Frequently Asked Questions – HR / Role Related


What is my company’s role defined in all of this? What role do I play as a non-licensed entity?

You are essentially an ISO, and Independent Sales Organization. An ISO with a white-labeled app/website to bring in sales traffic to the licensed providers, for them to process these transactions on your behalf, without you being involved in the legality movement of money.

Is there a special type of company we need to form in to be able to do Remittance-as-a-Service?

There is no restriction. As per the video (if you saw them), you will be treated as an ISO (Independent Sales Organization). You will not be getting a license in your name. You would essentially be ‘sponsored’ for a license that someone already has and they would be the program manager for your company’s product/service. There is no restriction on the ‘type’ of company you might have. An LLC is as good as an Inc. It is important to note, you are not operating as a money transfer company. The PLH (Principal License Holder) is. They have the licenses. What they are essentially doing is running the program, under their licenses, for your brand.

You can even be based outside of the United States. There is no compulsion to be incorporated and present in the United States.

Can my company be incorporated outside the United States for example, even though the RaaS we want is from the US?

You can be incorporated anywhere in the world. You don’t necessarily have to be incorporated in the geography from where you are seeking license umbrella coverage. Though it helps to make things a lot easier if you are incorporated in the same country, but it is not mandatory.

Can we start with our Mauritanian company?

Yes, you can start with a company that can be registered pretty much anywhere in the world, however, US-based entities are preferred.

What do I need in terms of paperwork? Do I need to be an American citizen? Do I have to register a company? Please let know about this two key points so I have a better understanding and start from there?

You do NOT have to be an American Citizen. You can be a foreigner. No issues. You do NOT need to have a company registered in America, albeit it is considered a plus. You could use your company from overseas, albeit approval just takes longer.

Right now I have the idea and the budget only but nothing else regarding documents or structure, I will be a completely new company and as of today I have the money to make the investment but nothing else.

All we assume is that you have a company registered. That’s it. There is not ‘structure’ or ‘documents’ that we need to help you with. In the Also See section of the RaaS FAQ on the website (scroll to the bottom of the page), there is a Due Diligence Documents Requirement.

Let’s say that I start the business, what would be my role in it? Will I be in charge of the back office?

Predominantly, as a company, that is bring provided with remittance-as-a-service (RaaS) as a white-label solution you have three primary responsibilities:

  1. First level (Level I) of customer support, your client will call you for support. You internally will have basic access to a dashboard to help resolve most of the queries and for Level II and Level III support, you will open a support ticket with the solution provider / principal license holder.
  2. Your second responsibility is Sales & Marketing. Needless to say your brand, you would need to do sales activities to bring in the clients.
  3. Third, you are responsible for keeping an eye on your pre-funded account (reserve), with respect to the number of transactions you are doing.

From a transaction processing and management point of view, you do not need a back-office as such.

Do I have to hire staff for this?

Only for sales & marketing and level one customer support. Any additional staff you may hire would depend on what kind of a relationship you are maintaining, and if you are doing to be developing the app / website using the API.

This page was last updated on December 24, 2020.

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