FAQ: Payments

  1. On your website, it is mentioned, “e-Wallet solution (stored Value)- does not imply that a software wallet is provided. That is optional and comes under iOS & Android App or White-Label Website”. Can you please provide more details on this?
  2. How robust is the Payout Model for PHP?
  3. If we choose to settle into a US Bank Account (Nostro) via FedWire, what component of the transaction is settled here? Are the funds not being sent to the destination country bank?
  4. Is it possible to move from the Starter package to Pro, and Enterprise as volumes grow and then only pay the incremental one-off fee?
  5. What is the procedure to use our own payout partner in the payout country?
  6. Can I increase the number of payout countries while opting for the Pro or Starter package?
  7. Can you give me more details about payment (payout) countries?
  8. Who is providing the payment rails to the countries we plan to send money to?
  9. What are the solution providers payout rails? How can we find out their commercial terms and delivery times for the pay out countries?
  10. Does the solution provider only allow us to conduct business in the US (as we only seek to conduct business in the US based on domestic clients and domestic transfers)?
  11. I learnt the concept of FBO/ Omnibus account/ Pooled account, so considering our models, how can we charge our service fee (let’s say 2% of the transaction amount) on behalf of our merchants (since we cannot touch the fund)?
  12. Can you connect us with the MSB in Southeast Asia in order to act as the MTO in our models?
  13. As the Operator Led participant, we can open an EUR IBAN account for processing transactions (which means we can access/install a payment application (provided by the EMI holder) for sending/tracking transactions). So when a customer agrees to use our service, they will send EUR to our IBAN account, is it correct?
  14. In order to be competitive, a payment option by credit card (beyond ACH and Debit Card) would be a great addition. Why is this not offered?
  15. Your fee for new US MTL applications is very high. What do you provide in this service?
  16. Is it required to register our company with FinCen? Despite not touching the funds, we have no intention of opening an account in the US, our tax address is in Ecuador.
  17. For us to be able to commit about +/-$10,000 to 20,000 with your “Starter” plan, are the costs in the examples you gave only examples, or are they actual costs?
  18. In case of not reaching an agreement, the payment for your services are reimbursed 100%, except the initial $750
  19. How long does the FinCEN registration process take, and does your company assist with this?
  20. What is the difference between Reserve and Pre-funding under Balances & Reserves?
  21. Do you think an ACH can be rejected (incurring reject fees) if we verify the balance ahead of time?
  22. If I start on the smaller plan like Starter and then upgrade to Pro? How does that happen?
  23. Why is the flow of funds important and why must I make it? Why can’t you make the flow of funds based on our project’s understanding (as you comprehend it)?
  24. Is chargeback or fraud protection included in your services?
  25. Can we propose our own payout provider? How long does due diligence take and are there any extra costs associated? What is required of us and from the payout provider?
  26. Can we use our own platform and development stack if we have our own technology team, and not opt for your web/mobile app?
  27. What does the ‘introducer’ fees include?
  28. Why is the limit of the starter package set to $5,000 per day?
  29. Do you provide access to banking for Remittance-as-a-Service (RaaS)?
  30. Can we be up and running in 15-days?
  31. Can I use my own merchant processor?
  32. Can I increase the number of payout countries while opting for the Pro or Starter package?
  33. We have already started to sign up clients for our B2C (Business to Consumer), for bank to bank transfers. Can you recommend other solution providers for this use case?
  34. Would you consider lowering your referral fee and terms and we can pay the remaining after the launch?
  35. What does the fee schedule look like?
  36. How long does it take to transfer the money to the bank?
  37. How long does it take for funds to process for my clients?
  38. How long does the leasing period last?
  39. Will I have access to ACH transfers?
  40. Will I be offered a bank account or sub ledgers by the bank to store the money before it is transferred?
  41. What is the timeline to send money out?
  42. Have you successfully brokered MSB accounts in 2020, and are they now banked?
  43. How are you able to keep up with the internal policy changes of the banks you work with?
  44. Do we need to hire a full-time compliance officer?
  45. What is a KYC and is there an API for it? Is it for the beneficiary?

This page was last updated on February 24, 2023.

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