Adult businesses are for example, adult bookstores, strip clubs, dating websites, adult clothing shops, massages business, etc.
Many entrepreneurs of these adult businesses struggle with opening a bank and merchant account. It is not illegal business to sell adult product or services, however, traditional banks treat adult business as something illegal and considers them high-risk
Nevertheless, there is a solution regarding this matter. Many EMI’s, Electronic Money Institutions, are willing to offer these services to your company.
An Electronic Money Institution is an organization that has a license for providing electronic money. It is being kept on a cellphone or a card, transactions are being carried out with that feature.
You need to keep in mind that, high risk applications can take a little longer than others. Thus, it is important to provide much information as possible. Your ID, your most recent bank statements, and the certificate of incorporation. Keep in mind that, adult businesses also have to pay higher fees compared to traditional businesses.
We at DBi, Doing Business International, can assist you with opening these high-risk banking solutions. Would you like our help, do not hesitate to contact us.