FUNDING OPTIONS. TOO FEW & TOO COSTLY?
-Our expert takes a look into the common funding inconveniences experienced by Pay Per Head agents, and provides some very valuable advice on the subject.
Let’s face it. Putting money In and Out of pay per head operator can sometimes be difficult, not necessarily because the service providers are financially at peril, or any other similar “fundamental” problem, rather, because there are very few actual ways available to choose from, and unfortunately for our side of the business, things don’t seem to get any easier with time.
Let us elaborate.
Before we even try to go on further with our case in regards to “best techniques to handle the difficult transactional world of pay per head”, it is perhaps best if we strike the point at its very core: Why is it difficult to fund PPH agent accounts? Well, because despite the advancements reached in recent times towards online action’s legality, there still is a long road to be travelled, and the US market is exceptionally complicated in this very respect.
Credit & Debit Cards
Payment via standard credit and debit card options -though rare- is still feasible on some ends. In reality, banks do ultimately determine what type of vendor they’re willing to service (meaning, what companies they’re willing to process transactions for), so you might still stumble upon a few pay per head solutions that ACTUALLY deliver a solution in terms of card purchase acceptance.
All’n all, the most likely card scenario you’ll find is a “vanilla” card option, referring to the two most common card denominations known in the modern world: Visa & Mastercard. TAKE IT WITH A MASSIVE GRAIN OF SALT: Some not “so-legit” operators will try to seduce you into easy card processing features, but if you notice this being one of their strongest selling points, it’d probably be best you kept a sceptical eye all along; it is well known that some poorly reputed PPH runners make use of shady, dishonest “money-laundering” techniques to bypass the legal rules in the online action regard.
NEVER FORGET: You OUGHT to check with your local governing entities to determine whether transacting internet-held action is in any way frowned upon or not, or in the worst case, severely punished.
If you’re already familiar with Bitcoin, Ethereum and the likes, odds are you’ve already hit the jackpot!
There’s no simpler way to put it than: Cryptocurrencies is the way to go in today’s online arena.
While it took players a while to get used to the complex notions of “mining” for cryptos (and truly, it is still a very nebulous subject to us), the current reality is that more and more people are turning to cryptocurrencies for their money-moving needs. They’re super fast, discrete and you’ll probably have one more ATMs lying around your hometown to get cash out of.
All you actually need is to get your “e-wallet” opened up, and to stack it up with a few Bitcoin, Ethereum or crypto of your choice. (We always recommend the big-name cryptos, not so much because they’re more institutionally recognized -because they’re not-, but because they’re more commonly offered in our particular business). Once you get that part covered, then you can feel free to move money in either direction, whenever and wherever you want it.
As far as we’ve come to know, transactions seldom take more than just a few minutes to be processed and to show up in your PPH account balance. And let’s not forget that, if you have your pals paying you that way, then, you’ve already killed two guese with a single shot: You will be able to receive their weekly installments and send out their disbursements in practically no time.
A win, win combo.
Now, here we’re forced to get a little more sketchy.
Money Transfers are also slightly problematic, in as far as the very service you’re turning to for your deposits and payouts might not feel so “OK” with taking your pay-per-head business, this is, of course, assuming that they know what it is you’re doing.
Most often though, person-to-person transfer operators don’t give a rat’s derriere about what the funds are actually being used for, or where they’re stemming from, and even more interesting that that, some online money transfers operators – such as RIA – don’t seem to have much of an issue at all. So our final advice on this would be: If it fits, WEAR IT.
You can learn these and other useful tenets of GOOD PAY PER HEAD BUSINESS, by reading PelicanPPH’s expert PPH blog. Until the next time.