Global Banking Partners for High-Risk Merchants
Before, a few foreign banks opened up for some very high-risk businesses that suited their own particular styles. Alternatives found around Europe such as Bank of Valletta (Malta) or Transactive Systems (London, UK) are geared toward game and forex gambling. Specific restricted businesses with licensing are permitted within the confines of Asian CIMB Bank (for Malaysia) and DBS (for Singapore). Caribbean banking also renders some availabilities like Euro Pacific Bank (Puerto Rico) to carry out all forms of activities involving cryptocurrency. Though many of them come with a minimum deposit of $50,000+, a very hefty pile of due diligence questionnaires, and personal interviews, US merchants now find it prudent to choose state-chartered banks like Cross River Bank or Metropolitan Commercial Bank both partnered by high-risk approved ISOs. All require proven compliance programs, including records of AML training and systems of monitoring transactions.
Building Bank Relationships
Engage payment consultants who specialize in banks; don’t alone target banks directly-the best intro leads to no frontline rejection. A business plan should be comprehensive when targeting markets: risk assessment and projection of finances should be included. Prepare to furnish two years of tax returns, personal financial statements, and occasional professional references. After this approval process, maintain it with monthly volumes, avoiding sudden spurts. Spread several bank partners so that exposure risk diversification is maximized- no single high-risk merchant should be dependent on one financial institution. Always have backup accounts no matter how forgiving the bank, for you never know when they may close high-risk categories under regulatory pressure.
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