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How to Start a Money Transfer Business in 17 Steps
Do you want to start a money transfer business? If YES, here is a complete guide to starting a money transfer business with NO money and no experience plus a sample money transfer agency business plan template. The money transfer business is one where you help two parties transmit a certain amount of money. It is an ideal business to start up as money transactions happen daily.
You however will need to possess certain skills and abilities so that you can effectively manage financial transactions on behalf of your clients. The criteria for starting this business however depends on the state where you intend to operate your business from, your start-up capital as well as licensing. To start and run a standard and successful money transfer business, you will need to obtain a license that will allow you to transmit money and this is dependent on the state where you intend to operate from.
The reason why it varies is because of the money transmitting act of the National Money Transmitters Association; this is why it is necessary to know what the requirements of your state are. You might need to submit an online application to the appropriate department. The next step will be to file for a FinCEN Form 107 with the FinCEN which is at the Department of Treasury. The purpose of filing with this agency is to enable them classify your money transfer business.
It is only after you have established the money transfer business that you can then register your business with FinCEN and not before. The registration must not be done later than six months and the aim is to ensure that illegal acts like money laundering are not taking place. Then comes the part where you will need to set up your transactions with commercial banks that you are comfortable with. An alliance with a bank or several banks is very necessary so that you can carry out your full functions as a business.
If you are however still confused about certain parts of the business, this article will help in clearing any confusion or questions you might have about the money transfer business.
17 Steps to Starting a Money Transfer Business
1. understand the industry.
The money transfer industry is one that greatly contributes to the economic growth of countries participating in it. The reason for the growth of this industry is due to several factors such as increase in the labour force of the sending countries, increase in the number of migrants as well as the development of the global economy.
According to a report from World Bank, the money sent back by migrants to families in their home countries amount to $441 billion, which is thrice the amount that is being spent on official aid by international non-profit organizations. The cash that flows in through these money transfers constitute over 10 percent of the GDP in more than 25 developing countries.
As at 2014, $583 billion was transferred globally, with the top three money transfer companies dominating the market with more than 1.1 million combined retail outlets across 200 countries. This has led to an imbalance in the money transfer industry as certain countries dominate the receive volumes while certain other countries dominate the send volumes.
The united states of America for instance was responsible for about 22% of the money transferred globally in the year 2015, while India topped the receiving money transfer countries globally at 12%. Even though this industry is heavily dominated by banks and money transfer businesses, digital players have started entering the industry and are poised to disrupt how things are done.
According to a report from the Aite Group, the global revenue from the money transfer industry will grow to about 6% CAGR between the periods of 2006 and 2010. This means that by 2010, the industry will have generated close to $18.3 billion in revenue as compared to the $13 billion it generated in 2004.
The group also predicts that cross border transfers will increase by 8% CAGR between the same periods as well. By the group’s estimate, the remittances globally will amount to $456 billion which is up from $369 billion in 2007. The increase is not only due to new players in the industry, but also increased competition that has been caused by so many players forcing them to expand the range of their products and differentiate their services.
The increase that has been experienced in the money transfer industry is one that has been fuelled by the increase in demand from migrants. This has caused new entrants into the market with smaller companies making use of new technology to compete with the already established companies and their traditionally high costs, limited payment systems as well as limited distribution methods.
The World Bank, United Nations and the G8 countries have also strived to make money transferring become more common and transparent, thereby causing an increase in the industry amongst the players. The growth that has been experienced by the money transfer industry cannot be pinned to just the increasing demand from migrants or increase in the number of players, as the internet has played a huge role as well.
In the early 2000s, only about 27.6% of households has access to the internet; by 2011, this number jumped to 74.9%, which was caused by an increase in the ownership of smart phones, as nearly a quarter of the global population now own one.
The top three countries in 2014 that are on the receiving end of the money transfer industry are India, China and the Philippines , and these positions haven’t changed in 2016. Asia as a continent is the biggest recipient especially as migrants from China and india sent 0 billion back to their home countries as at 2012.
According to the World Bank as at 2015, global money transfer exceeded $601 billion. Out of this amount, developing countries got about $441 billion officially as it is believed that this is actually larger because a number of formal and informal channels that aren’t being recorded are used.
2. Conduct Market Research and Feasibility Studies
- Demographics and Psychographics
The demographic and psychographic composition of those that require the services of a money transfer business include migrants from Asian, African and Middle Eastern countries working in the United States of America. According to statistics, more male migrants, from young adult to middle aged are mostly the ones who are involved in sending money back to their home countries.
This does not however exclude nationals from the United States of America as well; the money transfer business is not only done internationally but nationally as well, therefore making it an all-encompassing business.
3. Decide Which Niche to Concentrate On
The money transfer business is one where you help two parties transmit a certain amount of money and it is an ideal business if you are looking for a lucrative business to start up because money transactions happens daily. There really aren’t many niches in the industry as players are mostly concerned with privacy, data security, ease of transactions as well as other factors.
However, due to the evolvement of the industry and the financial industry at large, more niches are opening up as new players are looking toward these sort of niches such as;
- Digital transfer
- Cyrptocurrency
- Money transfer services
The Level of Competition in the Industry
The level of competition in the money transfer industry has no relationship whatsoever to the area where the business is located because a money transfer business can operate from any part of the world via physical or virtual location, or even from both.
This is not to however say that any player can get into the industry and compete with already established players. The big players in the industry have a lot of advantage as their services are spread in strategic locations across the country; even as they have acquired the trust and confidence of their clients.
To be able to compete effectively with these big players, new operators are going digital and offering their services mostly via the internet. This is advantageous because almost every country in the world is connected to the internet and more than a quarter of the world’s population has a smart phone which allows them to carry out transactions anywhere in the world.
4. Know Your Major Competitors in the Industry
Every industry has brands that are well known due to a number of factors such as how long they have been in business, their publicity or advertising strategies, how huge they are and several other important factors, and a money transfer business is no different.
Therefore some of the leading money transfer businesses both in the United States of America and around the globe are;
- Western Union Company
- MoneyGram International Inc (MGI)
- Transferwise
- Currencyfair
- World Remit
Economic Analysis
The money transfer business is one that involves the offering of a service by two parties – where one party sends money to a beneficiary somewhere else using a platform. The service can either be done locally or between two or more countries.
To start this kind of business, you would need to create a business plan so that you have a clear vision of what your business would look like and how the flow of funds will work. You should realize that when running this business that every single penny you make must be accounted for, therefore you must be familiar with every aspect of the business.
One of the major issues that this industry faces is the that of compliance, which is why regulators globally are advocating for players int the industry to adopt platforms that are not only secure and robust but compliant, so as to effectively enforce proper procedures such as KYC (Know Your Customers) and block list checks against beneficiaries as well as remitters in order to efficiently track all transactions and the information attached.
Another reason why automated remittance platforms are seriously encouraged by the government is because such platforms make use of the latest technology so as to not only improve transaction speed but its efficiency as well. These platforms can then be used to conduct the required checks and also provide the needed information to the correct delivery agent. The platforms also store all the relevant identification information as well as enhance customer service by ensuring that critical business information is made available instantly.
Also, these automated platforms can help provide financial information that is accurate about the money transfer business and the profit or loss incurred per transaction. It is also useful for auditing and other compliance purposes.
5. Decide Whether to Buy a Franchise or Start from Scratch
How you decide to start your business depends on the vision and goals you had in mind for the business. Starting your business from scratch versus buying a franchise comes with its own pros and cons; it should however be noted that the money transfer business does not operate via franchise and the closest thing to that is being an affiliate.
Starting your business from scratch means that you are in control of your business and are able to determine how best to achieve your goals and objectives. You can also know what strategies aren’t working and have them modified or removed to be able to make your business achieve the level of success you want for it.
6. Know the Possible Threats and Challenges You Will Face
Every business when established newly is faced with threats and challenges and the money transfer business is not different. Therefore, if you are going to start this business, bear in mind that there are several challenges you are going to face, and how you address these challenges will determine the success of failure of your business.
Some of the threats and challenges that you are going to face are; arrival of a competitor into the industry, unfavorable and stringent government and industry policies and the downturn of the global economy.
7. Choose the Most Suitable Legal Entity (LLC, C Corp, S Corp)
The moment that you decide to turn your business idea into reality is the moment you would need to decide on what kind of legal entity to choose for your business. Even though there are 4 basic types of legal entities in the United States, but the legal entity you would choose must take the industry you will be operating in into consideration.
This means that the legal entity you should choose for your money transfer business should take into consideration; protection of your assets, tax issues, how to take money out of the company, your personal responsibility should your business lose money as well as estate planning. Also, the legal structure you finally choose will affect how you open your business legally.
The good thing about a legal entity is that once you find out that the needs of your business can no longer be met by your legal entity, you are free to change it. It is however beneficial if you have basic knowledge of business laws as it will be highly beneficial to your business or you can engage the services of a law attorney to help guide you on what is best for your business.
8. Choose a Catchy Business Name
Choosing the right name for your money transfer business is very important because it would portray the kind of business you are going into. Therefore, if you are considering some unique and catchy names for your money transfer business, here are some names you can choose from;
- Transferpay International
- Currency Wise International
- Pennywise International
- Cash Central Inc
- Payable International
9. Discuss with an Agent to Know the Best Insurance Policies for You
Having insurance is very important and for a business as sensitive as a money transfer business, it is very vital that you buy an insurance policy that would protect you from any form of liability. Knowing the right insurance policies to choose from can be quite tasking, which is why it is necessary to approach an insurance agent or broker to advise you on which policies you would need to buy for your business.
Some of the basic insurance policies that you would need to consider purchasing if you intend to start your money transfer business in the United States of America are;
- General Insurance
- Liability insurance
- Workers’ Compensation Insurance
- Health Insurance
- Errors and Omission Insurance
- Payment Protection Insurance
- Data Breach Insurance
10. Protect your Intellectual Property With Trademark, Copyrights, Patents
While the money transfer business is one that is very sensitive and requires a solid and secure database to protect the information of clients, it is however not a business that requires getting an intellectual property protection. This is due to the fact that this kind of business is a service based business that does not require inventions of any sort.
However, certain money transfer businesses have overtime applied for intellectual property protection for their company logo, slogan or jingle, and if you consider this as a priority, you can do yours as well, especially your logo or company name.
11. Get the Necessary Professional Certification
You would not need a professional certification in order to start a money transfer business. However, there are certain professionals you would need to have on board in your organization if you intend to run a standard money transfer business. A compliance officer is very necessary to boost the profile of your business and there are certain certifications that must be taken by the compliance officer.
Some of the certifications that a compliance officer must have include;
- Certified Anti-Money Laundering Specialist (CAMS)
The more certifications the compliance officer possesses, the easier it is for you to legally transact your business.
12. Get the Necessary Legal Documents You Need to Operate
The money transfer business is one that is very serious and sensitive, therefore certain documentations must be in place before the business can be started in the United States of America. However, it is necessary to point out that no business can be effectively run without proper documentations in the United States of America.
Some of the basic legal documents that you are expected to have in place if you want to legally run your money transfer business in the United States of America are;
- Certificate of Incorporation
- Operating Agreement
- Business License and Certification
- Business Plan
- Non Disclosure Agreement
- Insurance Policy
- Employment Agreement
- Money Services Business Application form
- Money transferring license
- FinCEN Form 107
- Online terms of use
- Online Privacy Policy Document
13. Raise the Needed Startup Capital
The money transfer business just like any other business, would need certain amount of capital from you. While seeking for start-up capital for a business is not an easy affair, it is very important that you have a good business plan in place that will help you convince your banks, investors and friends to invest in your business.
Some of the options that you might need to explore when sourcing for start-up capital for your money transfer business include;
- Raising money from personal savings, sale of stock or properties
- Raising money from business partners
- Sourcing for soft loans from family members and friends
- Pitching your business idea to angel investors for a loan
- Applying for Loan from your Bank
14. Choose a Suitable Location for your Business
The money transfer business is one that can be run from home or from the internet. Whether you choose the traditional brick and mortar building or the internet to run your business, a suitable location is very important to the success and growth of your money transfer business.
One factor that would come to bear greatly on your location issue is the scale of the business you intend to run. If you are a bit constrained by budget, then you might need to choose a location that would not add more financial strain to you. If you carefully study the money transfer business, you would see that the popular and dominant industry players operate from both a physical location as well as from the internet in order to capture a large share of the market.
The location where you choose to locate your physical offices must be strategic; while it must be close to your banks, it must also not be far from your clients. In the money transfer business, most of the clients are migrants who want to send money to relatives or loved ones in their home countries, so it would be unwise to locate it far from where a lot of migrants live or work. If you indeed intend to locate your business far away, a competitor might seize this advantage and use it to get a huge share of the target market.
While your physical location must be conspicuous and easily accessible, your website which should be your virtual office should also be as well. Clients who need to conduct transactions via your website shouldn’t have to experience difficulties, insecure website or downtime. This is why you should search for a good web host and developer to ensure that you offer your clients a safe place to carry out secure transactions.
15. Hire Employees for your Technical and Manpower Needs
Due to the fact that the money transfer business is a licensed one, there are certain paths you would need to take to be able to run your business successfully in the United States of America. You could decide to follow the affiliate, correspondent, correspondent/ISO, authorized delegate, licensed or banking agent route.
There are also several players in the business such as the sender, the sender’s bank, beneficiary, beneficiary’s bank, money transfer operator (sending side), money transfer operator bank (sending side), correspondent bank (sending side) and money transfer operator/bank (receiving side).
In order to fully set up and run your money transfer business, you would need basic office supplies such as computers, printers, phones and software (security, customer and transfer software) to enable you run a business that is reliable and trustworthy for your clients.
As regards your website, you will need to create a firewall so that hackers do not hack into your database and steal customers’ information as this could make your money transfer business to quickly lose credibility and eventually fail.
In employing the right people to work in your money transfer business, you would need to conduct security and background checks so as to not employ criminals or those with a bad financial history. The business structure that you would build for your money transfer business are; the chief executive officer, the admin and human resources manager, accountant, customer care officer for both online and offline inquiries, marketing officer, ethical hackers, cleaner, security guard.
The number of people you would need to employ in order to run a successful money transfer business that is of medium scale is at least 10 people.
The Service Delivery Process of the Business
The money transfer business is one that includes several types of operators to be able to function effectively and this includes banks and money transfer operators. For a service to be delivered well, the remitter of cash usually goes to a physical location where he or she hands over cash to a money transfer operator teller.
The money transfer operator will have agreed with the agent (a bank) as to the exchange rate as well as any additional charges that will be incurred during the transaction and these charges are passed on to the remitter before the money can be sent to the beneficiary in another country. The remitter is given a receipt showing the details of the transaction which will include who the beneficiary is and how much will be given.
It is only after this that the money is deposited by the money transfer operator into its bank account and when it has reached a certain amount, make a transfer to the delivery agent in the destination country. This arrangement which depends on the agreement between the money transfer operator and delivery agent can be daily, weekly or monthly.
Once instructions have been received from the money transfer operator, the delivery agent then delivers the money to the beneficiary via the agent’s physical location. A commission is usually charged by the delivery agent for this service. This cycle is usually referred to as a transaction.
16. Write a Marketing Plan Packed with ideas & Strategies
The money transfer industry is one that is not only stiff with competition but also filled with dominant players as well; this is why you must ensure that all is in place before you proceed to market your business to your potential clients.
Because marketing not only helps generate revenue for your business but equally increases awareness for the business; it is important that you conduct a market survey that will help you identify your target market as well as ways to penetrate the market using certain strategies. Conducting a market survey will also help you study the strengths and weaknesses of your competitors and then help you develop strategies that you can use to compete with them and get a huge share of the target market.
The result of your market survey would help you determine the right marketing strategies that would be effective for your business. It is also from your market survey that you would determine the budget that you will need to market your business.
The internet has made it possible these days to reach customers from far and wide and so combined with physical form of marketing, any enterprising entrepreneur can achieve all its corporate goals and objectives. Therefore some of the platforms you would need to market our money transfer business are;
- Ensure you introduce your business to stakeholders in the industry by having your marketing team approach corporate organizations and international businesses with letters and brochures listing the benefits of your money transfer business.
- Ensure that you place advertisements in newspapers, business and money related magazines, as well as on radio and television stations.
- Ensure that your business is listed in yellow pages as well as on online directories.
- Empower your marketing executives to engage in physical and direct marketing.
- Use your website as well as social media platforms such as Linkedin, Facebook, Twitter, and Google Plus to vigorously market and advertise your business.
- Place billboards in strategic locations in order to enable your target market be aware of your money transfer business
17. Develop Strategies to Boost Brand Awareness and Create a Corporate Identity
If you are serious about starting your money transfer business, then you should be ready to engage in activities that would promote your brand and create a corporate identity for you. Boosting of awareness is what all companies engage in no matter how long they have been in business, because the more you publicize your business, the more you attract new customers and retain already existing customers.
Because the money transfer business is majorly an international kind of business, you would need to understand the international market when creating the necessary strategies for promoting your business.
The importance of publicity has made it imperative for businesses to get a brand consultant that understands the national and international market and can therefore draft the right strategies that would boost the awareness of the brand.
The money transfer business is one that has a lot of competition and so it is absolutely necessary to create the best strategies that would help the business stand out and be able to compete favorably against its competitors. Below therefore are the platforms that you can leverage on to boost your brand and communicate the corporate identity of your business;
- Ensure that you leverage on social media platforms such as Facebook, Instagram, YouTube, Twitter and GooglePlus to promote your money transfer business
- Place adverts in popular websites and blogs
- Ensure that your website is search engine optimized so that it can appear tops in search engines when clients are looking for a money transfer business to use
- Hand out handbills and business cards and paste fliers in strategic locations
- Set up branches in countries where you are likely to have enough potential clients and carry out adverts there as well
- Use your official website to advertise your business
More on Financial Service Industry
How Is the International Money Transfer Market Evolving?
With the global workforce becoming increasingly mobile, international money transfers (“remittances”) have equally grown in prominence, passing the $530 billion a year mark in 2016.
Fees for transfers are at an all-time low, thanks to pressure from bodies such as the UN, which is providing consumers with more value. But how are transfer companies responding to this pressure and what steps are they taking to differentiate themselves from the rest of the pack?

