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Business bank accounts for adult entertainment companies

04 May 2020

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Written by Libby James
Libby James is co-founder, director and an expert in all things merchant services. Libby is the go-to specialist for business with more complex requirements or businesses that are struggling to find a provider that will accept them. Libby is regularly cited in trade, national and international media.
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    Finding business bank account for an adult company

    When it comes to finding business bank accounts and card processing for adult businesses things can become a little tricky, the reason for this is adult entertainment is deemed high risk by the majority of banks and providers. Adult industries include;

    • Escorts
    • Strip clubs
    • Chatline companies
    • Websites selling adult toys
    • Video streaming sites

    Although most high street providers will not supply banking services to adult entertainment businesses, others will accept applications providing all sales are legal, after all it’s a multibillion-pound industry.

    Opening a business bank account for adult company

    High risk applications can take a little longer than others, so it’s important to be prepared and provide as much information as possible when applying for business banking. As well as the normal requirements when opening an account (ID, proof of address, company registration) expect to be asked to provide; details of products, terms and conditions and where applicable proof of age clarification for customers.

    Prior to applying for an adult business bank account, it’s worthwhile speaking to banks and assessing if they are onboarding accounts from the industry. Smaller banks and providers often have the ability to pre-approve applications, by talking through your application with underwriters before the forms have been completed.

    Declined for business banking elsewhere

    If you’ve had your application rejected by a high street bank you may wish to look for alternatives with smaller providers, some of which you may never have heard of before. Smaller banks often operate a manual underwriting process, meaning they can accept adult business banking applications declined elsewhere.

     

    How Merchant Advice Service can help

    Merchant Advice Service has partnered with banks who accept applications from adult entertainment businesses and sole traders. Speak to our experts today to start your application.

     

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