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by barmstrong
3866 days ago
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I think I did answer the question. He can't do business with us because our bank partners don't want to support certain types of businesses. If you are wondering why the banks don't want to support certain types of businesses, I could only speculate but I'd guess it is reputation risk and they may have seen that category as a front for other illegal activity in the past. But that is their decision to make, not ours. For example, Stripe also prohibits adult content which is largely (I would guess) a result of input from Wells Fargo https://stripe.com/us/prohibited-businesses |
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It's still unclear to me why, if you have multiple banking partners, you don't have even one that would support an adult business. There is a lot of adult video and website business - they must have banks.
Furthermore, it's really the lack of transparency that rubs people the wrong way. When your customers are told that their accounts are frozen or closed all of a sudden and with almost no explanation, they are left flailing to try to understand what the heck is going on. It's like being kicked out of a restaurant half way through dinner and when you ask why, they just say "sorry, we can't continue to serve you..." I consider that method of dealing with your honest customers disrespectful.