By Mauro F. Romaldini, ACMA CGMA
Mauro has led origination efforts for over $150m of private placement bond deals and built up finance teams for a range of startups.
Executive Summary
- The market of international money transfer ("remittances") has been growing considerably at a CAGR of 10.4% since 2000. $530 billion is transferred each year.
- Pressure from the G20 and UN to lower costs for senders has resulted in fees for transfers declining year-on-year since 2008. It now costs on average 7.21% to send money abroad.
- The USA is the country that sends the most money, India receives the most money and China has the most even balance between sending and receiving.
- Western Union processes over $70 billion in payments every year, more than double that of its nearest competitor, UAE Exchange. The highest volume from a Fintech "newcomer" is from 6-year old Transferwise, which is ranked 5th in the world.
- With fees falling, MTOs are now differentiating themselves from their competitors by offering new services to increase customer loyalty, such as payroll services, virtual bank accounts, and prepaid debit cards.
- The move to cut fees has stalled Western Union's revenue growth over the past five years. It has tried to compensate fee compression by increasing foreign exchange ("FX") revenue. in 2016 fees and FX revenue constituted 70% and 27% respectively of its total revenue
- Trying to increase FX charges is a potentially dangerous move to make, as customers are more cognizant to the real cost of FX through transparency efforts by competitors.
- To respond to the increased competition, Western Union is focusing more on small businesses, offering innovative tools such as hedging and marketplaces for customers to connect.
- Have 500,000 branches in its network affects its ability to respond to cheaper electronic transfer services. Western Union runs the risk of being disrupted significantly, in a similar vein to how Blockbuster Video was by online video-on-demand services.
- Formed in Estonia in 2011, six years on, Transferwise is predicted to reach a valuation of $1.6 billion in 2017. It now has a profitable business model and significant market share (10%) in its primary market, the UK.
- It offers customers very competitive fee prices (0.5% for EUR to USD) and famously does not pass on any FX costs, which it attempts to mitigate through bypassing banks with its peer-to-peer exchange model.
- Reaching a break-even point with such attractive customer pricing suggests that Transferwise has significant scale, in terms of number of transactions and an efficient technological operational back-end.
- Its moves into transactional banking via its "Borderless Account" offering show that it plans on transitioning more into the banking space, to capture more transactions from customers and maintain passive account balances.
- Xoom IPOed in 2013 and was bought by PayPal for $890 million in 2015. Alongside its acquirer, it remains one of the most significant exits for investors in the money transfer space.
- It offers a very straightforward business model of only sending money for US-based customers, albeit with a wide range of options for inbound remittances (cash pickup, mobile topup, and electronic transfer).
- PayPal's interest in Xoom came due to its vast network of physical affiliate agents around the world, which augmented PayPal's strength in internet payments and processing.
- By focusing on its core strength and not stretching itself across many different business functions, Xoom was able to perfect its business model and present itself as an attractive investment for both its IPO investors and PayPal.
- With international money transfer displaying characteristics of a commodity market, its players need to differentiate themselves from the competition with more value-added services to retain customer loyalty.
- Brand value: Loyalty and trust from customers due to being a transparent and reliable service.
- Depth of agents/banks in its affiliate network: Offering more options to senders and receivers increases the utility offered to them and makes them stickier.
- Proprietary technology: Using technology to lower customers' costs and win business through making transfers faster and more reliably.
Sending money abroad has traditionally been an arduous and expensive task, exemplified by never-ending chains of middlemen, manual paperwork, and hidden charges. Fortunately, developments in the industry over the past couple of years mean that individuals and even small-to-mid-sized companies can now enjoy faster, cheaper, and value-added foreign money transfer services. These are all benefits which larger corporates, banks, and governments have traditionally held through their direct access to the institutional foreign exchange market, which exchanges $4.8 trillion of transactions each day.
Money transfer operators (MTOs) are facilitators of international payment transactions. The IMF provides a clear definition of what these entities are:
Money transfer operators (MTOs) are financial companies (but usually not banks) engaged in cross border transfer of funds using either their internal system or access to another cross-border banking network.
The complexities of different currencies and banking systems means that sending money from one country to another is completely different from a domestic transfer. A visualization of the role an MTO plays in international transfer is shown below:

In this article, the key challenges of the MTO sector will be outlined, and three significant industry players will have their strategies analyzed to provide a clearer understanding of how the sector is evolving and what potential there is for investors to realize returns from the industry.
Remittances: Fees Are Falling and MTOs Dominate
International money transfer is commonly referred to as “remittances.” The World Bank defines these transactions as:
Personal remittances is the sum of personal transfers and compensation of employees …Personal transfers include all current transfers in cash or in kind between resident and nonresident individuals, independent of the source of income of the sender
According to the World Bank, total remittances sent in 2016 were above the $530 billion mark and have grown at a CAGR of 10.4% since 2000, representing a significant global services market. The average cost for senders of remittances in Q3 2017 was 7.21% (of the total principal sent), which follows a trend of declining costs, as can be seen in Chart 1 below:

Costs have been falling as a result of healthier competition and due to pressure from the G20 and the UN, who are targeting an average cost to consumer of 5% respectively. These bodies pay particular attention and effort to the remittance services market due to its popularity with low-wage workers and the role remittances play in economic development in emerging markets. Banks are facing the highest pressure from this drive to reduce fees, as they are the most expensive remittance providers, with an average cost (World Bank Q3 2017) of 11.0%, compared to MTOs at 6.1%.
Looking at the corridors of remittance, Charts 2 and 3 below show the most popular routes for money to flow. The underlying pattern shows that money is generally sent from economically developed countries to developing ones, corroborated by the fact that the USA and India send and receive, respectively, the most money. Incidentally, China ranks high for both sending and receiving money, with both directional volumes growing fast relative to peers. All countries in these rankings are showing strong growth, which indicates that the $530 billion sized remittance market has not yet plateaued into a mature phase:

In terms of who is handling the remittances, MTOs dominate the market. Western Union has more than double the market share of its nearest competitor, UAE Exchange. Despite payments and remittances receiving attention from new fintech startups, within the top five providers by volume there is only one recent newcomer, Transferwise . Chart 4 below shows the competitive landscape of the market.

The Pressure to Lower Fees Is Affecting MTOs
The heavy pressure from international organizations (G20, UN, etc.) to lower the costs of remittances for users is placing its main players under increased scrutiny toward their prices. Considering that banks charge the highest prices, one would expect them to be feeling the most pressure from this movement, but banks are diversified organizations with many other sources of revenue. International payments is not a core service for a bank, compared to an MTO, which is their entire raison d’être . Revenue for international money transfer companies is divided into two parts: a transaction fee and the foreign exchange (“FX”) spread charged to the consumer. Western Union, for example, had a split of 70% and 27% between fee and FX revenue respectively in its 2016 results.
New players entering the market are increasing the levels of competition, using fees as a tangible differentiator to position against incumbents. Building their business models on pure digital platforms also provides them with lower fixed costs and their modern, cleaner technological operational platforms offer consumers quicker turnaround times. As the industry moves towards one with the characteristics of a commodity market , players are having to find new ways to differentiate themselves from the competition. This can be through services like prepaid debit cards or payroll services for business, all of which offers the consumer more choice and utility. A comparison of what the major players offer is shown below:

To better analyze how the changes in the market have affected the fortunes of its players, let’s now look at the strategy and results of three major MTOs: Western Union, Transferwise, and Xoom . The former is the main incumbent of the market, while the latter two have emerged since the turn of the century and have each made their own distinct mark on the industry. The examples of both Transferwise and Xoom can show that there are positive opportunities for investors within this sector.
Western Union: Facing Downward Pressure on Fees
Western Union is the largest MTO by dollar volume traded and, subsequently, it is a prime target for disruption by newcomers. Its hold over the market comes from an established and large network of brick and mortar affiliate branches, which bring physical convenience and brand awareness alongside a steady introduction of value-added services that have attracted corporate customers. One such example of these is Edge , a marketplace platform for customers to discover new clients and transact.
However, as can be seen in Chart 5 below, its revenue growth has stagnated and its composition blend has been changing. In the face of higher fee competition, its relative share of revenue coming from fees has been decreasing, dropping to 70% in 2016 from 72% in 2014. Conversely, FX revenues have increased during the same time to 27% from 25%:

