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Mastercard MATCH List – Most Important Things You Should Know

The Mastercard MATCH list has been working as an archived database containing the credit history of many merchant clients, ranking them as high-risk merchants for banks to follow up if the specific person is looking to open a new account. The MATCH list has been of great use for payment processors and is a preventive measure allowing the check-up of potential clients.

However, there are so many questions left regarding the list and, as many are unaware of the basics, it is crucial that vital information on the topic is available to all.

Member-Alert-To-Control-High-Risk

In short, MATCH is a database operated by Mastercard Worldwide regarding the credit history of merchants globally. We can look at it as a blocklist or even a blacklist, disabling credit card services like payment processing for clients’ accounts, which have been titled as a risk. It allows acquiring banks to scan and look at potential merchant accounts before making an agreement on services. It has been created, as said before, as a preventive measure so that banks can stay away from getting into any legal agreements with clients who have been known in the past to conduct violations of standard rulings. There are many reasons why someone ends up on such a list. We’ll address some below.

How can you “get off” the list?

Well, the first piece of advice we can give you is to check whether you are on the list or not. Unfortunately, you become aware of it only after you’ve been denied the chance for a new account by an acquiring bank. You can ask your payment processor to look it up as there are no other means of checking as the information is not publicly available for everyone. Once you’ve established your presence on the list, you should look at the particular bank that has filed you as a “risk” and consult your legal team on the issue. There has been an instance where people were put on the list by mistake. For this step, you’ll need to give your legal team full disclosure of all the relevant documents. There are other methods to get off the match list Mastercard, such as waiting a certain period of time (usually 5 years) until you have been reassigned as a reliable merchant again. Or you could apply for PCI compliance if you’ve been non-compliant until that moment. A PCI is to comply with data security standards, which are there to protect the credit card data of customers. Your data is being handled securely, and although there are fees involved for your compliance, your non-compliance can be the reason you are on the list in the first place.

Before opting for the first strategy, make sure to have all the needed evidence to back up your claim. While the other option is easier, it can leave a deep scar on your business and disable you from operating normally.

Chargebacks and fraudulent activities

It takes a few things to get on the list, and although it’s not something a merchant hopes for, it can happen due to their reckless behaviour and involvement in illicit activities. Chargebacks are the most common reason, although there must be a large number of such activities (over 100 chargebacks per month) and before that, there are alert penalties opting the client to decrease their rate. Also, fraudulent activities such as laundering, buyer-seller collusions, account data compromises, repeated bankruptcies, having an unreliable credit score, and bad history are all included. All these activities, which seem alarming, are sending a red flag to the acquiring banks, and all the data is safely stored and archived. Being MATCH’d, so to speak, can drastically influence your ability to conduct business and maintain a regular payment process as usual. It can affect your business as a whole, take a heavy toll on your revenue and income, and damage your reputation as an upstanding company. This is why one should deal with the issue as soon as possible.

Are there alternatives?

The short answer is yes. There are still payment processors who’ll accept your request to set up a new merchant account despite the “risk” factor. However, it comes with a few strings attached.

First, your being on the list does not make it illegal for acquiring banks to take you as a client, as the list only serves as a source of information indicating the potential risk and your credit card history. Some processors simply have a higher tolerance when it comes to risk, while others define it completely differently. And while some would look at your activities as risky, others might be completely compliant with them. But, sometimes these processors charge higher fees as well.

There are also alternatives such as cash-only payments, wallet apps, cryptocurrency, and e-checks. So, in other words, there are plenty of alternatives to choose from until you resolve the issue and get your name off the list.

Although it can be quite a blow to your reputation and business, keep in mind how the “requirements” to get on the list are not always met by acquiring banks, which is why there are accidental situations. Also, the issue is not unresolvable and a competent legal team could take care of it in a short time. And as displayed, there are other payment methods that allow you to conduct your business as usual.

