Referral Fees, Contracts & Packages

Table Of Contents


Is there a discount for startups?

The Starter package is developed predominantly for startups and new entrants. It allows an easy entry into the arena of the money transmission world with full licensing and compliance without stressing you financially.

Does your referral guarantee a signup with a PLH or just an Introduction?

No it does not, hence it is called a success-based agreement. The final say is with the solution provider after having done your due diligence.

Can we opt out from this referral contract if the process of signup exceeds your stated timeline or if we are required by you or the PLH to provide additional information or Money not mentioned in our previous conversations and in such cases can we request a full refund of whatever amount already paid?

No. The referral contract is good for one year. We have no control over your signups. It all depends on how ready your documentation is as per the requirements of the solution provider.

Other than the application fee which is non refundable, the referral fee would be refunded in full if you do not sign-up.

In the event your recommended PLH decides not to work with us for any reason prior to the Coverage signing will you refund the 25% initial referral deposit back?

The referral fee is refundable in full. However, for remittance-as-a-service the payment schedule is different.

We charge differently as per the packages. See below for details

One-time Application Fee applicable to all package, Starter, Pro, and Enterprise. The application fee is non-refundable.

Application Fee:
Starter: US$ 750
Pro: US$ 1,000
Enterprise: US$ 1,500

Amount Due when you sign the Referral Agreement:
Starter: 100%, i.e. US$ 7,500
Pro: 50%, i.e. US$ 7,000
Enterprise: 25%, i.e. US$ 7,000

What does it mean e-wallet included?

Remittance business is a straight-through processing (STP) business, i.e. the funds have to either sent to the beneficiary or returned back to the customer within 96 hours. The funds cannot be held (in an e-wallet) of any kind. When we cite that an e-wallet is included, it means that you have the ability to hold money with the solution provider, as opposed to simple straight-through-processing. In simple words, you get stored value as well as STP.

If I start on the smaller plan like Starter and then upgrade to Pro? how will that happen?

Simple. You need to first let us know of the enhanced countries you plan to cater to. The solution provider will confirm. Once that is done, we will then agree at some future date to switch you to the upgraded plan (with a lower transaction fee). You will have to pay our referral fee difference and that pretty much is it. The same is applicable to upgrading from Start to Enterprise or from Pro to Enterprise.

I need clarity on how much is due upon signing the referral agreement and how much is due when signing the Coverage Agreement?

The following fees are due when you sign a referral agreement:

One-time Application Fee applicable to all package, Starter, Pro, and Enterprise. The application fee is non-refundable.

Application Fee:
Starter: US$ 750
Pro: US$ 1,000
Enterprise: US$ 1,500

Amount Due when you sign the Referral Agreement:
Starter: 100%, i.e. US$ 7,500
Pro: 50%, i.e. US$ 7,000
Enterprise: 25%, i.e. US$ 7,000

Contract says all fees paid are not refundable does this statement invalidate your refund policies referred to under “How We Charge“?

The Remittance-as-a-Service is not subject to the regular pricing that we have on our Regulatory Coverage Table.

If the information stated in Point 9 (in the contract) is the basic factors of Clients qualification what happens in the event the clients is not qualified or is disqualified?

Your qualification factors are determined directly by the due diligence by the service provider and the parsing of the information you had provided to us when your initial query came to us.

Barring your application fee, which is non-refundable, any other money you have paid is refunded in full.

If the product or services of your referred PLH do not fit our business needs and we decide to decline do we get a refund?

No. Once you sign up with the service provider, the contract is deemed completed. It is up to you in the initial period to assess if what is being provided by the service provider meets your needs or not.

Would a legal contract not have details of commercials specific to our business?

It would. It would be the EXACT copy of what you see on the web, added as an addendum.

Can we review the commercial and legal viability of the whole project and revert as soon as possible?

The commercials are ALREADY on the website. That was the whole point of it. Each and every single price point is mentioned.

What does the ‘introducer’ fees include?

The introducer fees are more than just finding a licensed financial institution for you to work with. It typically involves a few hours or pre-screening work and then an equal amount of work goes into talking with financial institutions who will sponsor you for your business case. Once the introduction is being made, you will have direct access to the LFI (licensed financial institution) to conduct various activities like sign a non-disclosure agreement with them, perform due diligence (both ways), look at the legal drafts of the contracts you will be signing, share your transaction set, the flow of funds, have a look at the API (for tech integration) and negotiate & discuss your term sheet.

Which service do you recommend for an startup up company to start off with? Maybe the basic and then upgrade to pro? Or starting directly with the pro service plan?

Simplex-to-Complex. Always recommend that you start with the Starter plan and then slowly as your marketing and sales efforts pick up, then you expand upwards towards the Pro or Enterprise plan.

How much commission would you charge me for finding me a service provider for this remittance-as-a-service?

The referral fees are clearly mentioned on Remittance-as-a-Service Pricing Page and on the Comparison table page.

How much does the Remittance-as-a-Service (RaaS) cost?

Detailed costing of how much does RaaS cost has been provided for. Your monthly cost options can be seen here, and sample calculations for US$ 250US$ 500, and US$ 1,000 can be seen on their respective pages.

How much money would I need to start this RaaS business?

Other than the stated costs , we cannot answer that. However, we can tell you that you would need to have approximately US$ 75,000 to enter into the business (this includes limited pre-funding). Anything less would seriously stress your business, especially sales and marketing efforts.

In the end, it is up to you and your network. How well you can market your service and how you can get clients.

Barring your referral fees, realistically what is the most minimum amount we can start a money transfer business with?

This is a tough question, it depends on which provider will work with you. Barring our fees (which can be a minimum of US$ 7,500 or a maximum of US$ 28,000) this is what you typically should prepare for: (i) Reserve Requirement: US$ 5,000 (minimum) (ii) Pre-funding Amount: US$ 5,000 (minimum), (iii) One-time Setup Fees: US$ 2,500 (minimum), and (iv) Monthly Fees: US$ 248/month (minimum). If we take these amounts, then you’re looking at a minimum of US$ 23,000 approximately to go live. This is assuming you would make your own app (using the API) and also there is no room for sales and marketing budget.

If I am on an old pricing plan, can I request to be shifted/moved to the new more economical pricing plan?

The answer to this is not straight forward. The reason being, is because you are already tied into a commercial contract with your existing provider.

If you want, you can exit that contract, but that may have financial repercussions for early termination. Please check with your solution provider first.

In some instances your existing solution provider might be the very same solution provider offering these new remittance as a service pricing packages. If that is the case, there might be a possibility to downgrade or readjust your contract.

If we are on another pricing plan, what happens if we want to come over (switch) to this pricing plan?

You can certainly switch, that option is available to you. However, once you switch, the rates and conditions applicable to the new RaaS plans would be applicable to you. Whether it is a net benefit for you or a net loss, please do your calculations prior to switching.

What will be the ‘actual’ monthly costs for me? The spreadsheets are slightly confusing?

Please visit this page to get an exact assessment of what your monthly costs will be, based on the option you choose: What is your monthly total?

In reviewing the fees we wanted to know if we grow fast, will we be able to move from Starter to Pro, and Enterprise as volumes grow and then only pay the incremental once-off fee?

Yes. The upgrade is simply a matter of paying the differential. The revised rates take up to five (5) business days to take effect. With respect to payout corridor, technical and development perspective, the solution provider will review and provide fresh timelines for those (if applicable).

This page was last updated on January 11, 2021.

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