Western Union has tried to compensate for its stagnating revenue growth by diversifying its streams. There has been a focus on increasing FX revenue, which in absolute terms, has not increased faster than the decline in fee charges. To me though, this comes across as a misguided and short-termist approach, as it’s merely moving the cost a customer pays from one hand to another. Techcrunch noted this approach:
Essentially, it tells you what the exchange rate it cooked up is, but not what the real one is. Western Union pockets the difference
FX rates change every split-second, so it can appear more opaque from a customer’s perspective in comparison to flat linear transfer fees. However in the long term, charging a customer more on FX will be to its detriment, as newer companies are following a strategy of being up front and transparent with these cost items. More effective market research about the changing competitive environment of international payments would have highlighted earlier to Western Union the shift towards FX rate transparency.
Despite these issues, Western Union is still the largest MTO by transfer volume, with $80 billion exchanged in 2016. Due to the infrastructure that it has created and accessibility provided by its branch network, it’s safe to say that its position is not under threat in the short-to-mid term. A cause for concern, though, is the effect a continual stagnation of revenue growth will have on the business’ ability to service its vast network and retain relevance. As with many famous instances of disruption, Western Union is paralyzed by newcomers offering a simpler service delivery format, which restricts its ability to respond due to its complex physical logistics (it has 500,000 agents) and threat of cannibalization of existing business lines.
Transferwise: Competing on Price, but Scaling Toward Greater Things
As the largest Fintech “newcomer” in the MTO space, Transferwise is well positioned to become a major force in the industry.
Transferwise is a privately-owned, venture capital-backed company formed in Estonia in 2011. September 2017 news about an impending funding round shed light on its recent performance, where it is targeted to make revenue of $100 million in 2017 and holds a 10% share of the UK money transfer market. With $117 million of capital already raised, its valuation is predicted to reach $1.6 billion at its next fundraising round and the business is now breaking even . It seems that Transferwise has hit an inflection point and investors have continually backed it:

What is surprising about the success of Transferwise is that it appears to be making magic happen on razor-thin margins. The business famously does not earn any FX spread on its transactions and only charges clients a fee, which is at competitive prices versus its peers. It claims to use a peer-to-peer model of matching customers’ transactions off against each other, which negates its needs to transfer currencies manually (and expensively) via transactions with third parties in the interbank market.
The effectiveness of this peer-to-peer system as a method to reduce costs is debatable, since it depends on an equal volume of money being transferred at the same time, in both directions, to make it work. Referring back to Charts 1 and 2, you can see that, with exception of China, money flows between countries in lopsided patterns. Considering that Transferwise is passing on midmarket rates to all consumers regardless of whether peer-to-peer matching is possible, it would be feasible to suggest that it is losing money on FX, considering its own operational costs and whether it itself actually has the luxury to transact at midmarket rates.
So without any FX revenue, Transferwise focuses solely on fees for transfers, which at 0.5% for EUR to USD, are very attractive to consumers. Transferwise is offering this in a viable way by building out its business in a purely electronic, virtual manner. It has no branch infrastructure and only offers electronic transfer options, so customers cannot pick up cash in agent bureaus. If the business is now breaking even, this suggests that it has built up an efficient technological operation for dealing with money transfer processes, such as onboarding, KYC checks, and balance reconciliations.
Where Will It Go Next?
A hint at future revenue expansion was seen in 2017 when Transferwise launched the Borderless Account . This service offers customers virtual bank accounts, allowing them to be paid directly by third parties and then make distributions to physical accounts via traditional transfer. A natural progression of this strategy would be offering physical cards or NFC pay services, which would move the business toward capturing day-to-day consumer transactions alongside one-off international ones.
If Transferwise does move toward acquiring a banking license, it would gain more flexibility to offer different services (such as lending), but its costs could rise substantially due to increased regulatory and compliance requirements. The advantages of this for the business could be profound, though, as maintaining passive customer balances will provide working capital support to offset the large swings that come with the territory of international money transfer services.
Transferwise has built a niche for itself by capitalizing on the intergovernmental organization’s goals of reducing money transfer costs. It has branded itself well by passing on attractive FX costs to consumers and then charging low and transparent fees. Its guerilla marketing stunts have attracted notoriety for attacking the high costs that other providers charge:
Its growth has allowed it to build a platform of customers that have validated the service and allowed it to iterate an efficient technological proposition. With the business now working at scale, it can use its customer base to build further revenue opportunities via flexible API interfaces and ambitious plans for transactional banking.
Xoom: The Blueprint for Exit Strategies
After IPOing in 2013, Xoom was acquired by PayPal for $890 million in 2015; following in the footsteps of its famous acquirer, it provides an example of a successful exit for investors in a remittance company.
The service offered by Xoom is only available for consumers sending from the USA, but as demonstrated in Chart 2, this is the largest country market for sending money. This is a very narrow offering compared to the other two companies analyzed above; however, as Xoom is now a part of PayPal, a giant of the payments industry, both businesses can now upsell their customers complimentary services. PayPal has always been a pure electronic play for both consumers and businesses, but within the realm of payments, credit facilities, and invoicing.
The focused nature of Xoom contributed to its successful exit. It did not try to be everything to everyone, but instead served its segment well. This provides a lesson to investors who may get swept away by a company’s ambitious plans to take over all elements of money transfer but who then become overwhelmed by the operational effort required to succeed. Xoom was an attractive company to PayPal because of the strength of its affiliate network around the world, which facilitated payouts in cash, mobile topup, and bank transfer.
As noted by Forbes , Xoom allowed PayPal to “strengthen its international business,” especially in emerging markets. Former Xoom CEO John Kunze noted that the synergies from this were mutually beneficial:
Becoming part of PayPal… will help accelerate our time-to-market in unserved geographies
Before the acquisition, Xoom was placing pressure on Western Union through combining online send with offline receive. Customers would send money electronically via its website/app, but recipients could choose electronic or physical collection options at their end. The value of the business to PayPal therefore was to harness the offline elements while combining its own online ecosystem with Xoom to create an integrated service for both sets of customers.
MTOs Are on a Race to the Bottom: Differentiation and Capturing More Customer Touch Points Is Key
In the scenarios described above, MTOs need strategies to cope with lower fees and increased competition from technology, which is enabling upstarts to ramp up new operations quickly. All three examples show characteristics of how players can look to compete within a market that is becoming a commodity. The directives from the G20 and UN to reduce prices is stimulating a price war and offering an easy point of differentiation for newcomers to attract new customers. With the race to the bottom on prices becoming apparent, incumbents must find efficiency improvements and offer different value added services to stand out from the crowd.
Value added services is the en-vogue trend to offer now, which should give the established players an advantage due to their high traffic and decades of customer data. The question is whether they have the means to analyze this data in a commercially useful manner and whether their legacy systems allow for it without a significant investment in data mining tools.
There are many routes to take to find future growth; for example, Western Union is chasing businesses with its enhanced options for hedging and marketplace to connect buyers and suppliers, while Transferwise is targeting the consumer and moving down the road of becoming a bank. Both options provide the potential to encourage customers to make more transactions, which is how MTOs make money. It also makes the customer sticky, as the switching costs become more painful for them to move to a competitor.
Conclusion: There Are Three Sources of Value in an MTO Business
As highlighted in a previous Toptal article , payments businesses do not actually transfer money; they use other service providers’ infrastructure. In the case of MTOs, they have grown in prominence due to an increasingly internationally mobile population and their own dogged determination to do the ugly job of sending money, packaged up into a more compelling service than bank offerings.
The examples in this article suggest that there are three sources of value (beyond obviously P&L) in an MTO, which will determine the success and investment potential of the business:
Brand Strength: Winning customer trust and engagement.
Options for sending and receiving money: The array of countries and transfer options provided to customers is an advantage gained from having a deep bench of agents and correspondent banks.
Quality of technology: In a low-margin business, powerful technology is required for reconciling transfers, managing working capital risk, and observing customer trends
The valuation potential of money transfer companies depends on how many of these advantages they hold. For example, Xoom was an attractive business for PayPal due to the strength of #2, while it’s likely that Transferwise will continue to rise in value, due to its strength across all of the points.
Further Reading on the Toptal Finance Blog:
- A Guide to Managing Foreign Exchange Risk
- Fintech Valuation Methods for Money Transfer Disruptors
- The State of Fintech in 2017
- How to Value a Fintech Startup
- Why Are Emerging Market Currencies Volatile?
Understanding the basics
How does a remittance work.
Remittances are personal money transfers sent from workers in one country back to their country of origin. Due to different currencies and monetary systems, a remittance is processed by Money Transfer Operators (MTOs), who convert and transfer the money.
What is a remittance transfer provider?
Remittance transfer providers are traditionally called Money Transfer Operators (MTOs). They are non-bank entities that use networks of agents and banks to process payments and transfers across borders.
What is inward and outward remittances?
Inbound remittances are transfers received by the end user; they class as capital inflows into a country. Outbound remittances are the opposite, capital outflows from the money’s country of origin
How long does it take for international payments?
International payments can take between one and seven days to fully clear. The range is due to system complexity; some are relatively fast while others have regulatory processes that delay completion. Some MTOs speed up the process by using their own working capital to complete transactions earlier.
What is meant by cash remittance?
Cash remittances are transfers made in paper cash and received in paper cash at the recipient end. The MTO making the transfer will still need to complete the process electronically, so the process requires more complex financial management and compliance to check against money laundering.
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Service Business Plan Template

Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their service businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a service business plan template step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here
Before we get into how to write a service business plan, here are links to several service business plan templates:
- Beauty Salon Business Plan
- Car Detailing Business Plan
- Car Wash Business Plan
- Catering Business Plan
- Cell Phone Repair Business Plan
- Child Care Business Plan
- Cleaning Services Business Plan
- Computer Repair Business Plan Template
- Construction Business Plan
- Consulting Business Plan
- Day Care Business Plan
- Dog Daycare Business Plan
- Dog Grooming Business Plan
- Financial Advisor Business Plan
- Hair Salon Business Plan
- Indoor Playground Business Plan
- Insurance Business Plan
- Janitorial Business Plan
- Landscaping Business Plan
- Massage Therapy Business Plan
- Nail Salon Business Plan
- Photography Business Plan
- Plumbing Business Plan
- Salon Business Plan
- Spa Business Plan
- Staffing Agency Business Plan
- Tutor Business Plan
What Is a Service Business Plan?
A service business plan provides a snapshot of your service company as it stands today, and lays out your growth plan for the next five years. It explains your goals and your business strategy for reaching them. It also includes market research to support your company plans.
Why You Need a Business Plan
If you’re looking to start a service business or grow your existing business you need a good business plan. A business plan helps you attract investors to satisfy your funding requirements, and plan out the growth of your entire business in order to improve your chances of success. Your service business plan is a living document that should be updated annually as your company grows and changes.
How to Secure Funding for a Services Business
With regards to funding, the main source of funding for a services business are personal savings, credit cards, bank loans, and angel investors.
With regards to bank loans, banks will want to review your service business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will want to see a professionally written plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.
Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding or, like a bank, they will give you a loan.
How to Write a Business Plan for a Service Business
The traditional service business plan format includes these 10 key elements:
Executive Summary
Your executive summary provides an introduction to your business plan in 1 – 2 pages, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your executive summary is to quickly engage the reader. Explain to them the type of services business you are operating and the status. For example, are you a startup, do you have a services business that you would like to grow, or are you operating a chain of services businesses?
Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the service industry trends. Discuss the type of service business you are operating. Detail your direct competitors and your competitive advantage. Give an overview of your ideal customers. Provide a snapshot of your marketing plan. Identify the key members of your team, and offer an overview of your financial plan.
Company Overview
In your company description, you will detail the type of service business you are operating.
In addition to explaining the type of service business you operate, the company analysis section of your service business plan needs to provide background on the business.
Include answers to questions such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new store openings, etc.
- Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
Industry Analysis
In your industry analysis, you need to provide an overview of the service business.
While this may seem unnecessary, it serves multiple purposes.
First, researching your specific niche of the service market educates you. It helps you gain insights and understand the market in which you are operating.
Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards more eco-friendly services, your company might want to emphasize its environmentally friendly initiatives.
The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section of your service business plan:
- How big is the service business (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market? What is your market share?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential market for your service business. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
Customer Analysis
The customer analysis section of your service business plan must detail the target market you serve and/or expect to serve.
The following are examples of customer segments in the service industry:
- Businesses in need of a specific service, such as computer repair or consulting
- People who have a need for a service that is not currently being met
- People who are price conscious and are looking for the best deal on a service
- People who want to support businesses with social responsibility values
As you can imagine, the customer segment(s) you choose will greatly depend on the type of service business you operate. Some of your clients may want different pricing and product options and would respond to different marketing promotions compared to other target customer segments.
Try to break out your target market in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the customers you seek to serve. Because most service businesses primarily serve customers living in the same city or town, such demographic information is easy to find on government websites.
Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your existing clients.
Competitive Analysis
Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other businesses that provide similar services.
Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes businesses that provide an alternative solution to the services that you provide, but not the exact service. Think do-it-yourself and public options for similar services. You need to mention such competition to show you understand that not everyone who needs the specific services will engage your service business.
With regards to direct competition, you want to detail the other service businesses with which you compete. Most likely, your direct competitors will be service businesses located very close to your location.
For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:
- What types of customers do they serve?
- What products and services do they offer?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to stand outside your competitors’ locations and ask customers as they leave what they like most and least about them.
The final part of your competitive analysis section is to document your competitive advantages. For example:
- Will you provide superior services?
- Will you provide services that your competitors don’t offer?
- Will you make it easier or faster for customers to book your services?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Marketing Plan
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a service business plan, your marketing plan should include the following:
Product : in the product section, you should reiterate the type of service business that you documented in your Company Analysis. Then, detail the specific services you will be offering. For example, in addition to a lawn care business, you may offer to trim trees, bushes, and hedges.
Price : Document your business’s pricing strategy including the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.
Place : Place refers to the location of your service business. Document your location and mention how the location will impact your success. Discuss how your location might provide a steady stream of customers.
Promotions : the final part of your service business marketing strategy is the promotions section. Here you will document how you will drive new customers to your location(s). The following are some promotional methods and marketing materials you might consider:
- Advertising in local papers and magazines
- Reaching out to local bloggers and websites
- Social media advertising
- Local radio advertising
- Pay per click advertising
- Banner ads at local venues
Client Retention
Your service business plan should discuss not just how you will find clients, but how you’ll hold on to them and discourage them from switching to one of your competitors. After all, it should be much less expensive to keep a client than to market and sell services to a new one. Some methods of retaining customers involve creating the perception of switching costs; that is, that they will lose money and time when switching to a new service company. Others involve fine-tuning your customer service skills into a system designed around retention.
Loyalty Program
Creating a loyalty program is a positive way to retain customers. This could involve a punch card system where customers receive a free service after a certain number of visits, or it could involve a points system where customers accumulate points that can be redeemed for discounts or free services. Other loyalty programs offer exclusive deals and privileges to members, such as special access to new services before they are made available to the general public.
Premium Customer Levels
Another related retention strategy is to reward the frequency and/or the amount of money that customers spend with your service business. This is often done by creating different customer levels and providing perks to customers who reach a certain level. The higher the customer level, the more exclusive the perks. Common perks include discounts on services, express service, access to unique services or products, and early notice of promotional deals.
Referral Program
A referral program is a great way to keep customers happy and encourage them to refer their friends and family members. This could involve rewarding customers with a discount or free service for every new customer they refer, or it could involve giving customers a set amount of credit for each referral. Either way, the referral program should be designed to be as simple as possible for customers to participate in.
Customer Testimonials
Finally, customer testimonials can be a powerful retention tool. As potential customers research your service business, they will likely come across your website and online profiles. Seeing positive customer testimonials on your website and across the internet will help convince them that you provide outstanding customer service. You can create a separate page on your website that is dedicated to client testimonials, or you could set up a separate social media profile that features client testimonials and allows customers to provide feedback through a special email address.
Tracking Retention
Simply tracking the numbers and percentages involved in your customer retention can yield valuable information about what you’re doing right or wrong and how successful new initiatives are over time. Statistics to track may include client complaints, the average speed of complaint resolution, the percentage of customers in a given month who were using your services last month, 3 months ago, 6 months ago, a year ago, etc, and so on. When your staff is aware of these statistics and is given targets to work towards, the message that customer service and retention is a priority is heard loud and clear.
Operations Plan
While the earlier sections of your service business plan explained your goals, your operations plan describes how you will meet them. Your plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your service business such as serving customers, procuring supplies, etc.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 100th client, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch in a new city.
Management Team
To demonstrate your service business’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally, you and/or your team members have direct experience in the service business. If so, highlight this experience and expertise, but also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in a service business and/or successfully running small businesses.
Financial Plan
Your plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.
Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you serve 20 customers per week or 50? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $50,000 on building out your service business, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. For example, let’s say a company approached you with a massive $100,000 damage restoration contract that would cost you $50,000 to fulfill. Well, in most cases, you would have to pay that $50,000 now for supplies, equipment rentals, employee salaries, etc. But let’s say the company didn’t pay you for 180 days. During that 180 day period, you could run out of money.
In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a service business:
- Cost of equipment to perform the service
- Cost of maintaining an adequate amount of supplies
- Payroll or salaries paid to staff
- Business insurance
- Taxes and permits
- Legal expenses
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include any insurance company affiliations or remediation licenses.
Service Business Plan Summary
Writing a business plan for your service business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the service business, your competition, and your potential customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful cleaning services business.
How to Finish Your Service Business Plan in 1 Day!
Don’t you wish there was a faster, easier way to finish your service business plan?
With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!
OR, Let Us Develop Your Plan For You
Since 1999, Growthink’s business plan consulting service team has developed business plans for thousands of companies who have gone on to achieve tremendous success.
Click here to see how our professional business plan consultants can create your business plan for you.
Service Business Plan FAQs
What is the easiest way to complete my service business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Service Business Plan.
What is the Goal of a Business Plan's Executive Summary?
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of service you are providing and the status; for example, are you a startup, do you have a service that you would like to grow, or are you operating a chain of service locations?
Other Helpful Business Plan Articles & Templates

Global business set up experts
Money remittance business registration in 2023.

Since 2003, Healy Consultants Group PLC has assisted numerous Clients setup their remittance money transfer business in different jurisdictions across the globe.
Our services
- Determine the optimal location for the registration of the money transfer services business;
- For complicated engagements, Healy Consultants Group PLC prepares an engagement strategy agreement ;
- Timely submit the application for company setup and trademark registration ;
- Apply for a Money Service Business (MSB) license by submitting a high quality application to the Financial Authority or Central Bank;
- Open quality international corporate or correspondent bank accounts without the bank signatory travel;
- Compliance and regulations support including drafting KYC and AML/CTF policies and compliance audit;
- Furthermore, we provide a host of ancillary services such as i) discharging company accounting and tax obligations , ii) arranging for nominee services for professional passive directors and shareholders, iii) locating office premises , iv) securing employee visa and v) other support services .
Steps to starting a Money Transfer business
After being formally engaged, Healy Consultants Group PLC will map a detailed engagement plan , detailing by week each step towards engagement completion. This plan will optimize work transparency and settle our Client’s expectations.
- Healy Consultants Group PLC will help our Clients register their company in the target countries by completing the necessary procedures;
- After registration of the business, our banking team will assist our Clients secure a local/international multicurrency correspondent / corporate bank account with bank of Client’s choice and obtain access to banking facilities (without Clients having to travel);
- Healy Consultants Group PLC will prepare a high-quality business plan and AML/CTF policy for application of MSB license;
- We will assist our Client to appoint a compliance officer (if required by jurisdiction’s regulations);
- We will submit a quality license application and aggressively negotiate with the authorities to ensure timely approval of the same.
Our past Clients
Healy Consultants Group PLC have assisted numerous multinationals set up their money remittance business. Some of our Clients include:
Table of business entity comparison
Because of global developments, our Firm will not assist new Clients based in Russia or the Ukraine to open bank accounts.
To view list of available EMI and banks for sale in Europe, view this webpage

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- CEO Asia Pacific
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- Business Type
- Business Plan for Money Transfer Service
Money Transfer Service Small Business Idea and Business Plan
Starting your own small business in the UK isn’t easy but having a properly developed business plan will help you achieve success.
To start a Money Transfer Service business in the UK, take the time and explain the idea via a business plan.
Understanding all of the aspects of the business idea will be the key to getting the Money Transfer Service business running like a well-oiled machine. The business plan you develop will help you organize the elements needed into a strategy that you can actually use to startup, by paving a clear road map as to what you need to follow for the lifespan of your business.
Starting a Money Transfer Service business isn’t easy, but when done right, it can lead to a lot of success.
To help you get started, you can use the free business plan builder tool to develop your own Money Transfer Service business plan.
The business plan template is very easy to use, is interactive and will quickly and easily help you create your business plan just by answering the needed questions about your small business idea.
Create your own Money Transfer Service business plan for free using the Business Plan Builder
The free business plan template builder is divided into a few easy to follow steps.
The free business plan builder template is provided by UKStartups.org to help you develop your own business plan. For step by step guidance, see the 5 steps below.
Once completed, the result will be a clean, professional plan that will help you start your own Money Transfer Service small business in the UK.
When you have completed your Money Transfer Service business plan, the next step will be to find available funding that will help, or to speak with a funding adviser who will assist you each step of the way to securing the needed funds to make your Money Transfer Service business startup.
If you are looking to limit your startup costs when starting up a Money Transfer Service small business in the UK, this free business plan builder tool will be it.
Starting a Money Transfer Service business is only one of the ways others have used this free business plan tool. There are hundreds of different ideas you can start, and if you need guidance, do reach out to a UKStartups expert to get the needed assistance and guidance.
Step 1. Your business information
To develop a proper Money Transfer Service business plan with the free business plan builder template, it is important to answer each of the questions about your business to the best of your abilities.
What is your business? What are the products/services you provide? Who are your customers? What are your goals…etc?
Having a clear explanation will help you create a in-depth business plan that you can actually use to start the Money Transfer Service business and to apply for needed funding to cover your startup costs.
Step 2. Projecting your revenues/income
The Money Transfer Service industry can have great results. Planning and projecting the financial figures to approximate what you will make each year is crucial to building a strong business plan.
What do you think your business will make from each of its products/services? Simply list your products/services, enter the appropriate financial figures (costs and expenses).
If you don’t have the figures, in many cases it is recommended to do a a bit more research on other Money Transfer Service businesses locally and within your own region to get an idea of potential revenue. You can do your best to estimate the figures and growth potential.
If you need assistance in projecting, you can always contact UK Startups funding experts for the help.
Step 3. Your business market
As a Money Transfer Service business, having a clear explanation of the market and industry that you are in will help you plan for the figure and will ensure you can take the business to the next level.
Explain your location of business, share specifics about your customers, showcase your competition and explain the advantages you have over your competition.
Step 4. The future plan
Starting your own Money Transfer Service business and getting it off the ground is important to you.
No matter if you’re planning on applying for government funding for your Money Transfer Service business or not, it is important to plan out the future and provide an explanation of how you will grow the business. This means explaining your marketing plan, your sales strategy and clearly outlining a growth plan for the next few years.
Be sure to break this down step by step to show how you intend on making sure your Money Transfer Service business can grow each year.
Keep in mind that often business plans are focused on key people. Be sure to discuss yourself, your role and any other key figures in the business as well.
Step 5. The financials
In the end, it all comes down to the financials. If you are seeking funding, or not – the business plan you develop needs to have clearly defined financials or projections. The business plan builder tool makes it easy to develop your financial charts by simply entering your expected revenues per month and year. If you don’t have the figures as it’s a new business be sure to project the figures based on your expectations. If you need help with this, ask the UK Startups experts .
A clear breakdown of your funding needs is also recommended in case you are seeking funding and this free business plan template will help you with exactly that. When developing your Money Transfer Service business plan using this free template, the above 5 steps are recommended in order to succeed. While there are other key points that will assist you in starting your business, finding funding...etc, the free template will help put you on the right path
Be sure to request a professional to review your business plan , to answer any questions you may have and to help you with the funding search once you’ve done the initial free template. You can request this directly via UKStartups.org and through the Small Business Startup Platform as a member.
If starting a Money Transfer Service business is just one of your ideas, perhaps considering other options, here are some popular small business’s others have chosen to startup
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Complete Guide to Marketing Strategy For a Money Transfer Business
September 29, 2020, 11:17 pm

