Do you mean that I'd need to offer them to hold 100,000+ as a reserve for the duration of the account? I tried with 30,000 in the past with no success.
Purchasing Crypto With Mercury
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You probably don't have your presentation in order.
You need to explain the crypto part as purely incidental to your operations.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
30k won't work.
You are moving millions, hence you should leave 7 figures in the bank or you will just be considered an annoyance and will be rejected.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
I think you've helped me understand why we're being rejected in that case then. It sounds like most banks feel the reserve amount we've offered doesn't align with the liability of accepting our transactions due to the volume?
Do you know anyway around this other than paying a fintech that provides crypto friendly business bank accounts 10,000 or more a month or do you think that sounds like it's likely the best option for our business at this time?
It's not a reserve amount, it's just what makes it worth for them to do business with you. Banks are in the business of making money, not of helping their clients with buying crypto.
I don't understand what you are talking about.
I don't see the problem with making a bank happy if all what you said about your business is true.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Our clients make purchases paying in advance for the games and we only make a five figure profit per month after processing 7 figures in transactions so we don't have capital to fund 7 figures to the account though that amount would be deposited(and withdrawn) over the course of the month.
I was mentioning that there are fintech companies that partner with banks to provide accounts to companies dealing in the crypto industry and we've been quoted at $10,000 monthly. Since we're unable to maintain a 7 figure daily balance or reserve at the banks would you say that's likely a better option for us at this stage?
Leave your profit with the bank and accumulate. This might be acceptable to some banks.
They are screwing you.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Do you know any banks that might be more flexible in allowing us to scale the daily balance by leaving the profit in?
Would you say $10,000 a month is far too high? Do you know of any more cost effective options?
your business is super high risk in terms of AML. Find a very small local private bank and pay a significant account maintenance fee monthly then it would work
not in public sorry. But fly to Miami and speak to several very small banks
also why do you convert your earnings in crypto?
also why do you convert your earnings in crypto?
Our buyers prepay so then we have to pay the sellers of the games and some of them prefer to be paid in crypto. Do you know what size AUM I should be targeting? Is there a reason you specifically mentioned Florida?
Florida is more relaxed banking wise due to influx of South American "investors" LOL
> 1 Mio AUM plus a decent monthly account fee
> 1 Mio AUM plus a decent monthly account fee
Are you wiring funds from Mercury to a crypto exchange to pay your suppliers?
Or to invest in Crypto?
If you're reason is to pay your suppliers of the game codes, and Mercury has already accepted your game code business without you needing a front, you will be fine.
If you're reason is to randomly "invest in crypto because we are in a bull market" and start sending $10k daily from your brand new Mercury account, it will probably raise some red flags.
We really only need to wire to a crypto exchange to pay our suppliers of the video game keys. I'm also going to have my team talk to Mercury tomorrow and confirn they'll be okay with the activity as it sounds like the best way to keep the account open.
Just saw that you need to pay some of your sellers in crypto and if that's the case, you may want to consider crypto.com. I normally wouldn't recommend them b/c they charge ridiculous fees to send bitcoin. But they do accept fiat payments through Apple/Google Pay. This means that you can pay with a credit card. And if you can pay with a credit card, you can pay off the card from your Mercury account without Mercury having any association with a crypto exchange. I'm certain that limits and restrictions will apply but with a little gymnastics and a lot of fees, this may help you accomplish your goal of sending crypto payments using funds from your Mercury account.
Probably something similar to PP*GOOGLE COINBASE or APPLEPAY KRAKEN
The transaction detail is provided for you to identify the payments and help with your accounting. As long as you're using a credit card that is not from Mercury, what's displayed will not affect your banking relationship with Mercury.
curious why you are asking ?
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Only the early bird catches the worm.
How could I use a card not from Mercury without transferring the funds out of Mercury?
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