I saw this post and applied online for their promotion. I have just started and because of this went and even set up a bank account(didnot need one earlier since I have not raised money from outside) , TaxId etc to get this free transaction and here is the email I get from braintree sales rep
Your business model is known as third party aggregation, which is considered higher risk by most banks. We do have a bank that will underwrite you likely, however due to the risk of the business model they will implement a 5-10% 6 month rolling reserve. Unfortunately that means you will be ineligible for the promotion.
( I donot see this on their ad)
If you would like to continue the process and apply with them, I'll just need you to fill out the prescreening questions below. If you have any questions, I've CCed a sales rep, Eric Hall. They should be able to help you out.
Then there is a bunch of question below. My question to them was what are they providing more than paypal or stripe besides this promotion to even go with them. Does anybody else know?
Even to underwrite me they want last twelve months P/L, balance sheet and what not
Your business model is known as third party aggregation, which is considered higher risk by most banks. We do have a bank that will underwrite you likely, however due to the risk of the business model they will implement a 5-10% 6 month rolling reserve. Unfortunately that means you will be ineligible for the promotion. ( I donot see this on their ad)
If you would like to continue the process and apply with them, I'll just need you to fill out the prescreening questions below. If you have any questions, I've CCed a sales rep, Eric Hall. They should be able to help you out.
Then there is a bunch of question below. My question to them was what are they providing more than paypal or stripe besides this promotion to even go with them. Does anybody else know?
Even to underwrite me they want last twelve months P/L, balance sheet and what not