Recent content by prepaiddays

How could I use a card not from Mercury without transferring the funds out of Mercury?

Do you know what it shows as on the card statement?

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.

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?

Any recommendations?

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?

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in transactions so we don't have capital to fund 7 figures to the account though that amount would be deposited(and withdrawn) over the course of the month.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...

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...

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.

We have tried dozens of banks and after hearing the business description or receiving the documents they usually speak with compliance and come back with a declined response. Although we have not tried BMO so I will likely be at one of their branches first thing monday morning. Are there any...

Like which banks? I ask because we have attached all this information with our package as well as dozens of pages of compliance policy and procedure documents to no avail. With Mercury the application goes through their portal so I didn't have a chance to provide additional documents but I can...

What else can we provide them other than a legal opinion letter from a large law firm? Upon a quick look a few of the games(all the games I checked) we sell does explicitly allow resale and has some language similar to this in the EULA: "transfer the Software Product (complete with all...

I totally understand from your point of view and I always explain the business in detail to bankers. I can also clarify we've also received several legal opinion letters after reviews of the business from a large outside law firm and have included this in our package for the banks to no avail...

I see what you're saying, It sounds like your overall recommendation is to get express permission or send to another bank account under the company's name?

That's very true that what others are able to do doesn't make something legal but this particular form of reselling where there is no copying involved is entirely legal. https://www.justice.gov/archives/jm/criminal-resource-manual-1854-copyright-infringement-first-sale-doctrine