Merchant 2020 - offshore merchant accounts? - GoFuckYourself.com

wimpy · 09-08-2005, 09:53 PM

I met Neil of Merchant 2020 in Miami '05. He claims he can get me a merchant account on offshore bank (phillipines, bahamas, or israel). There won't be any $1500 annual v/mc registration fees.

Do you know this company? Any comments?

Any pitfalls to watch out for when getting an offshore merchant account?

In what might be a bad sign, I asked if they are platform compatible with NetBilling (I told them all of Netbilling's platforms) and no answer in 24 hours.

spunkmaster · 09-08-2005, 10:19 PM

Ol Neil has robbed several of my merchants their money. He's been
setting up offshore merchant accounts for a few years now and everyone
I've ever talked to that used his company has gotten ripped off. He lets them process a few months then keeps their money.

He also doesn't pay out commissions on referrals but he'll talk a good game !

chupachups · 09-08-2005, 10:23 PM

Merchant2020 is such a nono.... I remember laughing hard at their website texts...

Btw, I understand you are looking for high risk MAs but Bahamas and the Philippines really are..... (guess)

spunkmaster · 09-08-2005, 10:29 PM

Actually there are alot of high risk processors using a bank in the Philippines. Adult, tobacco and a few others are using them.

I don't trust them but what I've seen the rates aren't too bad if you want the risk.

chupachups · 09-08-2005, 11:04 PM

Quote:

Originally Posted by spunkmaster

Actually there are alot of high risk processors using a bank in the Philippines. Adult, tobacco and a few others are using them.

I don't trust them but what I've seen the rates aren't too bad if you want the risk.

Yes, you are right.. problem is they tend to disappear alot more often than other banks.... (which is a pity btw)

Matt_WildCash · 09-09-2005, 01:33 AM

If your going to trust your business to a bank that might dissappear your risking a whole lot to gain a few extra % here and there. Better to take the extra couple of months and find the proper legit place to deal with than go with some shaddy merchant bank IMO.

Due · 09-09-2005, 02:31 AM

Go through Netbilling.com
I belive the Visa / Mastercard fee's does not apply to merchant account owners but only PSPS (or whatever the *** it is called)
At least we didnt pay that with our merchant account

09-08-2005, 09:53 PM	#1
wimpy Confirmed User Industry Role: Join Date: Jan 2003 Location: Cali Posts: 607	Merchant 2020 - offshore merchant accounts? I met Neil of Merchant 2020 in Miami '05. He claims he can get me a merchant account on offshore bank (phillipines, bahamas, or israel). There won't be any $1500 annual v/mc registration fees. Do you know this company? Any comments? Any pitfalls to watch out for when getting an offshore merchant account? In what might be a bad sign, I asked if they are platform compatible with NetBilling (I told them all of Netbilling's platforms) and no answer in 24 hours. __________________ Fyodor Dostoyevsky wrote: "Every man has reminiscences which he would not tell to everyone but only his friends. He has other matters in his mind which he would not reveal even to his friends, but only to himself, and that in secret. But there are other things which a man is afraid to tell even to himself, and every decent man has a number of such things stored away in his mind." icq 8243657

09-08-2005, 10:19 PM	#2
spunkmaster Confirmed User Join Date: Jan 2004 Posts: 2,052	Ol Neil has robbed several of my merchants their money. He's been setting up offshore merchant accounts for a few years now and everyone I've ever talked to that used his company has gotten ripped off. He lets them process a few months then keeps their money. He also doesn't pay out commissions on referrals but he'll talk a good game ! __________________

09-08-2005, 10:23 PM	#3
chupachups Confirmed User Join Date: Dec 2002 Location: Sweden/Spain you sum bitch! Posts: 6,576	Merchant2020 is such a nono.... I remember laughing hard at their website texts... Btw, I understand you are looking for high risk MAs but Bahamas and the Philippines really are..... (guess) __________________

09-08-2005, 10:29 PM	#4
spunkmaster Confirmed User Join Date: Jan 2004 Posts: 2,052	Actually there are alot of high risk processors using a bank in the Philippines. Adult, tobacco and a few others are using them. I don't trust them but what I've seen the rates aren't too bad if you want the risk. __________________

09-09-2005, 02:31 AM	#7
Due Confirmed User Industry Role: Join Date: Mar 2001 Location: Murrieta, CA Posts: 3,620	Go through Netbilling.com I belive the Visa / Mastercard fee's does not apply to merchant account owners but only PSPS (or whatever the *** it is called) At least we didnt pay that with our merchant account __________________ I buy plugs Skype: Due_Global /Due

09-09-2005, 01:33 AM	#6
Matt_WildCash Confirmed User Join Date: Jan 2003 Posts: 1,699	If your going to trust your business to a bank that might dissappear your risking a whole lot to gain a few extra % here and there. Better to take the extra couple of months and find the proper legit place to deal with than go with some shaddy merchant bank IMO.