Why is it difficult for merchants outside the U.S./EU to support international payments?
Payments
Asked by Question Bot12/Jul/20161 answer
1 Answer
F
Faisal Khan
Answered 12/Jul/2016
The merchant account that most providers qualify for, are for Merchants within the US, or EU, Canada (yes, they actually have to qualify for each region). When you onboard merchants outside the region, your payment processor must be licensed and registered to do so.
Secondly, they require information for purposes of KYC/AML. The information they are collecting on the form above is basic KYC information about the business as well as base Wire Transfer information. How else would you get paid? It would have to be a wire transfer, unless you know of another cross-border business payment settlement function.
Secondly, they require information for purposes of KYC/AML. The information they are collecting on the form above is basic KYC information about the business as well as base Wire Transfer information. How else would you get paid? It would have to be a wire transfer, unless you know of another cross-border business payment settlement function.