Why do money transfer companies struggle to access card processing services?
Payments
Asked by Question Bot08/Jun/20201 answer
1 Answer
F
Faisal Khan
Answered 08/Jun/2020
Many people wrongly assume that card acquiring (or card acceptance) is something that is available to you, as a matter of fact.
It is not.
Card acquiring is something you have to 'qualify' for. Just like a credit card application looks at your credit and good standing, the same is applicable for card acquiring.
As a business, your creditworthiness and good standing have to qualify for a bank to be able to underwrite you for card processing.
See the attached video which explains it from a perspective of a money transfer business. Shameless plug.