How the Bitcoin Credit Card Works

Since the beginning of time, we have accepted money as our medium of exchange. And today, Bitcoin has taken charge. It also made it possible for anyone to send money without the use of any third parties. In fact, the total value of all existing cryptocurrencies exceeds $2 trillion.

Different financial service organisations are now using this currency to attract new consumers. If you have Bitcoin and need to make regular transactions with it, then you should get a Bitcoin credit card. It gives you control of your own wallet and private keys that allow access to your funds.

By now you may be wondering how buying a cup of coffee with Bitcoin works. If you want to keep your fingers on the Bitcoin pulse, then a Bitcoin credit card is a great way to go. But what is it all about? Here’s everything you need to know about Bitcoin credit cards and how they work.

What is a Bitcoin Credit Card?

A Bitcoin credit card works like a traditional rewards credit card. It rewards credit card transactions with Bitcoin instead of mileage or cash back. You can place a higher priority on receiving your rewards in Bitcoin rather than cash.

But to reap the benefits of using one, you should have an excellent credit score. According to any credit bureau agency, the highest you can get is an 850 credit score. This is known as the perfect credit score. With such a score, you can have better financial options, including loans and mortgages.

So how do you get an 850 credit score?

Getting the perfect credit score is hard, but not impossible. All you have to do is make a habit of following the best practices below:

  • Make timely payments on your loans, credit cards, and the likes
  • Pay your debts weekly so that you can avoid having balances
  • Consider increasing your credit limit
  • Keep your old accounts open
  • Apply for new credit cards only when you need it

It also helps to monitor your credit report regularly. This will help you identify any discrepancies in your report. Should there be any, get the help of credit repair services to get your credit fixed.

They work with creditors and credit bureaus to improve your credit score by cleaning up your credit records. Top-rated credit repair companies can help you improve your credit score, especially if you have bad credit.

If you’re wondering how much credit repair costs, no worries. Some affordable credit repair services are available for you. These cheap credit repair services can also help you achieve the perfect credit score possible.

How Does the Bitcoin Credit Card Work?

Bitcoin credit cards function in the same way as any other credit card on the market. The more you spend on the card, the more rewards you get. But, in this case, you will receive bitcoin in exchange for your purchases. It’s worth noting that each card rewards you bitcoin differently.

To know more about how bitcoin credit cards work, here are some examples.

1. BlockFi Rewards Visa Signature Credit Card

BlockFi launched the world’s first Bitcoin credit card last 2021. After signing up, you will receive BlockFi’s Rewards Points instead of cryptocurrency. If you have purchases above $30,000 yearly, you can get 2% back in cryptocurrency. This resets every year on the card’s anniversary date.

BlockFi will turn the points into bitcoin as soon as you deposit them and your account is in good standing.

To get the card, you need to have an excellent credit score. If you’re finding it hard to improve your credit rating, hire credit pros to help you in this aspect.

With this card, you can earn extra rewards from your bitcoin holdings and cryptocurrency exchanges. You can get 0.25 percent cash back on all qualified trades and up to $500 in cryptocurrency every month. You can also get $30 in cryptocurrency for recommending the card to each person.

The card works on the Visa network and has no yearly or international transaction fees.

2. Gemini Credit Card

Gemini is a popular cryptocurrency exchange that also released a crypto credit card. This bitcoin credit card enters the market with the most flexible offer. You can earn rewards in a wide range of cryptocurrencies. You can, then, move them off the Gemini platform into your own cryptocurrency wallet.

Their rewards are proven to be competitive with those of others who offer cryptocurrency credit cards. The best thing is that there is no annual or foreign transaction fee!

To get this card, you need to qualify for the following:

  • You’re a registered Gemini user
  • A resident in the US
  • Have a 670 to 850 credit score
  • Have a driver’s license or passport

Once you’re approved, you can pick from three-card colours: black, rose, or silver. This customisation is not available on many credit cards. They will also give you a virtual card, so you can start using it right away while you wait for your real card to arrive. You can use your Gemini Credit Card in any place that accepts Mastercard.

