PayPal, Square and big banking's war on the sex industry

[TacoBelle]

This also makes me wonder how many Cam models have been able to obtain mortgages with only their camming income.

I know there's a thread in MO where people talk about how difficult it was to get a mortgage with camming income, but since we're out here, I'll summarize: It basically depends on A) if you're an actual business, and B) who you get helping you at a particular bank.

I was able to get one with just camming income, but I (like a lot of girls) told them that I have a photography business. I'm an Scorp, so they didn't question it. It was still hard as fuck to get it approved, though, but apparently that's the norm for any self-employed persons.

 

[JerryBoBerry]

I know there's a thread in MO where people talk about how difficult it was to get a mortgage with camming income, but since we're out here, I'll summarize: It basically depends on A) if you're an actual business, and B) who you get helping you at a particular bank.

I was able to get one with just camming income, but I (like a lot of girls) told them that I have a photography business. I'm an Scorp, so they didn't question it. It was still hard as fuck to get it approved, though, but apparently that's the norm for any self-employed persons.

To go further with the 'who you get helping' part, it also makes a difference what type of bank you're dealing with. In my past experience dealing with a large multi state bank like wells fargo, US bank, etc. they are much more rigid in their rules and requirements. I and every one I know has had a much easier time dealing with small local banks that may only have a few locations, or even one in your town. If you already have a history with them, know their names, have done other small loans in the past they are going to be easier to deal with on larger loans.

So if you know at some point in the future you are going to want to take out a loan for a house, start planning early. Find a smaller local bank, open a checking and a savings account. Maybe get a secured credit card through them if they offer it. Need a car? Get a small loan to buy a used one from them. Invest in CD's with them. Basically get them to know your face personally on many occasions.

My brother at this point can call up his bank manager, who he knows on a first name basis, and tell him he needs $12,000 to go get a car. The manager just puts it in his account that day, a Friday. My brother will go and buy the car Saturday, then go in Monday to sign the paperwork. Try getting Wells Fargo to deposit a loan in your account 3 days before you sign anything and see how that goes. It can be a world of difference dealing with small local banks.

 

[Zoomer]

I looked online and I could not find any statistics that show the adult industry has more chargebacks and fraud than other industries. its just way too much of a coincidence that those companies are hostile to something that has a lot of social stigma.

Can you show us the research you did and sources?

As for other posts about difficulty with mortgages - many income streams have (as long as you keep the job) a fairly stable and reliable income. Camming... well, for some it may be very reliable. For others, over the course of a year or two, almost certainly not.

Self employed (especially depending upon the nature, and volatility, of the business) people will find it more difficult. Not all, by any stretch, but in a market which seems to be highly reliant upon an unknown quantity and a probably lifetime of draw (age wise), coupled with potentially lack of ability to easily walk into another similarly paying job*... it may be more complicated and therefore seen as much more risky to a bank.

*if I get fired as a software developer... well, on linkedin I get interested agents about once a week. So I am assuming, heavily, that my ability to get a new job is relatively good!

 

[Guy]

Can you show us the research you did and sources?

I typed in the terms "porn sites and chargebacks" and " adult websites and chargebacks"on google and went through countless search results. The webpages did not show any statistics. They just mentioned that adult websites have excessive amounts of chargebacks because of men being busted by their wifes or girlfriends for looking at porn.

 

[Zoomer]

I typed in the terms "porn sites and chargebacks" and " adult websites and chargebacks"on google and went through countless search results. The webpages did not show any statistics. They just mentioned that adult websites have excessive amounts of chargebacks because of men being busted by their boyfriends or husbands for looking at porn.

So ..

I looked online and I could not find any statistics that show the adult industry has more chargebacks and fraud than other industries, its just way too much of a coincidence that those companies are hostile to something that has a lot of social stigma.

followed by

They just mentioned that adult websites have excessive amounts of chargebacks.

doesn't quite follow.

You claim its social stigma as there's no evidence to support higher chargebacks, then when questioned you refer to anecdotal evidence that supports there is higher charge backs... which would contradict what you posted in claims of your search earlier.

I'm a bit confused it has to be said! Whilst no reliable statistical evidence either way, your posts are contradictory in light of what you did find. It's not important really, but ... just confusing

 

[Guy]

So ..



followed by



doesn't quite follow.

You claim its social stigma as there's no evidence to support higher chargebacks, then when questioned you refer to anecdotal evidence that supports there is higher charge backs... which would contradict what you posted in claims of your search earlier.

I'm a bit confused it has to be said! Whilst no reliable statistical evidence either way, your posts are contradictory in light of what you did find.

LoL. They are not. I said in my first post that I could not find any statistics that show that the adult industry has more chargebacks than other industries. Which the second post confirmed.

 

[Mila_]

Like some have said on this thread, when it comes to payment processing, most companies refuse because of the risk with adult transactions. It isn't only about charge backs (which unfortunately do happen more often than you can imagine) but about it is also about fraud and the high volume of transactions made with stolen card info that usually come from the third world. Some payment processors choose to ban porn, others choose to ban third world countries altogether. Is it fair? Maybe not. But thinking they ban transactions from say... Pakistan or Colombia because they are racist is short sighted. It is simply business. If the cost of screening colombian transactions is higher than the profit of keeping Colombia on board then Adios, Colombia! Porn deals with the most basic instincts and people act on impulse because of it some will take the charge back and others will try to get stolen card info... it is what it is.

 

[Zoomer]

LoL. They are not. I said in my first post that I could not find any statistics that show that the adult industry has more chargebacks than other industries. Which the second post confirmed.

That's why I put anecdotal. So whilst no cold hard numbers, there's an indication that they do receive a relatively high number of chargebacks. Your opinion (see first few posts of yours in the thread) is not to believe banks and claim that what they are saying is unfounded. The only evidence you've found is in direct contradiction to this to your belief.

Having no statistics doesn't invalidate anecdotal evidence by the way - but it is, of course, fine to treat it cautiously.

Meh.

 

[Guy]

So ..



followed by



doesn't quite follow.

You claim its social stigma as there's no evidence to support higher chargebacks, then when questioned you refer to anecdotal evidence that supports there is higher charge backs... which would contradict what you posted in claims of your search earlier. Things may have since changed.

I'm a bit confused it has to be said! Whilst no reliable statistical evidence either way, your posts are contradictory in light of what you did find. It's not important really, but ... just confusing

That's why I put anecdotal. So whilst no cold hard numbers, there's an indication that they do receive a relatively high number of chargebacks. Your opinion (see first few posts of yours in the thread) is not to believe banks and claim that what they are saying is unfounded. The only evidence you've found is in direct contradiction to this.

Meh.

The articles that I found that said adult websites have excessive amounts of chargebacks were from the years 2000-2005.