A marketing strategy refers to a business’s overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides. For those in the money transfer business, the marketing strategy must take into account the current economic environment. Therefore, a sound marketing strategy won’t include any business, product or service offerings that don’t have some kind of demand. In the case of money transfer businesses, consumers for these products are primarily immigrants employed overseas as well as expatriates who want to do business in their home country. Therefore, marketing strategies must be geared toward both groups.
The Web-based marketing strategy for money transfer business must take into account the Internet’s role in business today. Today, the Internet is the world’s greatest marketing opportunity. A Web-based marketing strategy must include Internet lead generation, Internet branding, Web-based advertising and Web-based promotions. A good source of Internet leads can be found by arranging to display links on a couple of highly trafficked international websites.
The demand for money transfer services is primarily influenced by the current strength of the economy in a specific country. Therefore, a good marketing strategy would include creating a number of offers, each with a unique value. It is important to make sure that each one is at a price that is appealing to at least 80 percent of the market. This would include free money transfers for life or free gifts or services on sign-up.
Each one of these offers would increase the long-term value of the business. Because consumers are highly aware of the way marketing works today, a careful campaign of offering very favorable deals must be launched. This will get them excited and make sure that they come back again and again. This strategy has been seen to raise revenues by an average of 50 percent.
Marketing strategy refers to a business’s overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides. For those in the money transfer business, the marketing strategy must take into account the current economic environment. Therefore, a sound marketing strategy won’t include any business, product or service offerings that don’t have some kind of demand. In the case of money transfer businesses, consumers for these products are primarily immigrants employed overseas as well as expatriates who want to do business in their home country. Therefore, marketing strategies must be geared toward both groups.
The demand for money transfer services is primarily influenced by the current strength of the economy in a specific country. Therefore, a good marketing strategy would include creating a number of offers, each with a unique value. It is important to make sure that each one is at a price that is appealing to at least 80 percent of the market. This would include free money transfers for life or free gifts or services on sign-up. Each one of these offers would increase the long-term value of the business. Because consumers are highly aware of the way marketing works today, a careful campaign of offering very favorable deals must be launched. This will get them excited and make sure that they come back again and again. This strategy has been seen to raise revenues by an average of 50 percent.
Marketing Strategy For Money Transfer Business
Considerations.
As you make your choices, focus on the strategy part of your business name. If you are courting male customers, “Manscreen” would be a good name. Come up with a logical version of your business name, but also choose your marketing strategy name. You will want to associate both of these names to your business.
Marketing is the strategy that a business follows to let the consumer know about their business, products and services. Businesses follow a marketing strategy to increase sales and to improve profits.
Marketing Strategy
As you make your choices, focus on the strategy part of your business name. If you are courting male customers, “Manscreen” would be a good name. Come up with a logical version of your business name, but also choose your marketing strategy name. You will want to associate both of these names to your business..
Overview of the Marketing Strategy Planning Process.
A company’s marketing strategy will hold the answers to their customer service strategy. For example, the company may choose to integrate social media into their customer service strategy or to pursue a product launch in a specific way.
Companies need to go through a marketing strategy planning process. A marketing strategy is most effective when it includes the competencies of the specific manager and team that will be helping to execute the plan. One of the most important componentsComplete Guide to Marketing Strategy For Money Transfer Business
A marketing strategy refers to a business’s overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides. For those in the money transfer business, the marketing strategy must take into account the current economic environment.
Therefore, a sound marketing strategy won’t include any business, product or service offerings that don’t have some kind of demand. In the case of money transfer businesses, consumers for these products are primarily immigrants employed overseas as well as expatriates who want to do business in their home country. Therefore, marketing strategies must be geared toward both groups.
The above are some of the basics when it comes to developing a good marketing strategy for your business. There are many resources that can provide you with information about online marketing. If you want to learn more, there is a wealth of resources in internet marketing.
Considerations – As you make your choices, focus on the strategy part of your business name. If you are courting male customers, “Manscreen” would be a good name. Come up with a logical version of your business name, but also choose your marketing strategy name. You will want to associate both of these names to your business.
Marketing Strategy – As you make your choices, focus on the strategy part of your business name. If you are courting male customers, “Manscreen” would be a good name. Come up with a logical version of your business name, but also choose your marketing strategy name. You will want to associate both of these names to your business..
Marketing Strategy Planning
Marketing strategy refers to the “big picture” components of the marketing plan. It is the overall plan for drawing customers to the business. It lays out the general strategy that will be followed. Marketing strategy is the overall direction that the company will take in regards to branding and creating marketing plans.
Companies need to go through a marketing strategy planning process. A marketing strategy is most effective when it includes the competencies of the specific manager and team that will be helping to execute the plan. One of the most important components of creating a strategy is finding the balance between a company’s growth and its profitability.
Setting Objectives – It would be wise for the business to first set specific business objectives. For example, the business would want to set a goal to increase profits. Another goal might be to set an increase of market share over the last year. One of the most important steps in setting up marketing strategies is choosing where to focus the marketing efforts. It is important that a business know whether to focus on a new target market. It is equally important that the business knows what they will do with their current market.
Segmentation – Businesses must choose where to focus their marketing efforts. Markets can be segmented in a number of ways. In terms of age, marketers can specialize in either a younger or an older market. In terms of gender, marketers can develop strategies to target both men and women. In terms of personality, marketers can segment the market depending on the personalities of the target. Businesses can segment their marketing strategies by the time of year, the current economic climate and even the current interest level of the market.
Positioning – Businesses must understand that they must choose an image or slogan with which to distinguish their business. Marketing and advertising strategies must be designed around this image or slogan. Businesses can use their segmentation to choose their brand positioning. For example, a business can be positioned as the hottest new technology or the most environmentally friendly in their market. The business can choose from many different subjects to use as the basis of their brand positioning.
Product Mix – Every market has a product mix that features the various products that customers demand. A business can design marketing strategies to appeal to the customer’s desire for luxury, a product that invokes a sense of pride or a product that evokes a sense of usefulness. Companies can also look at what the market is willing to pay for and what the market needs but isn’t willing to pay for. It can be useful to conduct market research to understand the needs of various groups. Marketing strategies must be based on the product mix that the business has. Product mix refers to the products and services the business has on offer.
A successful marketing strategy can mean the difference between business success and failure. A marketing strategy is especially important for small business owners who do not plan to hire a full team of marketing professionals. It is critical that small business owners understand the type of marketing services they need and that they be familiar with the strategies that will best serve these needs.
Build Brand Identity
Website marketing is a significant part of marketing strategy as is search engine optimization. Both website content and search engine optimization have been proven to have a great impact on a company’s marketing strategy. Web site content, such as articles that are well researched, can bring in more consumers. In order to have good content articles, web masters need to work with reputable experts in their field. Using search engine optimization, a site will be able to have a higher rate of success in terms of search engine rankings. Once a business gets enough hits on search engines, such as Google, the business can get more hits on its web site, thus a higher success rate in terms of web site visitors.
Want to know how to get more and better quality leads to grow your home based business?
Many businesses on the internet use pay per click advertising in order to lure in customers. However, pay per click advertising can be costly to the business owner. It is often easier for a business to use content from their own web site in order to lure in more customers. Content from the business’s own web site, when done well, can contain articles about the business itself, but also articles about related topics. This kind of content placement can help the business improve its website marketing strategy in a cost effective manner.
Examples of this type of content on a business’s web site can include:
Improve Website Marketing Strategy: Content From Your Web Site
1) Articles on the company
2) Articles on the business owner, as a person
3) Articles on the industry that the business is in
4) Articles on the specific product that the business produces
5) Articles on topics of interest to the web site’s visitors
6) Articles on topics that are related to the business or web site’s specific products
7) Articles on topics that are related to the market that the business is in

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- Knowledge Hub
Remittance as a Service (RaaS)
If you want to start a money transfer service geared for person-to-person transfers across borders (cross-border payments), then remittance-as-a-service (or RaaS) might be the best starting point for you.
Remittance-as-a-Service or RaaS is a term that was coined by Faisal Khan (our CEO & Co-founder) in 2013. The quest was to find a legal method to offer white-label remittance services to startups and incumbents alike for the US market (which is fiercely guarded, complex, and expensive to operate in). Like Software as a Service (or SaaS), remittance-as-a-service refers to the whole money transfer business offered as a monthly payable service.
The following is the brief business definition of the service:
Remittance-as-a-Service is an all-encompassing solution that allows ISOs (Independent Sales Organizations) and Incumbent MTOs (Money Transfer Operators) alike to offer a managed services to their clients under a white-label offering where all aspects of the regulatory aspects, such as licenses and compliance are covered by the PLH (Principal License Holder) that is sponsoring you for the program. Disclaimer: Not a legal definition.
Who Is This For?
Startups who would like to start a money transfer (remittance) business but do not have the necessary bandwidth (capital & time) to get licenses and would like to be able to get a fully white-label solution under their brand name.
Also, for incumbents in the same territory or from outside the United States, who would like access to the US money transmitter licensing market, but do not have the capital and time to invest in obtaining the additional money transmitter licenses in all the other states.
Offered in the Following Countries:
Program details.
Please go through the following program pages that highlight more information on the given subject.
- What is Money-Transfer-as-a-Service (MTaaS)
- What is Remittance-as-a-Service (RaaS)?
- Backstory on Remittance-as-a-Service
- API, Mobile or Web
- Pre-Requisites
- Crypto or Not
- Sample Correspondent Agreements
- Understanding Custody of Funds
- How to submit a detailed Flow of Funds (FoF)?
- Frequently Asked Questions for Remittance-as-a-Service
- Due Diligence (DD) Documents Requirement
- Payment Schedule for Remittance-as-a-Service
- Draft Referral Agreement
- Shall We Test Your Knowledge On Money Transfer?
- Detailed Pictorial FAQ (Frequently Asked Questions) About Our Remittance-In-A-Box Solution (Outdated)
- Your own Money Transmitter Licenses versus Remittance-as-a-Service
Ready to sign-up for RaaS?
Restrictions.
Without a license, you would be unable to take custody of funds or insert yourself into the flow of funds. Processing by your preferred payment service provider would not be entertained unless you, yourself, are not a licensed PayFac (Payment Facilitator).
Prerequisites
Having a reasonable understanding of the money transfer market. The program assumed you know the nomenclature, business vernacular, and the intricacies of the business. You can test your general knowledge about the money transfer/remittance industry by taking this Quiz.
- Some reference page goes here with its link.
The following forms are applicable to RaaS:
- Choose a package: Client Interest Form: RaaS (Remittance-as-a-Service) Pricing Packages Form
- Fill out the List of US must-have states and payout countries
- Fill out the License Regulatory Coverage Questionnaire
Contact us!
This page was last updated on February 22, 2023.
Buckingham Capital Consulting
How to setup a money transfer business.

In this article, we look at how to go about setting up a money remittance or an online money transfer business.
1. Establish your business model
Before setting up a money transfer business , you should have an idea of which countries you wish to enable your customers to send money to and from. You should also consider whether you will focus on cash remittance or electronic transfers, as the former option presents a higher risk as far as money laundering is concerned and therefore the ability to obtain a bank account, both for your business and segregating client monies. You should have an understanding of your pricing strategy as well as your customer acquisition and growth strategy.
2. Company formation
The next step is to form your company with Companies House . This is a fairly straightforward step and should take you no longer than 1-2 days to set up. We can help you if required.
3. HMRC registration
You will be required to register with HMRC for Fit and Proper certification as well as money laundering regulations (MLR) . This is a fairly straightforward procedure and involves providing HMRC with some information about yourself and your company and what you intend to offer by way of business services. The fee for Fit and Proper certification is £50 per person. The fee for MLR registration is £100.
4. Register as a Small Payment Institution (SPI) with the FCA
We recommend that you apply for SPI registration at the same time as your HMRC registration. The application will require details about your directors, shareholders, business model, payment flow, safeguarding measures and information security, to name a few. Please note that client fund safeguarding (keeping your client money separate from your day to day money is optional for SPIs.
5. Choosing a software partner
The above will enable you to operate a money service business. From here on, you can speak with software providers to enable you to operate a digital remittance business. In relation to choosing a software provider, you should ask them about their functionality, in particular with AML, KYC and CTF.
Time frame?
It can take 3-4 months to obtain the licence.
Our fee to prepare and manage your Small Payment Institution (SPI) application?
£8,000 - £10,000 plus VAT.
Here at Buckingham Capital Consulting , we can manage the entire process of registration as a money remittance business. We can help with your HMRC registration as well as preparing and managing your small payment institution (SPI) registration application.
Buckingham Capital Consulting is a leading international consulting firm, specialising in payment services, electronic money, banking and investment services. We are able to advise you on the best course of action and strategy based upon your business plan and financial product or service. We can help you with licencing, compliance, operational setup and related services, including, obtaining banking facilities. For more information, visit our website on www.buckinghamcapitalconsulting.com
Call us today by sending an email to [email protected] to discuss your requirements and plan.
#MSB #moneyservicebusiness #SPI #smallpaymentinstitution #MLRregistration #SPIcompliance #moneyremittancebusiness #onlinemoneytransferlicense #SPilicense #SPIlicence #paymentinstitution #moneytransferlicense

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What is a Remittance? Business Definition & Examples