3. Upgrade Bitcoin Rewards Card

The Upgrade Bitcoin Rewards Credit Card is one of several cards issued by Sutton Bank. It’s like a credit card and a loan in one. That means you can make purchases and then pay off your debt in equal monthly instalments. You can do this over a defined period of time with a fixed interest rate.

But that’s not all: when you make monthly payments, the card gives you 1.5% back in bitcoin. This makes it another product in a growing trend of credit cards that provide cryptocurrency incentives.

This is perfect if you haven’t decided on whether you should get into cryptocurrency or not. The Upgrade Bitcoin Rewards Card allows you to do so without risking your own money.

4. Venmo Credit Card

Many people use Venmo to send and receive money from their friends and family. But, if you look at the app’s other features, you’ll see that the mobile payment service has a lot more to offer. One such thing is the Venmo Credit Card.

You can participate in a personalised rewards program. By doing so, you can earn cash back on where you spend the most, with no annual fee. That means you will get 3% cashback on the top eligible spending category, 2% on the next, and 1% on others. These spending categories can include bills, dining, groceries, gas, beauty and health, and transportation.

You can use the rewards you get in different ways using the app, such as: 

  • Paying your credit card bill
  • Completing Venmo requests
  • Paying authorised merchants
  • Converting it to real money and transferring it to your bank account
  • Buying cryptocurrency

By applying for one, you will see that your Venmo app adds your Venmo credit card as a payment option. Additionally, you can use it in places where Visa credit cards are accepted. The QR code on your credit card also allows other people to “Venmo” you or request a payment on the spot.

Should You Get a Bitcoin Credit Card?

You should only apply for a Bitcoin credit card if it will reward your spending patterns. If you’re interested in cryptocurrencies, earning bitcoin incentives can be beneficial.

But make sure you understand the benefits of each card against the costs. Here are some thoughts to consider:

  • How much is the reward rate?
  • Will you be paying an annual fee?
  • Are there any other charges?
  • Are there other benefits or privileges that come with the card?
  • Is it possible to get a better deal with another card?

By choosing the best rewards credit cards on the market, you can get better benefits and incentives. Remember that you can buy Bitcoin using your cashback benefits from a regular credit card. It makes more sense to choose a credit card that offers a larger cashback rate in exchange for a lower annual fee.

While cryptocurrency rewards appear appealing, they are also volatile. It’s much like a stock market investment. There’s no telling what the value of the coins will be after a few months or so. Be sure you make the right decision when it comes to applying for bitcoin credit cards.

Final Thoughts

The Bitcoin credit card has the potential to change the way we use cryptocurrencies. It will be possible to pay for goods and services using bitcoins. This means that you won’t have to convert your bitcoins into fiat currency before buying. The more widespread the acceptance of cryptocurrency, the more useful this credit card will become.

If you want to test the waters of Bitcoin and cryptocurrency, it can be a good way to dip your toes in. There are plenty of options available right now, so you’re not limited to only one choice here. So go ahead and give Bitcoin credit cards a try. You never know what might happen.

Rewards App Hits 2 Million Member Milestone

Airtime Rewards is an app that you download to your smartphone and easily connect to your bank cards. Each time that you use your connected card at participating retailers you will then earn money back that will go towards your phone bill.

With phone bills and the general cost of living rising at a rapid rate, using apps such as Airtime can be a great way to make back a little money on your everyday spending.

Shoppers are given a unique reward currency that can be converted into monetary credit on their smartphone account.

Airtime offers a variety different ways to boost your cashback and receive bonus credit, including referrals, challenges and short-lived promotions.

The company was founded by Adam Ward and Josh Graham in 2015. The Manchester-based entrepreneurs have been working alongside mobile networks operators and global brands – designing and building mobile acquisition and retention solutions.

One of the biggest perks to Airtime is that once you have set up your account, it automatically tracks your spending for you. So you can forget about it and earn money back while you spend.

Downloading the Airtime app is free. Join their community of over 2 million members today and save £10 per month on your phone bill.

