Credit card processing for Jamaican business

[khat17]

I'm bringing up an old post, sorry. What would it take for the "average Joe" to open up a Bank in Jamaica (not a bank account), the actual Bank itself? What's the process?

Speaking from a point of ignorance - you may need to get things cleared with BOJ and acquire the relevant licenses. It would probably be best to go to BOJ first and have them guide you as every bank clears things through them.

[Daveyon]

Thanks. I was looking at taking a trip but I'll wait until COVID is gone. Been looking this in the meantime.

[Overkill]

May i way in ...

I have a register company in JA to which i needed Ecommerce - At the time, outside of the documentation and merchant account requirement by both NCB and SCB, to start the process, there was also the need to provide estimate in monthly transaction to determine % charge per transaction. While annoying not the major problem, i found was that the bureaucracy and running around that was needed even with the appropriate documents was extremely frustrating, at the time there was strict rule in how i could operate, this tight in with the requirement and charges made almost impossible a small business to use these ecommerce. Its just the same (Flow: "You have to have a Fiber connection to get SIP Trunk" ... but that another story).

With all that said, setting up with stripe was relatively straight forward and simple with appropriate information again. BUT, note as with platform like stripe and paypal you required to set the appropriate Tax form, identify yourself or business as authorized, and at the end of each fiscal year the appropriate 1099 or 1120 is generated and turn over to IRS for Tax payment. So in other words, while it seem like you can go around the system, you really cant, paying tax is a must, directly or indirectly, either today or tomorrow.

with regards to private processing gateway or Bank in JA, the regulatory framework of JA does not make it simple or easy to so, the big boys will hold on theirs as long as they can. Unfortunately, allot needs to change before developers like myself can get easy competitive processing gateway options to use in JA

[Daveyon]

Well, I was thinking of opening a Bank in JA. Sounds crazy, I know. That way, ecommerce should/would be easy. I do have the startup funding but I will need financial advice on what I want to do first. Ever heard of Monzo and how they started out? That would be my approach - a prepaid card business then to a bank.

[khat17]

None of the financial institutions locally have things easy to setup like Stripe/PayPal. Having set this up for different businesses overseas - it's really simple. If Jamaica actually invested in technology - we would be able to push a lot of things.

[Overkill]

@khat17,

I disagree with you, the issue is not the technology. its the lack of interest in change, to ensure that those at the top can keep there position, and hold the Jamaican at ransom. Its the problem behind many of the Jamaica industries, not just banking. From what i have seen, Jamaican is up there with technology / innovation / competence. We just lack the drive for change

[khat17]

@khat17,

I disagree with you, the issue is not the technology. its the lack of interest in change, to ensure that those at the top can keep there position, and hold the Jamaican at ransom. Its the problem behind many of the Jamaica industries, not just banking. From what i have seen, Jamaican is up there with technology / innovation / competence. We just lack the drive for change

OK. Agreed. We have the personnel most times - but the ones who make the decisions don't like to move.

[techmenace]

to answer original question, if digital products/services choose third party companies https://www.techjamaica.com/forums/s...446#post803446
for physical goods, get the MID from the bank then contact overseas gateways.

I'm bringing up an old post, sorry. What would it take for the "average Joe" to open up a Bank in Jamaica (not a bank account), the actual Bank itself? What's the process?

https://boj.org.jm/about-boj/operating-boj-accounts/
you can open a bank in another Caribbean country for you and your millionaire friends https://nomadcapitalist.com/finance/...your-own-bank/

i don't know if they allow captive accounts

The Jamaican banking system is a disgusting joke.

off topic, Barita want me to do KYC after being a customer since 2006, one letter the JP must sign and say he knows me personally for xyz years
i had to give 2 references to pay for auto insurance

[Daveyon]

My business partner decided not to go into the Banking business in Jamaica due to the USD to JMD fluctuation and other complicated factor. For me personally, I will keep an eye on the market.

for you and your millionaire friends...

Bredda no sah. Mi nuh rich. Only have access to bank loans etc.