Which bank to use for truly International Mass Payouts solution on an education marketplace to use with Payoneer and Western Union?
Hi, I'm about to launch a startup that offers an educational all in one solution for students and teachers to connect through a marketplace that offers:One on one video coaching sessions at a any rate above $15 set by teachers on their profile for free studentsOne on one video coaching sessions at a fixed rate of $10 set by the platform if the teacher is upgraded to premium and is already enjoying three compensation plans.Access to thousands of courses presented in a beautiful social network learning management systemAccess to thousands of job opportunities through a strong digital marketing profile set up by you and an easy click away to book solution for teachers and students offering their services as wellA unique comprehensive compensation plan for premium students completing a minimum number of courses with high scores and reserving a minimum amount of bookings with any teacherThree lines of business for trained teachers that will clone their three premium students's compensation plan, one for each member typeSo as I understand correctly and based upon a 3 year extensive research:Paypal is the default option although very hard for teachers and students to withdraw if they're not residing in the United States, not to mention very restrictive and over regulated.Braintree is an incomplete solution for a marketplace that doesn't offer fraud prevention, has closed accounts quite often, and is perhaps too slow and risky to setup due to it's complicated and complex apiSkrill which offers a Prepaid Mastercard solution and Direct Wire Transfers, apparently charges you a Skrill Merchant Fee of 3-4% after passing a $500 threshold. On top of that, it makes it just as complicated as Paypal for members to withdraw their money from banks by making them go to the bank to declare their sales for the purpose of verifying the account and transaction limits.2checkout seems to be a bit fishy from what I've read all around the internet, they apparently freeze your account, withhold funds for up to 90 days a bit too often which isn't good for business, I haven't been able to confirm from their support if they do for fact offer payout solutions. Apparently not. As of now, the only alternative to use 2checkout is if your business is not in the US and you need to link it to payoneer, maybe then you can send out payments as a regular person through xoom or western union, this is very limited and restrictive for any business, and having set up the company in the US, I don't see much of a good use for them anymore.Stripe seems amazing! Specially for a market place, I read something that concerns me deeply and it's the getting control in the flow of funds and being a merchant of record opens doors to great liability, legal issues and expensive licenses not to mention credit card and bank sponsorship as a payment facilitator. So of course, automating and disbursing payments from students to other students and teachers sounds like a great idea to implement from the start, however, I still can't see how students and teachers from all over the world are going to be able to withdraw their money with ease, especially if the amounts they withdraw amount to more than $5000. With all said and read, I've heard some countries are very restrictive over this and they still have to go to the banks to declare their money and follow some anti-money laundering process.I've also heard about Wepay, Tipalti, Transpay or Venmo, I don't know how these are any different regarding withdrawal limits on an international scale compared to the ones previously mentioned.I've tried day and night to contact Adyen with no luck.After all said, researched and digged, I've decided to follow Airbnb's and Uber's advice, if I open a bank account at Silicon Valley bank and connect that directly to partnerships with Payoneer and Western Union, would this endanger my company as opposed to say simply washing my hands and using an easy integrated solution like stripe or skrill to let students pay to several existing members, maybe through a disbursed payments instructions api and escrow integration?Please help me out, I can't seem to get my head around the rules I need to follow around the complicated matter of building a solid marketplace that offers massive global payments, especially when we take into account the following:The Bank Secrecy Act (1970) and the Patriot Act (2021) require Anti Money Laundering and Know Your Customer programs to be approved by the board of each payment facilitator. The Office of Foreign Assets Control limits whom a payment facilitator may or may not process payments for. Payment facilitators may also be required to register as Money Services Businesses on a state-by-state basis, which can trigger the additional requirement to acquire expensive Money Transmission Licenses.The IRS forces payment facilitators to issue 1099-K forms to all merchants who meet basic criteria. Payment facilitators (or anyone who takes the title of ‘merchant of record‡ and then redistributes funds to another set of merchants) are required to register as aggregators with the Card Associations (VISA, MC, etc).Registration as an aggregator often requires sponsorship from an acquiring bank, which can pose trouble if the payment facilitator isn’t using a bank to aggregate (i.e. is aggregating into a PayPal, WePay, Stripe, etc account).