MSB's (Money Services Business)

molson931 — Wed, 10 May 2023 02:27:23 GMT

Anyone know of an app to integrate with Square Register for MSB's? (Money Services Business). Need something to easily track money for a check cashing business and also for Money transfers. Money in +/- fees/commissions.

Re: MSB's (Money Services Business)

TheRealChipA — Wed, 10 May 2023 12:21:06 GMT

Hi @molson931. You can search the Square App Marketplace here to see if there is an existing third-party integration. I searched the two terms you mentioned, and came up empty. But you might have other keywords that would help you find something, if it exists.

Having said that, you might want to contact the Square Customer Success Team before you set up a Square account. Square is specifically set up for sellers who offer a tangible good or service for sale. Because of the high risk nature of financial services businesses, and because of federal regulations, Square and other processors restrict or prohibit these businesses from using their platforms. I’m not sure if your business model is included in that, but it is in a gray area in the financial services/check cashing/money processing/money transmission area that it would be wise to ask first so that you don’t get a nasty surprise later.

I’m including a screen shot from this Square Help Article which seems to indicate that cash advance businesses like yours are not eligible for Square accounts, in fact.

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MSB's (Money Services Business)

Re: MSB's (Money Services Business)