Payment Solutions For Remittances And Money Service Brokers
The United Kingdom is a multicultural country that includes people of diverse nationalities. This is the key reason why it’s quite common to find companies in the UK providing services like “Remittances to Pakistan, Bangladesh, Nepal, India, and many other parts of the world. These companies are popularly known as Remittance Service Providers, Money Service Brokers, and Money transfer companies.
Unfortunately, because of the high volume of transactions and various regulations, many merchant account providers may simply say no to applications for this industry. The good news is that one of our EU based payment processing partners is currently interested in evaluating applications from this industry.
Technical Information – Related Merchant Classification Codes
MCC 4829 Money Transfer
MCC 6010 Financial Institutions – Manual Cash Disbursements
MCC 6012 Financial Institutions – Merchandise, Services, and Debt Repayment
MCC 6051 Non-Financial Institutions – Foreign Currency, Money Orders (not wire transfer) and Travelers Cheque
There are some prerequisites for this type of businesses before they apply for a payment gateway and merchant account.
- The company should be from the United Kingdom and should have a physical address. Virtual addresses will not work.
- The company should also be registered with various government and regulatory entities like
- Financial Conduct Authority under the Payment Services Regulations 2017, for the provision of payment services.
- HM Revenue & Customs Rational Foreign Exchange Ltd as a registered Money Service Business under the Money Laundering Regulation 2017.
- Directors of a company should also be from the United Kingdom. If your company fulfills these basic requirements, then it is the right time for you to send us an email. Our team will immediately connect you with one of our payment processing partners. They will then evaluate your application for a merchant account.
This industry works on meager margins of profit, and this may also be a reason why many processing companies are not comfortable in working with merchants from the MSB industry. Our processing partner understands this requirement and offers cost-effective payment processing solutions to this as well as many high-risk industries. Send us an email on [email protected] or use our contact form to send us a few necessary information. This will help us to connect you with the right payment service provider that may have the capability of assisting you.