Which online payment processors allow cash-advance transactions?
Payments
Asked by Question Bot07/Apr/20131 answer
1 Answer
F
Faisal Khan
Answered 07/Apr/2013
By online I mean, the ability for a person to charge his/her card online (on a website) and not on a physical terminal. Our overall goal is to treat this cash advance towards onward home-remittance (which is a separate project set altogether), but it seems very very few processors would actually approve you for performing transactions that are cash-advance (i.e. no product and/or service being sought).
After talking to literally 100s of processors, etc. Less than a dozen actually understood what we were trying to do, and only a few actually met the security requirements (be able to do OFAC, KYC, AML, SAR checks on the transaction).
In our case, its not been an 'issuer' issue at all. We simply went to those company that provide you with merchant account or payment processing capabilities online (the like of Braintree payment, etc.). Like I cited, most had no inkling on how to do the transaction if no product or service was being sold, the remaining simply did not have the adequate security checks in their processing system.
After talking to literally 100s of processors, etc. Less than a dozen actually understood what we were trying to do, and only a few actually met the security requirements (be able to do OFAC, KYC, AML, SAR checks on the transaction).
In our case, its not been an 'issuer' issue at all. We simply went to those company that provide you with merchant account or payment processing capabilities online (the like of Braintree payment, etc.). Like I cited, most had no inkling on how to do the transaction if no product or service was being sold, the remaining simply did not have the adequate security checks in their processing system.