Airtime Rewards is partnered with Visa and Mastercard and is also PCI Level 1 compliant. PCI is the industry standard and Level 1 is the highest and most stringent level.

Conclusion

In a landscape where mobile apps vie for attention, the Rewards App has managed to capture the hearts of 2 million members and counting. Through its user-centric approach, innovative features, and unwavering commitment to delivering value, the app has redefined the way users interact with rewards platforms. As it continues to evolve and expand, the Rewards App is not just an app; it’s a movement that empowers users and businesses alike.

As the digital realm continues to evolve, the success story of the Rewards App stands as a testament to the power of engagement, innovation, and community-building in today’s interconnected world. With 2 million members strong, the journey is far from over, and the app’s continued evolution is poised to shape the future of rewards-based interactions.

Specialised Banking License in Lithuania

Lithuania and mainly its capital Vilnius became a new flagship of European banking services centres. Favourable regulatory and tax environment, excellent infrastructure, fast Internet, cheap office space and the ability to select high-quality budget personnel make Vilnius attractive for both large international banking institutions and FinTech start-ups.

Moreover, in 2018, the Central Bank of Lithuania won the Central Banking FinTech RegTech Global Awards for its comprehensive approach to regulating the provision of financial services, namely in creating a favourable environment for the development of financial technologies and openness for financial service providers. Are there any other arguments for choosing this jurisdiction for the Fintech project?

In this article we will talk about a unique offer – a specialised banking license in Lithuania with reduced requirements for authorised capital – what is it about? How to get such a banking license? What functionality does this type of license cover?

What is a specialised bank?

Specialised banking license is a concept introduced in Lithuanian legislation from January 1, 2017 as a type of universal banking license. The main difference of this type of license is the requirement for the size of the authorised capital. The standard size of the authorised capital for the European Bank is 5 million Euros, while the Specialised banking license in Lithuania is issued for a company with the authorised company only 1 million Euros. It significantly simplifies the creation of your bank, isn’t it?

Functional authority

The terms of reference that this license gives its owners are very extensive – a company with a specialised banking license has the right to provide the following services: receiving deposits and other repayable funds; lending; financial leasing; payment services; issuance and management of travellers checks, bank checks and other means of payment; providing financial guarantees; financial inter-mediation; money management; credit rating services; safe rental; currency exchange; issue of electronic money.

The only functional difference between a specialised and a universal banking license is the presence of restrictions on providing investment services, management of investment and pension funds, and other similar activities. However, in practice for these purposes an alternative company is registered with the subsequent receipt of a permit for investment activity and asset management of third parties.

Conditions for obtaining a banking license

The times for obtaining a specialised banking license in Lithuania is another incredible advantage of this type of service. With such broad powers, a company licensing takes from 6 to 12 months after providing all of the necessary documentation. Capital requirement, as mentioned above, is only 1 million Euros.

Also, to obtain such a banking license, you will need to confirm the economic presence of your company in Lithuania: you need a real local office, the minimum number of bank management staff must be 10 people, but at least one of them must be a resident of Lithuania and speak Lithuanian.

Brexit and Lithuanian specialised banking license

Brexit made adjustments even to the functioning of well-known FinTech start-ups – the “certification” of companies’ activities became an issue. What does it mean?

International financial companies licensed in the UK are looking for the possibility of licensing their services in one of the EEA countries to provide services to residents of the entire zone. For these purposes a specialised bank in Lithuania is suitable like no other – a wide range of powers, comfortable licensing terms, minimal authorised capital. Who would you think in the forefront received a specialised banking license, rather than the famous financial institution Revolut? It’s worth to consider.

Our team is happy to offer you not only a full package of services for obtaining a specialised banking license in Lithuania, but also assistance in opening corporate and segregated accounts, obtaining membership in SEPA and SWIFT, connecting to Visa/Mastercard, as well as other legal support issues of your project. Get an advice on establishing your Specialised bank in Lithuania today. SBSB International Law Company – your business, our concerns.