Our Payment Processing partners have the capability of assisting businesses that require payment solution for Money Remittance Activities. This type of merchant offers the services of sending money from one nation to another. This industry is awesome however because of the scale of risk a majority of PSPs say no.
As per our understanding the MCC for this industry shall be MCC 4829.
These are the following requirements to get a EU remittance merchant account
- Merchant must have EU business
- Directors should be EU based
- Company Must have EU Physical presence
- Special Licences may be needed
- Merchant must comply to AML policy requirements of the PSP
Apart from the above mentioned requirements there may be additional requirements that will be shared by the PSP.