sales. They are typically held for 6 months - so if you did $1,000 in sales in January and your reserve was 10%, you would get $900 immediately and then $100 in July.

When looking for a merchant account NEVER pay a non-refundable "application fee" and make sure you understand what the monthly costs are - because you will have to pay them regardless of whether or not you have any sales.
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Old 07-03-2013
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Quote:
Originally Posted by rsot View Post

Have you gone to local credit unions? They might have more flex options for you
Take the advice of RSOT and Greenbean, try credit unions in your area. Won't hurt to try.
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Old 12-31-2013
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Cool Re: no bank acct, need a merchant acct

Advice based on what I have used in the past....
There are two Visa debit card companies that are rated very high,
One is netspend, the other is Kaiku.
Both will provide you a account number and a routing number.
Both will verify very fast through Paypal.
According to google they also offer business debit cards.
I have used both, no issues transferring paypal money to them.
And no problem getting them verified.
Also there is a prepaid Master Card from Prepaid Debit Cards | Easy Prepaid with Everyday Card | MasterCard®, The fees and limits on these are very reasonable considering what they are,
Personally I back them up with a credit union account,
Hope this info helps.
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Old 12-31-2013
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Default Re: no bank acct, need a merchant acct

@DaveK, how much and how recent has your experience been with Netspend?
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Old 01-04-2014
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Default Re: no bank acct, need a merchant acct

Quote:
Originally Posted by rsot View Post
@DaveK, how much and how recent has your experience been with Netspend?
Yes, and how much recent experience with the Kaiku, also??


Last edited by okay; 01-04-2014 at 08:26 PM.
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