What's savest EMI for 20K SEPA transfers without blocking?

[Forester]

BlueMist said:
I only came to know about them due to being referred by my long term partner. It's EMI created by gaming related people, so they understand the high risk businesses. KYC is quite detailed but it's done upfront.
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May I ask you about your experience, how much time the KYC procedure at Finductive can take? I had also been directed there, by my tax consultant; our company (two UBOs ”“ I & my partner) succesfully passed the Preliminary Check, then we approved the Pricing Schedule (quite reasonable, IMO) and after some time uploaded all the demanded documents (29 documents altogether, but nothing extremely sophisticated, just paperwork). We received a message that “Our officers will check the uploaded documents and data. You will get an email notification when your process is finished.“ more than 3 weeks ago ”“ nothing happened since that day.
Maybe it is not extraordinary; but furthermore, in a PAYMENT SERVICES FRAMEWORK CONTRACT (available at Finductive's webpage) it is stated “5.1. Onboarding Fee. Following the Preliminary Check set out in Clause 3.2.1 above, fifty percent (50%) of the Onboarding Fee is due by the Applicant to Finductive prior to starting the Onboarding Process. Instructions of how to settle such Onboarding Fee will be given to the Applicant via e-mail.” Not even such an e-mail arrived...
Remark: We are not a high risk business, I think. Just a business consulting company, located at Cyprus.

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[BlueMist]

Forester said:
May I ask you about your experience, how much time the KYC procedure at Finductive can take?
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It took around 1 month for me (with nominee holding structure). Onboarding fee was charged to the account and I didn't have to pay anything upfront. Apart from that no issues. Every time you receive or send transfer above €25.000 you need to submit supporting document e.g. invoice. I have been doing or receiving transfers €200.000+ and that was never an issue.

Just be patient, I prefer this approach upfront to instant EMI opening which makes your life miserable later on.

 

[Forester]

BlueMist said:
It took around 1 month for me (with nominee holding structure). Onboarding fee was charged to the account and I didn't have to pay anything upfront.
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Thank you very much for the quick response. This explains well the circumstance I was mainly concerned with.

BlueMist said:
Apart from that no issues. Every time you receive or send transfer above €25.000 you need to submit supporting document e.g. invoice. I have been doing or receiving transfers €200.000+ and that was never an issue.
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I am happy to read it, really.

BlueMist said:
I prefer this approach upfront to instant EMI opening which makes your life miserable later on.
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Generally, the same for me, of course. Agree at 100%.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

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[JohnLocke]

BlueMist said:
Yes, I do have a direct contact. Just pm me if required. I only came to know about them due to being referred by my long term partner. It's EMI created by gaming related people, so they understand the high risk businesses. KYC is quite detailed but it's done upfront.
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They declined our application in a few days 😀 not sure how much better they are over other so called high risk processors. Maybe someone else has more luck.

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[Forester]

Well, just for the case it is worth for someone: After another two weeks, still no feedback from Finductive. We are still patient 🙂

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

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[jkid]

Forester said:
Well, just for the case it is worth for someone: After another two weeks, still no feedback from Finductive. We are still patient 🙂
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Hello! Were you eventually successful with Finductive? My application with them is pending for nearly 2 months now

 

[Hamilton]

You could use DynaPay but they will request for supporting documents

 

[Forester]

jkid said:
Hello! Were you eventually successful with Finductive? My application with them is pending for nearly 2 months now
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Sorry, I was not online for two days...

To make a long story short: not yet ”“ but they did not refuse us... 🙂 🙁
Longer version: After an almost unbelievable technical problem ”“ it turned out after 3 months or so, that some e-mails (more than one!) were not delivered (regardless of whitelists etc., simply it was not delivered to the final server); so it is necessary to begin from the very beginning ”“ the case is still not closed by the compliance department.
We called them 3 weeks ago; they promised to inform us soon, but they are still silent. The staff is friendly and the costs for us are zero until now, so I do not want to put a shame on them ”“ but it seems to be really complicated and slow.

(In the meantime, we decided to try another solution ”“ it is still in progress so I am keeping it zipped; when closed, I will share the result here on forum in a corresponding thread.)

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[tacokai]

Forester said:
To make a long story short: not yet ”“ but they did not refuse us... 🙂 🙁
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so this has going on for you since June 2021 ? ja334¤¤#

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[Forester]

tacokai said:
so this has going on for you since June 2021 ? ja334¤¤#
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Yes, it has 🙁.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...