Why underwriters look closely at quasi cash
Cash-like transactions
Buying money orders, prepaid cards or foreign currency with a card turns credit into cash.
Dedicated codes
These transactions use specific category codes, and issuers often treat them as cash advances, with fees for the cardholder.
Money laundering rules
Money services businesses must register with FinCEN and often need state licenses.
A payment setup that fits
How we usually set up quasi-cash and money services businesses. Your consultant tailors it to how you actually sell.
- 1
Correct coding
Quasi-cash coded as quasi-cash, so cardholders and issuers aren’t surprised.
- 2
Limits and checks
Transaction limits and identity checks that match your AML program.
- 3
Debit preferred
Steering customers to debit reduces cash-advance complaints.
What you’ll need to apply
Have these ready and your application moves faster. Your consultant confirms the exact list for the processor you’re matched with.
- Government ID for every owner with 25% or more
- Voided business check or bank letter
- Recent business bank statements
- Recent processing statements, if you have taken cards before
- Articles of incorporation and EIN letter
- A website with clear pricing, refund, cancellation and contact details
- FinCEN money services business registration
- State money transmitter licenses where required
- AML and KYC program
- Transaction limits and monitoring process
Why applications get declined, and how to avoid it
- No MSB registration
- Cash-like sales coded as retail
- Weak identity checks on large transactions
We review your website, policies and statements against these before anything is submitted.
Keeping the account healthy after approval
Getting approved is half the job. These habits keep your account in good standing, and our platform tracks the numbers behind them for you.
- Tell customers credit card purchases may be charged as cash advances
- Review large and repeated transactions daily
- Keep AML training current
Quasi cash: common questions
Why was my customer charged a cash-advance fee?
Issuers often treat quasi-cash purchases as cash advances. Telling customers up front, and steering them to debit, avoids complaints.
Do we need FinCEN registration?
If you are a money services business, yes. Many quasi-cash sellers also need state licenses.
Can we code these sales as retail?
No. Miscoding is a card-brand violation and ends accounts.
What happens after I’m approved?
We keep working with you. Our platform gives you one view of every account, and we review your chargebacks, approval rate, fraud tools and fees with you so the account stays healthy and gets cheaper over time.