How to Obtain Money Services for My Business?

Do you have customers asking for money orders or if they can top up their prepaid cell phone and wonder how you could offer this service? Maybe you have tried to search online about bringing money services into your business, but you were left with conflicting information or confusing explanations.

You are not the first business owner to feel this way! We can answer these questions and guide you through every step of the process. You see, the money service business is our business and every day our team makes it possible for retail locations to offer walk-in cash financial services to their customers.

Fidelity Express believes the process to get money services started should be simple to follow, communicated clearly, and as efficient as possible. Here are some helpful tips to get started on your money services journey.

Request An Application

Before you request an application, ensure that the process is smooth from start to finish by collecting the necessary information about your business. Find your valid EIN number and ensure your business is in good standing with their Secretary of State. All partners listed on the articles of incorporation paperwork will need to be identified on the application. If there have been any changes since the original incorporation paperwork was filed with your state, be sure to have copies available of the amendment paperwork.

It is a good idea to go ahead and begin a conversation with your financial institution about the possibility of offering money services to your customers. Often, they will have specific guidelines and requirements for a customer wanting to obtain a Money Service Business (MSB) account. We have found these policies can vary widely, so you want to verify that you can comply with their requirements. Also, some banks specialize in offering MSB accounts nationwide, which may be an option for your business.

Also, this is point where many owners ask, “Do I need to register as a Money Service Business in order to get your services?” The good news is once you receive approval for our products, you become our authorized delegate and do not need to register yourself in most cases. It is important to note, however, this will cover only the services we are providing (Money Orders, Bill Payment, Mobile Top-Up, etc.). Adding additional money services to customers, like check cashing, will require you to register as an MSB independently.

With Fidelity Express, our processing time for an application is about three to five business days. This is a great time to familiarize yourself with the products we offer, watch some tutorial videos on our site, and plan on how you’ll implement the new products in your store once approval is granted.

Becoming An Agent

After the application approval, you will complete an annual Anti-Money Laundering training and exam. Don’t worry, we will provide all the necessary material for this and have a whole department that works with you to ensure your staff are trained and compliant with all regulations to provide money services.

Shortly after completing your AML training and exam, our Customer Care team will be reaching out to help set up your equipment and teach you how to perform transactions using our software. This is a great opportunity to learn and ask questions. This team will serve as your contact point for all issues regarding transactions.

In addition, a representative will visit your store to add signage to your location to raise awareness with your customers about your new money services. We also maintain a location finder feature on our website, so a consumer searching your area for money services would see your listing there as well. Have a social media account for your business and want some marketing assets to share promoting your brand-new service? You can find some ready-made marketing assets on fidelityexpress.co/marketing. Plus, our dedicated Sales and Marketing team can provide some additional attention to your store and your new products.

What If I Purchased a Business that Already Offers Money Services?

If the previous ownership has money services, they will need to alert their provider about the change of ownership and take any steps necessary to close out their account. Then, you will need to reach out to that provider about what is necessary to retain those services under your ownership. You also have the option to obtain services from a different provider.

Here at Fidelity Express, we work in conjunction with both our outgoing owner and new ownership to ensure a smooth transition with minimal disruption in service to your customers. It aids in this process if we are notified in a timely fashion and provided with all the necessary details for an application.

Ready to Move Forward

Walk-in financial services can be a valuable offering at your business and getting started doesn’t have to be a complicated process. We know this and welcome the opportunity to partner with your business. Give us a call today at 888-808-1961 or inquire at fidelityexpress.co/learn-more/.