I'm in the process of starting a US-based crypto business and was hoping I could get recommendations on how to set up the banking and/or payment processing required to operate.
I will be selling crypto to individuals online for credit/debit card payments. Once their card is charged, the funds will be used to buy more crypto. Obviously, the quicker the payments can be processed and are available to reinvest, the better. It would be ideal to find a payment processor that settled funds via crypto immediately, but I realize that's not realistic. I just mention it to illustrate the desired urgency of reinvesting the funds after a card payment has been processed.
My preference is to set all of this up in the US, but after being rejected and ignored by countless companies, I'm willing to consider other options. I'm registered as an MSB, have an AML/KYC program, and am in the process of registering as a money transmitter in all of the US states and territories that require it. Also, no judgement here...but I'm not asking for, or interested in, any ideas that involve bending or breaking the law. However, I am not a fan of taxes, so if there are any legal options with tax benefits, that'd be wonderful. 🙂
Unless someone has a method that would make funding from processed payments available sooner than a traditional merchant account, my priority is finding a bank or banks. The payments I take will typically range from $20-$500 USD and the daily amount deposited will increase by 10% each day that the funds are available to reinvest. The ability to initiate wire/sepa transfers or buy crypto some other way is required. I've worked in the financial industry for quite some time and know that money transferring in, then all or most of it right back out is a red flag for AML. I'm just hoping I can find someone that will ask questions rather than closing the account or freezing funds.
I've found a few merchant account providers that are willing to work with me, but if anyone has recommendations for a provider that is more accepting of scaling up daily processing volume and/or has really quick funding, please let me know.
This is all new to me, so any advice would be greatly appreciated.
I will be selling crypto to individuals online for credit/debit card payments. Once their card is charged, the funds will be used to buy more crypto. Obviously, the quicker the payments can be processed and are available to reinvest, the better. It would be ideal to find a payment processor that settled funds via crypto immediately, but I realize that's not realistic. I just mention it to illustrate the desired urgency of reinvesting the funds after a card payment has been processed.
My preference is to set all of this up in the US, but after being rejected and ignored by countless companies, I'm willing to consider other options. I'm registered as an MSB, have an AML/KYC program, and am in the process of registering as a money transmitter in all of the US states and territories that require it. Also, no judgement here...but I'm not asking for, or interested in, any ideas that involve bending or breaking the law. However, I am not a fan of taxes, so if there are any legal options with tax benefits, that'd be wonderful. 🙂
Unless someone has a method that would make funding from processed payments available sooner than a traditional merchant account, my priority is finding a bank or banks. The payments I take will typically range from $20-$500 USD and the daily amount deposited will increase by 10% each day that the funds are available to reinvest. The ability to initiate wire/sepa transfers or buy crypto some other way is required. I've worked in the financial industry for quite some time and know that money transferring in, then all or most of it right back out is a red flag for AML. I'm just hoping I can find someone that will ask questions rather than closing the account or freezing funds.
I've found a few merchant account providers that are willing to work with me, but if anyone has recommendations for a provider that is more accepting of scaling up daily processing volume and/or has really quick funding, please let me know.
This is all new to me, so any advice would be greatly appreciated.