Need to send or receive a remittance? Confused what the term remittance actually means? This page gives a breakdown of what remittance actually is along with a few examples of remittances in business. To get you started, we’ll also go over how to send remittances quickly and easily in 2021 while paying minimal fees.
What is a Remittance?
The term remittance technically refers to any payment made from one party to another, but that definition is pretty broad. In plain language, remittances usually refer to one of two things:
- A payment made from one person to another person, with both individuals located in different countries. This is a remittance in personal context.
- A payment made from a business to a person or other business, with the person or other business located in the same or a different country. This is a remittance in a business context.
This page will focus on business remittances: payments made from your business, to an individual or business in the United States or a different country.
Along with the actual transfer of funds, remittances are sometimes accompanied by a remittance advice letter . This is a letter which informs the other party of the completed payment.
Remittances are not a legal requirement. Most of the time, they are just used to match up payments with specific orders. They can also help your business streamline bookkeeping and keep up good communications with customers or partners.
As industries move more towards online order management solutions, remittances and remittance advice letters are becoming less common. But they’re still popular in certain industries—especially those where customers tend to pay by checks.
Examples of a Remittance
Business remittances are sent for two main reasons:
- When customers make a purchase, they might send a remittance advice letter at the same time they transfer the funds. If payment is being made via check, the remittance advice letter and the check will often be mailed in the same envelope. Doing so helps match up a specific payment with a specific order, which avoids confusion and prevents delays.
- Sometimes, suppliers will attach a remittance advice letter template to their invoices. Customers can pay the invoice in any way they choose, then fill in the blanks on the remittance advice letter template and mail it back to the supplier.
Differences Between Remittances and Payments
Remittances and payments have similar definitions, but in a business context, they are distinctly different.
- A payment can refer to any sort of funds transfer. You can make a payment to purchase anything under the sun. The term is extremely broad and encompasses every interaction where two parties make a transaction.
- A remittance refers to a specific payment that is made to satisfy a particular demand . Usually, a remittance accompanies a specific order made to a business.
One last thing to note is that remittances are often for larger sums of money. You can make a payment for one cent or one dollar, whereas the word remittance , when used in a business context, often refers to at least a couple thousand dollars changing hands.
How to Send a Remittance
There are two steps to sending a remittance:
- The transfer of funds to the other party (required)
- The sending of the remittance advice letter (optional)
And, there are two main ways to send money to other businesses for a remittance:
- ACH transfers
- Wire transfers
ACH transfers, also known as direct deposits, can be ideal because of their low or non-existent fees. A potential drawback with ACH transfers is the fact that they are reversible in some cases.
On the other hand, wire transfers have higher fees associated with them and tend to take longer to process than ACH transfers , with the added potential benefit of usually being irreversible.
Both methods of transferring funds have their ups and downs. Check out our guide on ACH transfers vs. wire transfers to see which one is right for your business.
If your business sends remittances to other businesses or individuals that are located overseas, you will usually need to use a wire transfer. Finding a bank that charges low fees for wire transfers is important to keeping costs low. NorthOne charges a small fee of $15 per wire transfer and offers free ACH deposits.
Remittances, Solved: How to Send Money with NorthOne
- Apply for an account .
- Once approved, log in to your account.
- Select your method of payment.
- Input payment details for the other party.
- Wait for your payment to go through.
NorthOne charges an industry-leading $10/month for business banking accounts. Small businesses, freelancers, and startups rely on NorthOne for all of their business banking needs—at a price that doesn’t cut into their bottom line.
Click here to learn more about NorthOne.
If you need help during your application or while sending a remittance, our representatives are standing by to take your questions and provide assistance via email, phone, or live chat. Click here to start a conversation—we look forward to hearing from you!
At this time, NorthOne accounts are available only to businesses and individuals located within the United States.
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Remittance service providers
A remittance service provider is an individual, business or organisation that accepts instructions from customers to transfer money or property to a recipient. Remittance service providers are also known as ‘money transfer businesses’.
If you want to find out if a remittance provider is registered with AUSTRAC, search the Remittance Sector Register .
Guidance resources for remittance providers are also available in Arabic, Chinese, Dari, Farsi, Swahili, Urdu and Vietnamese. Download resources for remittance service providers in other languages here .
Video: Guidance for remittance service providers
You must be registered with AUSTRAC before you can provide remittance services . It is against the law to provide remittance services in Australia without being registered.
Find out how to register .
As part of the registration process, you will be recorded on the Remittance Sector Register.
- You must apply to register with AUSTRAC. We have the right to refuse, suspend, cancel, or impose conditions on a registration.
- Remittance network providers and independent remittance dealers must renew their registration every three years. Remittance network providers must also apply to renew their affiliates' registration every three years.
- All remittance service providers must keep their details up to date .
Read about the consequences of not complying .
AUSTRAC registers remittance service providers as one or more of the following:
- a remittance network provider (RNP)
- an affiliate of a remittance network provider
- an independent remittance dealer .
You must apply to register for each category that is relevant to you. AUSTRAC issues a separate registration for each type of remittance service provider.
Different types of remittance service providers have some different obligations.
Remittance network provider (RNP)
A ‘remittance network provider’ (RNP) allows affiliates to use its brand, products, platforms or systems to provide remittance services.
Find out more about what constitutes a remittance network provider .
An RNP is responsible for obligations on behalf of its affiliates including:
- applying to register them
- keeping their details up to date with us
- reporting on threshold transactions and international funds transfer instructions (IFTIs)
- providing an AML/CTF program .
An RNP or its affiliate can submit an SMR, depending on their written agreement.
Affiliate of a remittance network provider
An ‘affiliate’ has an agreement with a remittance network provider to use the network’s brand, products, platforms or systems to provide the remittance service. Under the agreement the affiliate accepts instructions from customers to send funds to a recipient in another location.
If you’re an affiliate, you don’t usually have to apply for registration yourself because your RNP will apply for you. However, if you’re already registered as an independent remittance dealer, you may apply to be registered as an affiliate if your RNP has agreed in writing. If you register yourself it is your responsibility to maintain your registration information.
If you are an affiliate who also wants to provide independent remittance services, you must apply separately to AUSTRAC for registration as an independent remittance dealer.

Independent remittance dealer
An ‘independent remittance dealer’ uses its own products, platforms or systems to provide remittance services to customers. An independent remittance provider may own or control a number of branches.
If you’re an independent remittance dealer, you are responsible for your own obligations, including:
- applying for registration
- keeping your details up to date
- reporting on suspicious matters , threshold transactions and international funds transfer instructions (IFTIs)
- developing and maintaining an AML/CTF program .
Some reporting entities provide remittance services to their customers as part of providing another designated service. For example, they may send funds overseas on behalf of their customers, but only as a secondary service to their core business. This may apply to:
- online gaming providers
- stockbrokers
- managed investment schemes
- businesses in the superannuation sector.
AUSTRAC’s view is that in these circumstances the funds transfers do not constitute a designated remittance arrangement . We won’t enforce the AML/CTF obligations on those activities, including remitter registration and IFTI-DRA reporting obligations when both of the following apply:
- a reporting entity provides a designated remittance service and has IFTI-DRA reporting obligations incidentally to providing another designated services –not an item 31, 32, or 32A service in section 6 of the AML/CTF Act
- all funds transfers undertaken by the reporting entity are conducted through a financial institution.
This does not apply to remittance services provided by licensed casinos and currency exchange businesses.
Currency exchange businesses
If a customer seeks to exchange money at a currency exchange business, or convert foreign currency, and asks for the money to be transferred to a foreign country, AUSTRAC expects the exchange business to report an IFTI-DRA because the funds transfer is not incidental to the other designated service. You must be registered as a remittance service provider to provide these services.
Licensed casinos
Licensed casinos are exempt from registering with AUSTRAC as remittance service providers under certain circumstances defined in chapter 69 of the AML/CTF Rules .
Businesses that hold a casino licence and provide the designated services listed at item 31, item 32 or item 32A of table 1 in subsection 6(2) of the AML/CTF Act are exempt from the obligation to register on the Remittance Sector Register where both of the following apply:
- the designated services are provided in a casino to which the casino licence relates
- the designated services are provided in conjunction with a designated service set out in table 3 (gambling services) in subsection 6(4) of the AML/CTF Act .
Casino licence holders are still required to report international funds transfer instructions (IFTIs) .
Remittance providers business toolkit
Download or print these resources to help you understand and comply with AUSTRAC’s guidelines.
Managing your AML/CTF obligations
- Guide to developing an AML/CTF program for remittance service providers (PDF, 703KB)
- Risk management methodology fact sheet (PDF, 173KB) – Provides an overview of a risk management process for remittance service providers.
- Quick steps to Protect Your Business from crime poster (PDF, 221KB) – For display in staff areas.
Customer due diligence
- Identifying individual customers (PDF, 216KB) – A quick guide to help you identify individual customers, including information on when you may need to do additional checks.
- Mandatory Personal ID check poster (PDF, 188KB) – For display in customer areas.
- Suspicious matter reports (SMRs) for remittance service providers (PDF, 251KB) – Guidance on how to ensure you report SMRs correctly, and make sure your reports contain the right information.
- International funds transfer instructions (IFTIs) for remittance service providers (PDF, 195KB) – Getting IFTI reporting right.
- Remittance providers money laundering Myths vs Facts Poster (PDF, 1005KB) – For display in staff areas.
Risk assessments for remittance service providers
- Remittance corridors: Australia to Pacific Island countries: money laundering and terrorism financing risk assessment 2017
Related guidance resources
- Guidance on what constitutes a remittance network provider (RNP): guidance note 12/03
- Renewing registrations on AUSTRAC's Remittance Sector Register: guidance note 14/03
The content on this website is general and is not legal advice. Before you make a decision or take a particular action based on the content on this website, you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.
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What’s the best payment method for small businesses? Some say cash is king, while others swear by credit cards. But in light of the coronavirus, small business owners may have had to forgo their preferred payment method and switch to online payments.
But ultimately, the best small business payment method will depend on a variety of factors. As you think about the best method, consider the size of your transactions, who’s handling the money, and your accounting system.
Let’s explore the payment options and payment processing tools that may fit your company.
Types of small business payment methods
Cash payments, check payments, card payments, online payments, mobile payments, the best online payment methods for small businesses, choosing the right payment method for your small business.

The first thing you’ll need to decide is which types of payment your business can accept. Generally speaking, there are five payment options to choose from:
- Credit card payments
Consumers make cash payments with bills and coins. Typically, you manage cash payments from a point-of-sale system. Until recent years, cash had been a primary form of payment, but digital payment options have steadily increased in popularity.
The benefits of accepting cash payments include receiving payment immediately rather than waiting for a transaction to clear. Cash payments also cut down on overhead costs because there are no fees associated with accepting cash from customers. For small businesses with slim profit margins, credit card fees can be costly.
Running a cash-only business may help some small businesses improve bottom lines and simplify responsibilities. But it’s important to note that this type of payment comes with drawbacks. With a cash-only business, you may run a higher risk of theft and mismanaged money. There’s also a chance you could also lose business by inconveniencing customers who only have a card.
Regardless of your industry, if cash is your preferred payment method, you can avoid an audit with diligent accounting.

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Checks are documents that authorize banks to transfer funds from your customer’s bank account to your business bank account . Checks document the payment amount and date and the payer’s account number and signature to authorize payment to the recipient.
Paper checks piqued in the 20th century. But they have lost some of their popularity with the widespread adoption of electronic payment systems. eChecks, electronic alternatives to paper checks , are now commonly used to make online payments.
But checks aren’t entirely outdated. They’re common among small business owners who own rental properties and lawn service companies, for example. All you need is a business bank account to start accepting check payments. But the SBA suggests creating a policy for your protection .
Standard practice is to accept check payments written in the exact amount and issued by major banks in your state. A third-party company can help verify the legitimacy of each check. But if a check bounces, you could wind up in small claims court or using a collection agency to recover your losses. Both results can be expensive and don’t guarantee repayment.
eChecks have become increasingly popular, along with ACH transfers from one financial institution to another.
According to research by QuickBooks , card payments are the second-most common form of payment accepted by small business owners globally, behind only cash. Whether it’s a debit or credit card, plastic has become the primary way consumers pay for purchases today. Paying with cards is convenient and can facilitate a smoother checkout process. Plus, it allows people to finance large transactions, so most customers expect businesses to accept at least one type of card.
This type of payment benefits small business owners , too. Card payments broaden your customer base and legitimize your company. And in most cases, card payments deposit into your bank account quickly, so they can help improve your cash flow. But this type of payment method comes at a cost for small business owners.
The Durbin Amendment caps debit card transaction fees to help make processing debit card payments more affordable to sellers and consumers. The Durbin Amendment set the fee cap for debit transactions at 0.05% of the purchase amount, plus 22¢. However, the amendment doesn’t impact credit card transaction fees, which can cost sellers significantly more.
Credit card transaction fees, flat fees, and incidental fees can significantly impact your bottom line unless you pass the expense to consumers. Each company sets its rate, with Visa and Mastercard leading the way, followed by American Express and Discover. You’ll need to cover the costs of the physical equipment and pay for merchant services and PCI compliance charges. And you might face monthly minimums.
Consumers have the right to dispute credit card charges if they’re unhappy with your product. Chargebacks can debit your account without warning, and when margins are tight, they can send your small business into the red. Some banks hold merchants responsible for credit card fraud, which adds another expensive liability, especially if your reputation is tarnished as a result.
Despite the drawbacks, credit card payments have some benefits compared to alternative payment methods, particularly security, hygiene, and customer preferences.
Online payments transfer electronically. They use a payment gateway to facilitate and authorize several types of payments, including eChecks, credit cards, and direct debit payments.
Online payments aren’t restricted to online businesses. Online purchases can occur in brick-and-mortar stores using digital wallets, or apps that store credit and debit card information on a mobile device.
Online payments seem to be the way of the future in terms of cost and convenience. They offer a cheaper and faster way to get paid, and they give consumers options when they check out.
Cash and credit card sales require you to tally up the total price, including taxes. But the best online payment methods do this automatically, saving you time and reducing the risk of error. You’ll need to pay fees to accept payments online. But these fees are generally more affordable than those charged by credit card companies.
E-commerce online payment services often utilize a virtual shopping cart to calculate the total with shipping costs. That’s in addition to collecting the customer’s shipping and payment information. Several providers offer free shopping cart services to small businesses. You must have this type of payment to sell products or services online. But the ease and affordability have made them more popular among brick-and-mortar retailers, too. Digital wallets, as well as smart debit and credit cards, can enable contactless payments, which use near-field communications with card reader equipment to facilitate in-person payments.
Digital wallets, like Apple Pay or Google Pay, are going mainstream, especially among younger consumers. The change indicates a tipping point for online payments wherein the advent of digital wallets is around the corner.
Mobile payments use mobile devices, such as smartphones or tablets. Mobile payments can encompass a range of payment options, including:
- Payments made through digital wallet apps and near-field communication technology
- Money transfer apps
- Payments using a mobile card reader to swipe debit or credit cards
Mobile payments facilitate mobile transactions using a method of payment, like cards or electronic money transfers.

