Remittance-as-a-Service may seem like a lengthy and confusing process to many at first. However, it is simple, easy to understand, and even easier to carry out. Discussed in detail below is the RaaS Process: a summary of the main things you need to get started with RaaS.
Visit the Remittance-as-a-Service Page
The Remittance-as-a-Service Page is the stepping stone in the RaaS Process as it highlights the definition of the term Remittance-as-a-Service, along with who it is for, its prerequisites, restrictions, and geographical availability. Additional resources, such as Revenue Modelling Sheets and their Simple and Complex Versions, a set of 164 videos to help you understand how to set up a money transfer business and related forms are also available on this page.
Download and Read the RaaS CheatSheet
The RaaS CheatSheet covers all the points that you need to read through whether you are an aspiring entrepreneur, a start-up, or an incumbent. It highlights not only what is integral to the RaaS Process, such as What is RaaS but also covers the individual package plans, the RaaS Pricing Options, Sample Calculations, and a list of Due Diligence Documents that you must submit, amongst other things.
Study the Remittance-as-a-Service FAQ Page
The Remittance-as-a-Service FAQ Page is an integral part of the RaaS Process as it answers all the questions one can possibly think of including questions about Compliance, Anti-Money Laundering, Know Your Customer, etc. Concerns about Commissions, Pricing, and FX Rates are covered in depth along with answers to questions such as “Why do the rates vary for the Starter package versus the Enterprise package?”. We have also highlighted answers to frequently asked questions with regards to HR, Flow of Funds, Payment Processing, and IT. All your questions are answered on one page: the Remittance-as-a-Service FAQ Page.
Use the RaaS Fee Calculator
The RaaS Fee Calculator will help personalize the RaaS Process for you as you can use this tool to calculate your one-time and monthly costs, all just by answering three basic questions. This really helps you look at the RaaS Solution from numerous angles, allowing you to calculate your return on investment. In most cases, it may serve as the deciding factor on whether you want to invest your resources in RaaS.
Read the RaaS Program Details
As you scroll through the Remittance-as-a-Service Page, you will notice a section that covers the RaaS Program Details. It is imperative that you study this section carefully as it contains detailed information regarding all the RaaS sub-topics. After you have thoroughly read this page, you will reach the final step of the RaaS Process.
Fill out the Requisite Three Forms
This is the final stage of the RaaS Process where you must first choose a package, fill out the List of US must-have states and payout countries, and finally, fill out the License Regulatory Coverage Questionnaire to conclude the RaaS Process.
And that’s it! Your RaaS Process is complete.
This page was last updated on November 11, 2022.