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  #1  
Old 05-30-2015, 11:20 AM
PinkJerks PinkJerks is offline
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Join Date: May 2015
Posts: 1
Smile Business Bank account

First I would like to say hello to everyone. My store is finally up and running. woo hoo

I have a question though. Has anyone had any issues with having their bank account closed stating it is being closed due to my line of business being high risk? (chase)

Just wondering what banks people are using so that I can open another account.

Thanks
Jason
www.pinkjerks.com
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  #2  
Old 05-31-2015, 04:04 AM
LABE LABE is offline
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Join Date: May 2011
Location: Florida
Posts: 242
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Not for high risk but I have had one closed by Chase for "low activity". Since I only made 1 deposit a month of profits and never wrote checks or used the debit card, they decided I didn't have enough business apparently. (I use Paypal for day to day everything).

Shop around - I'm sure you can find another bank. My adult business is only a tiny part of my overall company though so I have not had any experience opening an account for just it.

And congrats on getting your store up.
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  #3  
Old 05-31-2015, 08:07 AM
CNVAdmin CNVAdmin is offline
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Join Date: Dec 2010
Location: Viva Las Vegas
Posts: 382
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Quote:
(I use Paypal for day to day everything).
Yes, PayPal or SquareUp is the easy way to go. Just open a regular business account at a local bank and have PayPal or SquareUp linked to that business account. Then have that business account Debit Card listed at STC as your primary source of payment.

Funds will do a kind of a circle:
  1. Customer pays your payment gateway eg. PayPal / SquareUP
  2. You transfer funds from them to your bank account.
  3. STC gets the product cost from your Debit Card.
  4. Funds left in your bank account are your profit.

Suggestion: Best to have a business name that is not Sex Toy related and just tell the bank you're a retail business with online drop shipping. They don't need to know the particulars of what you sell since they are not providing a merchant point of purchase account.
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