Online payments are an emerging technology that can help you gain more customers, cut expensive costs, and simplify accounting processes. But it’s smart to compare the best online payment methods for small businesses to find the right solution for your needs.
A few major players dominate the credit card processing industry. But many providers can help your company process payments online, and they’re all structured differently.
There are five features you’ll want to look out for when comparing the best online payment providers.
- Price: How is the pricing set up? Which transactions are assessed a fee, and at what rate?
- Features: What unique offering does the provider bring to the table?
- Flexibility: Can customers choose whether to pay by credit, debit, or bank transfer?
- Functionality: How does the payment processing software integrate with your business?
- Security: Does the provider offer fraud protection? Are payments secure?
Let’s compare several online payment processors for small businesses. You can see how some of the most popular choices stack up against each other and who they’re best for.
PayPal is one of the biggest names in online payments, with over 346 million customers . Its big reputation has earned businesses’ and consumers’ trust for security and risk management.
Who is it for?
This option is best for e-commerce businesses looking for standard payment processing. PayPal offers a fast, simple way to start accepting payments. But you’ll need to check with your shopping cart provider or e-commerce platform to confirm whether PayPal checkout is compatible with your site.
What types of payments does it accept?
PayPal users can pay using their PayPal account balance, PayPal CREDIT, a debit or credit card, or a bank account.
What does it cost?
If you’re selling goods or services through an online transaction in the U.S., you’ll pay a merchant fee of 2.9% of the transaction amount and a 30¢ fixed fee. Micropayments under $10 are subject to a fee of 5% of the transaction amount, plus a fixed fee based on the currency.
Depending on the size of your transactions, this payment method could be expensive for your small business.
Venmo is known for processing peer-to-peer (P2P) payments, but the app also has a business side. Their social commerce platform can help build brand awareness because users can see, like, and comment on each other’s purchases.
Venmo can be a good choice for street vendors who need a way to accept cashless payments. Users can quickly scan a QR code linked to your business account and send money to complete a sale. These payments come with instant confirmation of funds. You can also integrate Venmo as a checkout option on your app or website.
To pay with Venmo, users must link their bank accounts or debit cards. Credit cards are subject to an additional charge . This payment method could deter customers who want to pay off purchases over time.
There are no setup fees or monthly subscription costs, and payments are free to receive. However, there is a fee for electronic withdrawals using the Instant Transfer feature. If you want immediate access to your money, you will pay a fee of 1% (minimum 25¢, maximum $10).
QuickBooks Payments
QuickBooks Payments is one of the most dynamic online payment methods for small businesses. It’s capable of streamlining a variety of accounting processes to save you time.
QuickBooks Payments offers a solution for small businesses in every industry, including online and brick-and-mortar retailers.
If your small business operates an e-commerce website , QuickBooks integrates seamlessly with platforms like Shopify, BigCommerce, and similar web stores. When you complete a sale, QuickBooks calculates sales tax, processes the payment, creates a sales receipt, and records the transaction. You can also enjoy more peace of mind with security fraud protection and secure 128-bit encryption.
Additionally, QuickBooks offers a simple way to accept payments from anywhere using their mobile app . If you need to take credit card payments over the phone, you can use their virtual credit card terminal . Own a brick-and-mortar store? Accept payments using the QuickBooks card reader , capable of complete POS integration . You can also send invoices with an optional “Pay Now” option for built-in payment processing. QuickBooks Payments also features Get Paid Upfront invoice financing , which helps you access funds from invoices upfront for just 3% per financed invoice. This feature can help you access the cash you need from your outstanding invoices, without the wait.
QuickBooks Payments connects seamlessly to QuickBooks Online and QuickBooks Checking, so you can manage your business money from one place.
Customers can pay with a credit, debit card, or ACH transfer. And you can choose how customers pay. For example, if you’d like to receive a bank transfer for an invoice of $500, simply turn off the card option.
QuickBooks is one of the best payment options for small businesses because they charge one simple rate when using the card reader. QuickBooks charges 2.4% and 25¢ per swipe, dip, or tap for Visa, Mastercard, American Express, and Discover. ACH bank transfers cost 1% and have a maximum of $10. Funds arrive in your bank account the next business day, ensuring you get paid quickly.
If you’re selling online, you can pay as you go for $0 per month with a 2.4% swipe qualified rate, 3.5% keyed qualified rate, and 30¢ transaction fee. Or you can enjoy discounted fees with a $20 monthly subscription, charged at 1.6%, 3.3%, and 30¢, respectively. Virtual credit card and eCheck processing rates for QuickBooks customers are 2.4% swiped, 2.9% invoiced, or 3.4% keyed, plus 25¢ per transaction.
Most importantly, there are never any upfront expenses, hidden costs, or termination fees.
Ultimately, the payment methods you accept at your business will depend on your business model and your customers. The best payment solutions for your small business should be affordable and capable of integrating with your accounting software. Offering a variety of payment options to customers may help boost your cash flow,
You can back your business with powerful tools using QuickBooks Payments, paired with Intuit’s best-in-class accounting software .
Recommended for you

Electronic payments: What they are and how to accept them
March 10, 2021
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Types of business plans..
Your business plan should sum up what’s special about your company, and how you will grow. Just as every business is different - your business plan will also be unique to you. However, startup and SMB business plans typically fall into a couple of broad categories:
Traditional business plan
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3. Market analysis : Set out the current state of your industry, and relevant market trends. Give details about the broad opportunities and threats, key competitors and likely changes to demand. Don’t forget to talk about how you will grow the market, or take market share from pre-existing businesses.
4. Products and services : Now it’s time to go into more detail about what you do. Set out the products or services you provide, covering the pricing, consumer benefits and profit margins. If you’re selling a physical product you’ll need to walk through the supply and production process.
5. Marketing and sales strategy : Where are your customers and how will you connect with them? Explain how you encourage repeat sales, and how you’ll make use of traditional and innovative advertising and marketing strategies. Don’t forget to cover the practicalities of actually closing a sale - for example, which ecommerce or POS platform you’ll use.
6. Organization and management : Lay out the legal structure of your business - and the organizational structure of your leadership team. If you’re seeking funding, remember that investors invest in founders as much as they do business ideas. You need to show how each of your leaders can contribute to the success of your venture.
7. Financial plan : Adding in financial plans and projections can give depth and show opportunities for scale to your potential investors. If you have an established business, you’ll be able to use live documents such as income statements , balance sheets , and other financial information. New businesses should provide targets and estimates instead, showing the rationale and assumptions used.
8. Funding request and budget : A crucial section if you're asking for funding. Explain your 5-year funding requirements, and cover how you’ll use the capital you raise to boost profit. Show you’re a solid investment by providing a budget to cover staffing, development, manufacturing and marketing costs. Don’t forget to disclose any future plans to raise funds, or any known capital expenditures which are coming up.
9. Appendices : Depending on your business type, and how you’re using your business plan, you may want to provide supporting documents. These could include founder resumes, product descriptions and pictures, legal paperwork, references, licenses, permits, or patents.

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How to keep remittances flowing
In 2019, remittances reached a record high of $554 billion, overtaking foreign direct investment (FDI) flows to low- and middle-income countries (LMICs). Remittances have been larger, and more stable, than FDI in India, oil exports in Mexico, and tourism in Egypt, Nepal, and Tunisia. In 2020, however, the economic crisis caused by COVID-19 pandemic is expected to lead to a 20 percent decline in migrant remittance flows to LMICs. The decline in remittance flows would be even sharper in poorer countries and fragile and conflict-affected countries. According to the World Bank, LMICs could suffer a decline of over $100 billion in remittance flows, on top of a projected decline of $200 billion (37 percent) in FDI flows in 2020. The overall decline in external financing, especially with the significant decline of portfolio investment, can cause hardships for nations in managing their external payment needs, for essential imports and foreign debt service. Risks of households falling back into poverty and food insecurity have risen—the World Bank estimates that 40 million to 60 million people may be pushed into extreme poverty .

Mahmoud Mohieldin
Professor, department of economics - cairo university, egypt, executive director - international monetary fund, special envoy on financing the 2030 agenda for sustainable development - united nations, dilip ratha, lead economist, migration and remittances; head, knomad - world bank.
Several nations—Switzerland and the United Kingdom, together with Ecuador, Egypt, El Salvador, Jamaica, Jordan, Mexico, Nigeria and Pakistan, Sierra Leone, Yemen, and Zimbabwe—and organizations—the Africa-Europe Diaspora Development Platform (ADEPT), the International Association of Money Transfer Networks, International Chamber of Commerce, International Organization for Migration, Migrant Forum Asia, U.N. Capital Development Fund, World Bank—have issued a call to action to “keep remittances flowing.” They have called on policymakers to declare remittance services as essential and facilitate the scaling up of digital remittance channels.
The U.N. Secretary-General and the prime ministers of Canada and Jamaica organized the High-Level Event on Financing for Development in the Era of COVID-19 and Beyond on May 28, where more than 50 heads of state discussed declining capital flows and remittances and critical development finance and debt management issues that impact billions of people. With a global economic crisis raging and public finances strained everywhere, finding financing solutions will not be easy—at a minimum, it will take creativity, innovation, and innovative partnerships with the private sector.
Building on our earlier work , the following are a few actionable measures to keep remittances and development financing flowing:
- A tax credit could be offered to remittance service providers equal to the reduction in fees paid by remittance senders and recipients. This has been done by Pakistan’s Remittance Initiative , launched in response to the global financial crisis in 2009. Conversely, imposition of taxes on remittances should be avoided by source and recipient countries.
- Increase market competition in the remittances industry. Many countries around the world have exclusive partnerships, which stifles market competition and imposes a de facto tax on remittance senders and recipients. We need to open partnerships among national post offices, banks, and money transfer operators. We should also encourage interoperability of remittance technologies to help increase scale and reduce costs.
- Use digital technologies and advance adequate and appropriate, risk-based know-your-client (KYC) requirements. That could help address “de-risking” practices by correspondent banks (intended to avoid rather than manage risks) that continue to affect access to bank accounts for money transfer businesses operating in smaller and poorer remittance corridors.
- Borrowers need innovation and credit enhancement during this time of extreme risk aversion, when even investment-grade-rated entities in emerging markets are facing difficulties in accessing international capital markets. Diasporas from many developing countries tend to have a more favorable perception of country risk than institutional investors. The savings of such diaspora members, especially those kept as low-interest bank deposits, can be mobilized via the issuance of diaspora bonds . Several countries have raised billions of dollars of financing through diaspora bonds. Recently, Nigeria raised $300 million via a diaspora bond.
- Using future flows, including remittance inflows, as collateral can facilitate bond issuances during a financial crisis. Following a sharp increase in borrowing costs in 2002, Brazil raised over $4 billion by issuing bonds backed by diversified payment rights. According to the World Bank, these bonds had a lower borrowing cost, saving of more than 700 basis points compared to Brazil’s sovereign bonds.
- Setting up a structured, international effort to improve the data on remittances is a medium-term priority. Since the publication of the IMF guidelines on remittance statistics in 2009, data on remittances have improved significantly. However, many source countries do not report data on outward remittance flows. Data on bilateral flows of remittances among countries and flows via various channels (such as banks, money service businesses, and informal channels) and instruments (such as cash-based or online transactions) are lacking. From the viewpoint of access to development financing, data on remittances are now a key consideration in the assessment of debt and financial sustainability of developing nations.
Implementing these measures in a piecemeal, ad hoc, and uncoordinated manner, however, would not make any significant impact on the flow of remittances and finances. For implementing these actionable measures and the broader calls to action mentioned above, it would be ideal to work within an effective, coherent policy and institutional framework. The framework should be designed to reduce remittance costs and increase the volume of remittance flows (both are included among the indicators for the Sustainable Development Goals). Beyond that, it should also support the broader international remittances agenda including innovation in the global remittances market and leverage remittances for improving consumer and business lending, micro-saving and micro-insurance, for improving country risk ratings and access to international capital markets through securitization and issuance of diaspora bonds.
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Future Development
The Future Development blog informs and stimulates debate on key sustainable development issues within and across all countries.
Now hosted by the Center for Sustainable Development , this blog was originally launched in September 2013 by the World Bank and the Brookings Institution in an effort to hold governments more accountable to poor people and offer solutions to the most prominent development challenges. Continuing this goal, Future Development was re-launched in January 2015 at brookings.edu. In the ensuing years, the blog’s scope evolved in parallel with ongoing international policy debates and was formally updated in November 2022 to focus on broader challenges of sustainable development around the world.
For archived content, visit worldbank.org »
Related Topics
- Developing Economies
- Development Financing
- Global Development
- Global Economy
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Africa’s global opportunity in rare earth elements

