Getting onboarded by Bankera

[RedFoxLotto]

I have recently created a company in Cyprus (low corporate tax) and in turn, I have been trying to get onboarded by Bankera to get a bank account in the name of that company. Given the fact that some affiliates may have similar issues with their banking, I want to post my experience here to help others avoid any costly mistakes.

I had several conversations with the Bankera sales team before starting the onboarding process. We discussed my company structure, my business model and all relevant details not only with their sales staff, even with the owner of the company who I happened to meet at an industry event.
If you look at their pricing, some of the fees are outrageous - like a non-refundable application fee of €2000, payable upfront with no guarantee that they will actually onboard you. Obviously, my main concern was that I pay them up front and then my application gets turned down. I was able though to negotiate a deal with much lower fees,ande thus started onboarding.

Then what happened is that their onboarding team took issue with the exact same things that I discussed with the sales team before. The process is still ongoing, and there is still a good chance it may work out, but I would advise caution with those new banking products.

In case someone is looking for a similar solution, here are a few companies you might be looking at:
satchel.eu
praxiscashier.com
moneygate.com
payswix.com
finductive.com
britepayments.com
isxfinancial.com
paymix.eu
paynexpay.com
paydo.com
bilderlings.com

[tufty]

The first rule of affiliate banking is: Never mention betting or gambling.

[RedFoxLotto]

I know, but I am an operator and receiving settlements from PSPs, they will always catch on to that at some point.

[tufty]

I know, but I am an operator and receiving settlements from PSPs, they will always catch on to that at some point.

Operators use big-name banks like RBS & Barclays - just make sure you are talking to the correct department or you'll get flat rejections. I am going back a lot of years now but it used to be a separate department dealing with gambling operators from the standard business banking department. My experience as a betting company operator was with RBS & Barclays and they were keen for the merchant services business (again it was a department within that department). UK operators still manage to base most of their operations out of the UK (ie: Gibraltar) and use those banks. I know it's not easy but operators should not need to be shuffling around in the grey market like affiliates sometimes do. Sorry can't be of more help.

[RedFoxLotto]

Operators use big-name banks like RBS & Barclays - just make sure you are talking to the correct department or you'll get flat rejections. I am going back a lot of years now but it used to be a separate department dealing with gambling operators from the standard business banking department. My experience as a betting company operator was with RBS & Barclays and they were keen for the merchant services business (again it was a department within that department). UK operators still manage to base most of their operations out of the UK (ie: Gibraltar) and use those banks. I know it's not easy but operators should not need to be shuffling around in the grey market like affiliates sometimes do. Sorry can't be of more help.

Actually this is very helpful, thanks a lot!