I’m in the Caribbean and the banking sucks, especially for entrepreneurs. This makes it hard for anyone to easily get started and accept payments on their website. 1. Getting a merchant account from a local bank is a nightmare, (there is no square / PayPal etc.) it can easily take 6 months to get an account approved. 2. Banks charge high fees on accepting Visa / MasterCard payments even on a POS machine ~5% 3. Most entrepreneurs aren’t very tech savvy. They don’t know / never heard of a merchant account. Only find out when they want to build a site and start selling online. 4. The banks offering merchant accounts that need custom integration into websites, there are no ready Wordpress plugins like you have for any major merchant account provider. 5. Being a small market, the big players aren’t bothered to setup here.Wanted to offer a service where I integrate a single merchant account from another country into different websites and help them collect the payments. Can make one transfer from abroad every week / month and disburse the payments less a processing fee back to the site owners. This way they have no approval / waiting / integrating etc headaches. Build the site and start accepting payments right away.I’d love to hear your thoughts on this. Any legal repercussions you can think of? see hubwealthy.com/wealthy
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