How can cities create better jobs in sub-Saharan Africa?
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‘Writing my papers is unbearable!’ you may think But you’re not alone… What if we told you that we know a magical place where professionals can write your essays so perfectly that even professors’ most sophisticated requirements will be met? You’ve probably already guessed that we’re talking about WritePaperFor.me — the most delightful, facilitating, and destressing custom paper-writing service!
We are not going to be shy about our wish to see you as our steady customer. As a result, we aren’t twiddling our thumbs but permanently improving our services; we carefully select writers who always bone up on their subjects and disciplines, and we won’t rest unless you’ve gotten your ideal paper(s). All your wishes become our unshakable rules!
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Despite the obvious and even natural resistance to the idea of paper writing in principle that may occur with any student, you may also ask yourself, ‘Why would I need you to help me write my paper?’ The answer to this question lies in the spectrum of your routine actions. It’s not surprising that studying becomes part of our lives, but sometimes we’ve just got too much going on!
When you write an essay or academic paper, you just do one of the numerous things you face daily or weekly. This part of your life consumes lots of energy and time, so how can you possibly get around to doing other things like having fun, working, playing sports, helping relatives, and spending time with friends?
People are social creatures, and it’s only natural of us to request help from experts.. That’s why we ask doctors, electricians, or plumbers to help us! They’re all specialists. Who writes essays for you better than you do? Right, people who write numerous essays every day. We are experts in academic writing, aimed at satisfying all your needs related to education.
You just hire a professional to get a paper written, like you normally do in other situations. Our team of writers know everything about writing your paper and can cope with assignments of any complexity and academic level. Well-researched and expertly-written papers are what we do for our customers, and we always do our work professionally so that you could kick back and enjoy your life to the fullest.
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Apart from a paper written in accordance with the highest standards, we provide a wide range of contributory advantages to make your life easier. Let’s take a closer look at them.
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High-Class Quality. ‘Will you write a paper for me that meets all requirements?’ This question is frequently asked by many students, and we always answer in the affirmative. Our main goal is to deliver a perfectly written paper the meets the highest possible writing standards. We don’t rest unless you are satisfied with our work. If you hire a paper writer online, we guarantee you that you get 100% original and plagiarism-free assignments of high quality.
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Who will write my paper when I order it?
Another crucial advantage of our service is our writers. You may have asked yourself, ‘I’d like to pay someone to write a paper for me, but who exactly will that person be?’ Once you order a paper, our managers will choose the best writer based on your requirements. You’ll get a writer who is a true expert in the relevant subject, and a perfect fit is certain to be found due to our thorough procedure of selecting.
Every applicant passes a complex procedure of tests to become one of our permanent writers. First of all, they should provide their credentials. We need to make sure that any prospective writers we hire have the proper experience.. The next step resides in passing a series of tests related to grammar, in addition to subject and/or discipline. Every paper-writer must pass them to prove their competency and their selected field of expertise.
One more step includes writing a sample to prove the ability to research and write consistently. Moreover, we always set our heart on hiring only devoted writers. When you ask us to write your essay or other academic works, you can be sure that they always do their best to provide you with well-structured and properly-written papers of high quality.
The final chord is related to special aspects of academic paper-writing. It means that every writer is prepared to cite properly, use different styles, and so on, so you don’t have to be worried about formatting at all.
‘So, can they write an ideal paper for me?’ We answer in the affirmative because we select only the best writers for our customers. Approximately 11% of all applicants can pass the whole set of tests and are ready to help you. All writers are fully compensated for their work and are highly motivated to provide you with the best results.
We are online 24/7 so that you could monitor the process of paper-writing and contact us whenever necessary. Don’t forget that your satisfaction is our priority. Our writers fully focus on your order when it comes to the ‘write my paper’ procedure. Our managers will immediately send all the information to your writer if any corrections are required.
It’s time to write my paper! What should I do?
‘I am ready to pay to have a paper written! Where do I start?’ Our team hears these words every day. We really believe that every student should be happy. That’s why we offer you to look at the simple steps to make the process even more convenient.
- Fill in the comprehensible order form located on the main page of our website. If you need some help with it, feel free to contact our support team.
- Provide the necessary details, such as the topic, subject or discipline, paper format, your academic level, etc.
- Select the deadline, and we will strictly follow it.
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What is a remittance transfer and what are my rights?
Federal law defines “remittance transfers” as most electronic money transfers from people in the United States who used “remittance transfer providers” to send money to recipients abroad.
Under federal law, remittance transfers generally describe electronic transfers of more than $15, sent by consumers in the United States to people or companies in foreign countries through a remittance transfer provider. Common terms for remittance transfers include “international wires,” “international money transfers,” and “remittances.”
Certain federal protections apply if you send money abroad
Under federal law, many money transmitters, a number of banks and credit unions, and possibly other types of financial services companies qualify as “remittance transfer providers.” According to the law, a remittance transfer provider is any entity that provides remittance transfers for a consumer in the normal course of its business.
A company is not a remittance transfer provider if it provided 500 or fewer remittance transfers in the prior calendar year and provides 500 or fewer transfers in the current calendar year. If you use such a company to send a money transfer, then federal law does not require them to provide you with the following protections.
The right to receive certain information about your remittance transfer
Remittance transfer providers must generally provide you with certain information before and after you pay for a remittance transfer. This includes information about:
- Fees and taxes they collect from you.
- The exchange rate that applies to the transfer, if applicable.
- Fees charged by the company’s agents abroad and certain other institutions involved in the transfer process.
- The amount of money expected to be delivered, not including foreign taxes or certain fees charged to you by your financial institution.
- If applicable, a statement that additional foreign taxes and fees may be deducted from the remittance transfer.
You also must receive information about when the money will be available, instructions on your right to cancel transfers, what to do in case of an error, and how to submit a complaint.
The right to cancel a money transfer
After paying, you will typically have up to 30 minutes to cancel the remittance transfer at no charge, unless the transfer has already been picked up or deposited into the recipient’s account.
The right to resolve mistakes
You have 180 days to notify the remittance provider of a mistake, starting from the date disclosed by the remittance transfer provider as the date when the money will be available. Remittance transfer providers must investigate notices of error. Even though you have up to 180 days to report the mistake, if you think a mistake was made promptly contact the company . Remittance transfer providers generally have 90 days to investigate the matter and they must notify you of the investigation’s results. For certain types of errors , such as if the money never arrives, you may be able to get a refund or have the transfer resent.
Other protections may be available to you, depending on how you send the money and the laws in your state.
Learn more about money transfers.
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When will Supreme Court rule on Biden's student loan forgiveness plan? Here's what you need to know

- Now that the Supreme Court has heard oral arguments over Biden's student loan forgiveness plan, here's what borrowers can expect next.
- Experts say a decision may come by late June.
Now that the Supreme Court has heard oral arguments over student loan forgiveness, borrowers may be wondering: What's next?
Oral arguments last only a day, but the justices can take months to reach a decision, experts say. In an analysis of the last Supreme Court's term, higher education expert Mark Kantrowitz found that half of the decisions were issued in June.
For many borrowers, that may be an agonizing wait: More than 26 million people applied for the Biden administration's relief program before the U.S. Department of Education had to close its application portal amid legal challenges . The decision reached by the nine justices will determine whether those borrowers get up to $20,000 of their debt canceled.
More from Personal Finance: Biden's student loan forgiveness plan heads to Supreme Court How to decide if you should go back to school The cheapest states for in-state college tuition
"For many people, this is life and death," said Thomas Gokey, co-founder of the Debt Collective , a national union of debtors. "What's at stake is being forced to choose between paying for student loans or being able to buy groceries, make rent and pay medical bills."
Here's what borrowers need to know while they wait for the Supreme Court's ruling on student loan forgiveness.
Experts say the ruling could go either way
President Joe Biden's plan has faced at least six lawsuits since it was rolled out in August .
The nine justices on Tuesday considered two of those legal challenges : one from six GOP-led states —Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina — and another backed by the Job Creators Network Foundation, a conservative advocacy organization.
Prior to the oral arguments, legal experts expected Biden's plan to face tough odds with the justices. However, they then lobbed praise on Solicitor General Elizabeth Prelogar , the lawyer who represented the Biden administration in front of the highest court, for her performance, and some changed their tune.
"The Biden administration now seems more likely than not to win the cases," Kantrowitz said.
University of Illinois Chicago law professor Steven Schwinn said Prelogar "knocked it out of the park."
"I do think she could have influenced or even changed the thinking of two justices, maybe more," he added.

The plaintiffs argued that the president doesn't have the power to wipe out $400 billion in student debt without the authorization of Congress. The government attorney defending the policy countered that the Education Department can make changes to the federal student loan system, including debt forgiveness, during national emergencies.
A top Education Department official recently warned that the public health crisis has caused considerable financial harm to student loan borrowers and that its debt cancellation plan is necessary to stave off a historic rise in delinquencies and defaults .
At times, the justices seemed skeptical that those emergency powers included the kind of sweeping loan forgiveness the president is trying to carry out. But they also seemed doubtful at points that the plaintiffs had successfully proven they'd be harmed by the plan, which is typically a requirement to have standing to sue.
Payment pause on federal student loans is still ongoing
Federal student loan payments have been on pause since March 2020, when the coronavirus pandemic first hit the U.S. and crippled the economy. When the bills restart depends on how long the Supreme Court justices take to issue a decision, Kantrowitz said.
The Education Department in November said the bills would resume 60 days after the litigation over its student loan forgiveness plan resolves.
If the legal issues with the administration's forgiveness plan are still unfolding by the end of June, or if it's not allowed to move forward with forgiving student debt by then, payments will pick up at the end of August.
If the justices allow student loan forgiveness to go through, many borrowers will never have to restart payments. According to a White House estimate, roughly 20 million people could have their debt entirely cleared under the president's plan.
"Sixty days will be enough to forgive student loan debt if the president's plan survives," Kantrowitz said. "They've already approved forgiveness for 16 million borrowers , so they just need to transmit this information to the loan servicers."
He added: "It should take one to two weeks for the servicers to implement."
A ruling against student loan forgiveness isn't the end
Experts say that should the justices rule against the student loan forgiveness plan, the Biden administration could look for other ways to deliver its relief. The administration also could try to keep the payment pause in place for longer while it figures out those next steps.

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A Sample Mobile Money Transfer Agency Business Plan Template 1. Industry Overview The money transfer industry comprises of firms that act as third-party agents that facilitate money transfers and payments among parties in different locations.
The money transfer business is one that involves the offering of a service by two parties - where one party sends money to a beneficiary somewhere else using a platform. The service can either be done locally or between two or more countries.
According to the World Bank, total remittances sent in 2016 were above the $530 billion mark and have grown at a CAGR of 10.4% since 2000, representing a significant global services market.
Service Business Plan Template. Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their service businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a service business ...
One option to consider when entering the remittance industry is becoming an affiliate. There are several advantages to this approach, including: Minimal financial investment: As an affiliate, you typically do not need to invest a significant amount of money upfront, making it a relatively low-risk option.
Money remittance business registration in 2022 Since 2003, Healy Consultants Group PLC has assisted numerous Clients setup their remittance money transfer business in different jurisdictions across the globe. Our services Steps to starting a Money Transfer business Our past Clients Table of business entity comparison
Executive summary. Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company's leadership team, employees, and location. You should also include financial information and high-level growth plans if you plan to ask for financing.
Amazon.com: Business Plan For Remittance Service: 9798633982305: Rose, Molly Elodie: Books. Skip to main content.us. Hello Select your address Books. Select the department ... Disability Customer Support ...
The business plan you develop will help you organize the elements needed into a strategy that you can actually use to startup, by paving a clear road map as to what you need to follow for the lifespan of your business. Starting a Money Transfer Service business isn't easy, but when done right, it can lead to a lot of success.
A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides. For those in the money transfer business, the marketing strategy must take into account the current economic environment.
Remittance-as-a-Service is an all-encompassing solution that allows ISOs (Independent Sales Organizations) and Incumbent MTOs (Money Transfer Operators) alike to offer a managed services to their clients under a white-label offering where all aspects of the regulatory aspects, such as licenses and compliance are covered by the PLH (Principal …
2. Company formation The next step is to form your company with Companies House. This is a fairly straightforward step and should take you no longer than 1-2 days to set up. We can help you if required. 3. HMRC registration You will be required to register with HMRC for Fit and Proper certification as well as money laundering regulations (MLR).
There are two steps to sending a remittance: The transfer of funds to the other party (required) The sending of the remittance advice letter (optional) And, there are two main ways to send money to other businesses for a remittance: ACH transfers Wire transfers
A remittance service provider is an individual, business or organisation that accepts instructions from customers to transfer money or property to a recipient. Remittance service providers are also known as 'money transfer businesses'. If you want to find out if a remittance provider is registered with AUSTRAC, search the Remittance Sector Register.
But this type of payment method comes at a cost for small business owners. The Durbin Amendment caps debit card transaction fees to help make processing debit card payments more affordable to sellers and consumers. The Durbin Amendment set the fee cap for debit transactions at 0.05% of the purchase amount, plus 22¢.
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The volume of formal remittance transfers within and between specific countries is only beginning to be documented. 8 Based on IMF data, the World Bank estimated the global volume of formal cross-border remittance transfers to be US $88.1 billion in 2002 and US $93 billion in 2003.9 These fig-ures reflect startling market growth since 1970,
Download our free business plan outline, and follow the prompts to tailor it to your needs. You'll find all the sections usually included in a startup or SMB business plan, with step-by-step worksheets for key headers. Add in financing information if you're seeking funding, and use the completed plan to showcase what your business can achieve.
Building on our earlier work, the following are a few actionable measures to keep remittances and development financing flowing: A tax credit could be offered to remittance service providers equal ...
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Under federal law, remittance transfers generally describe electronic transfers of more than $15, sent by consumers in the United States to people or companies in foreign countries through a remittance transfer provider. Common terms for remittance transfers include "international wires," "international money transfers," and ...
FINAL PAYMENT. 06/20/2023. A non-refundable $30.00 enrollment fee. An administrative fee of $20.00 will be charged if you miss a monthly installment payment, and you will be withdrawn from the plan. All payments must be received by the due date in order to prevent your withdrawal from the payment plan. Late payment fees will be added to your ...
Experts say a decision may come by late June. A sign calling for student loan debt relief is seen in front of the Supreme Court as the justices are scheduled to hear oral arguments in two cases ...