FAQ: Running a Business

• Can I Remitly or Wise rates?
• Can we be up and running in 15-days?
• Can we have a legal company name and then have a separate name (register a “doing business as”)? Is that allowed?
• Can we operate on a funds good & settled model? Please clarify steps of responsibility in the flow of funds.
• Can we operate on a good funds & settled model?
• Can we propose our own payout provider?
• 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?
• Does the armored car service need to have a contract with your bank?
• How Much Money Do I Need to Get Started?
• How do I calculate my monthly costs?
• How long does it take to find a sponsor, finalize a contract, and get up and running?
• How long does the FinCEN registration process take, and does your company assist with this?
• How long does the process of signing the contract last?
• How much money would I need to start a RaaS business?
• How to Structure a Complex Financial Services Deal
• How will I compete with others in the market?
• If I start on the smaller plan like Starter and then upgrade to Pro? How does that happen?
• If I submit my marketing/sales plans to you, how much do you think I will be making monthly as the business owner?
• Is chargeback or fraud protection included in your services?
• Is it possible to go live within 6-8 weeks after the initial engagement?
• Is prefunding considered trapped capital?
• Is the sponsor also going to provide the bank account for the company?
• Let’s say that I start the business, what would be my role in it? Will I be in charge of the back office?
• Our company is currently structured as a Delaware C-corporation. Will this present any issues? Is there a standard entity type a ‘sponsoree’ would be more likely to choose?
• We want to expand untapped corridors where correspondence arrangements are needed and are not available. Would we be allowed to make a correspondence arrangement with Banks in that territory?
• What bank will we be signing with? Can you tell us the name of the financial institution you are talking to? We might already be in conversation with them?
• What due diligence will need to be completed on our end?
• What is Product-Market fit?
• What is collateralized pre-funding?
• What is my company’s role defined in all of this? What role do I play as a non-licensed entity?
• What is non-collateralized pre-funding?
• What is the best way to present our use-case to the partner?
• What is the timeline before we can go live?
• What is the timeline followed by your company after you accept a potential client?
• Which service plan do you recommend for a startup company to start with? Is it possible to choose the Starter plan now and upgrade later?
• Why is pre-funding required in the money transfer world?
• 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)?
• Why is the limit of the starter package set to $5,000 per day?
• With regards to me as the owner of the business, how many departments do I need to run this (remittance as a service business) successfully?