A number of businesses try to apply using false details
and/or business descriptions e.g selling DVD's but in
fact selling medication. As you can imagine this wastes
alot of time for all parties involved, chiefly us. For
this reason, anyone who knowingly provides wrong business
information will be charged a £150 +VAT
Fee.
More importantly this practice is illegal
and is classed under UK law as 'trying to acquire products
or services under false pretenses'. As you can imagine
we take this very seriously and anyone caught doing
so will have their business details past over to the
appropriate authorities
Any company who changes their business model must inform
us as soon as possible, otherwise their account could
be closed with immediate effect and no refund given
Prohibited
Businesses
Each merchant account we provide has it's own list
of businesses that we can help. Some of these businesses
appear on all three lists i.e short term loans. However
some only appear on one or two lists. For example if
your business is selling drug paraphernalia (excluding
seeds, herbal highs & growing kits) then we can
offer you a Premier Account. However you would not be
able to apply for the Optimal or World Account. On the
other side of the coin, if you are selling a low risk
product i.e. DVD's or clothing, then we can offer all
three accounts.
Below is a list of prohibited businesses for each account:
Prohibited or just high-risk?
Do you feel you are a prohibited one, due to your business
model? Have you actually been turned down by other banks?
Many high-risk companies automatically assume that
they will be turned down... This could be because they
have been turned down before, given horrendous terms
or they find that banks just don't want to know. Maybe
it's as simple as assuming the worst!
