The fact is; you won’t get an account for your escort business with your local bank or pretty much any low risk merchant service provider. Luckily, applying for an escort merchant account with a high risk merchant service provider who accepts adult businesses is rather easy.
First, confirm with the salesperson if their company accepts adult businesses, particularly those offering escort services. Once you’re sure the high risk merchant account provider is comfortable working with adult companies, you can begin applying.
Start by filling an online application form (only lasts 5 minutes), after which, you should receive a copy of all the working terms and pricing for your electronic signature. Also note that you may be requested to present a few supporting documents. They include;
- 3 months of the latest business bank statements where applicable
- A valid ID, e.g. driver’s license
- Voided businesses check or bank letter
- Chargebacks under 2%
- A secure, operational website
- SSN (Social Security Number) or EIN (Employer Identification Number)
On approval, you can start accepting credit cards. Your account issuer should ship out all the necessary processing material, help you set up a chargeback management software and e-commerce fraud filter (for online payments).
What underwriters look for in your application?
Generally, an underwriter will be looking for two primary factors; authenticity/legality of your company and a stable business. On legality, it goes without mentioning that high risk credit card processors do not support illegal businesses and therefore will want to ascertain that you are running a legitimate business
Next, when underwriters analyze any business, they seek to determine if the risks involved outweighs the rewards the credit card processor is anticipating. Therefore, this means they’ll check; your credit score to confirm if you sort all bills on time, 3 months of the latest business bank statements to check if you have an overdraft and your past processing history.
The application process for any adult merchant account is normally very simple. It only becomes a problem if you have a bad processing history, a poor FICO score or run an illegitimate business.