Understanding Escort Merchant Account
Escort merchant account enables escort agencies everywhere to be authorized and setup with an account via a merchant acquiring bank. Merchants then can accept and process electronic card transactions.
When a banker hears the word Escort, what comes to their mind is high chargeback ratio and gray reputation. As a matter of fact, you won’t get an account for your escort business with your local bank or pretty much any low risk merchant service provider. When it comes to merchant account for your escort business, your only go to place is a high risk merchant service provider.
Why Is Escort Business Considered As High Risk
Escort merchants are considered high risk mainly because of its industry type. Many banks are leery in offering payment processing solutions for escort businesses because of reputational concerns and high chargeback rates. Escort business can be deceptive in nature too, where some shady merchants try to pass prostitution as escort services. Altogether, escort business is considered high risk by traditional banks.
Finding an Escort Merchant Account
Finding an escort merchant account can be quite hectic and require effort. However, if you show up at the right door with proper documents and correct application then you will succeed. Visa, MasterCard, JCB, Discover and Diners are the most common card types preferred by this industry, and you can get them all.
Requirements for Escort Merchant Account
- 6 months of processing history
- Business bank statement
- Incorporation certificate
- Shareholders’ and directors’ certificate
- Copies of valid passports and proof of residency (utility bill)
- Proof of office address (lease agreement / utility bill)
- Application form
- Sample work agreement with escort(s)
- Transaction fee
- Monthly statement fee
- Gateway fee
- Rolling reserve
- Chargeback fee
- Refund fee
PayFasto as Your Partner
We understand your needs and business like no other and we will work 24/7 for you and to get you the best terms. Contact us today for further details.