Buisness banking for adult toys

JayJayP

Hi all, I have been pulling my hair out all day phoning up banks to apply for a bank account for my adult toys and lingerie website. I don't understand how anyone can start a business in this sector as none accept you. I was unaware that having business funds come into my personal account was wrong until I wanted to apply for a business account to accept card transactions through sagepay.

Any help as to how I can open a business account? I questioned companies such as Ann Summers at Barclays to be told "They are a public well known brand".

Many thanks
Jason

InsideInsurance

How about the smaller/ more risque brands? You're outside of my area of expertise (honest) but I am sure you've done your competitor analysis and know of more than just Love Honey which is where my knowledge runs out.

There are "specialists" that offer card services to these sorts of organisations too but their rates are much higher due to the lack of competition

JayJayP

Thank you. The problem is I don't know a lot of the smaller (than lovehoney) websites card services. I was told by HSBC that even if I opened an account online for instance I cannot move that money into my bank account (due to what was sold to make that money) which is why I was looking for another bank. Totally crazy to be honest.

There are loads of websites selling these items but its confusing as to how they are getting their money.

Is my bank correct in saying:
If I sell x item - money goes into sagepay account - I Cannot move them funds into my bank account even if I have a business account with worldpay for instance?

InsideInsurance

Unfortunately I either am on a client's computer or one where my wife can see the history of and so dont want to go searching for adult toys.

Whilst I am sure some are going to be running integrated solutions making identifying the provider of services more difficult I am sure that there are some smaller players that a google would find where they take you offsite to make payment and so it becomes easier to see whats going on.

Alternatively contact a few of them saying you want to order but dont have a card so can you do a bank transfer. I imagine a couple would say yes and give you a sort code that you can then use to resolve to a bank

agrinnall

Could you look around the web for a business that appears to be a similar size to yours but is not in direct competition while still selling 'adult' products, and ask them if they'll tell you who they bank with? In fact, if you can find companies that offer an online payment facility then the sortcode will let you find out who they bank with using a sortcode checker such as the one linked to below - although bear in mind that there is a fair chance that they may be using a personal account anyway.

http://www.paymentscouncil.org.uk/resources_and_publications/sort_code_checker/

Edit: I was writing while II was posting, but we're obviously thinking along the same lines.

Hanky_Panky

Do you have a sex shop anywhere near you at all ?

Ask them who they bank with.

JayJayP

Thats true its possible some might still take the risk on using personal accounts.

I'm not sure why I never thought of that, I'll ask my wholesalers what bank they use as to see what accepted their business.

Thanks for the help InsideInsurance and Agrinnall

JayJayP

Hanky_Panky wrote: »

Do you have a sex shop anywhere near you at all ?

Ask them who they bank with.

There are a few but like Barclays told me, they are well known and public, mines online only and soletrader which goes against me. Crazy talk to be honest as the well known companies were not always well known.

al25

change the products on your business plan and try applying.

JayJayP

I'm not sure thats a good idea.

I've seen PayPal Pro with their Card may work. That way I am not withdrawing funds to my current account which wouldn't be allowed.

palida

Try this website http://www.cashflows.com/ they offer service you need.
But you don't get your money after 7 days, if small business, the cash flow wouldnt be a too big problem.