The following categories of businesses and business practices are restricted from using Beyonic. Restricted Business categories may be imposed through Network Rules, local country laws or the requirements of our Financial Services Providers. In certain cases, businesses listed below may be eligible for processing with explicit prior approval from Beyonic. Note, however, that businesses that offer illegal products or services are never eligible to use Beyonic. The businesses listed below are representative, but not exhaustive. If you are uncertain as to whether your business is a Restricted Business, or have questions about how these requirements apply to you, please contact us.

By registering with us, you are confirming that you will not use the Service to accept or deliver payments in connection with the following businesses, business activities, or business practices, unless you have received prior written approval from Beyonic.

Regulated businesses 

Any business that requires additional regulatory approval or licenses to operate in a given country must first show proof of up-to-date license in order to use Beyonic. These licenses are generally per-country, so while a business may be allowed to use Beyonic in one country, they may not be allowed to do so in another country. 

Businesses in this category include:

  1. International money transfer services or any service that facilitates transfer of value from parties in one country to parties in another country. These generally require both a sending-side and a receiving-side license.

  2. Foreign exchange services or any service that facilitates change of one currency into another. These generally require a forex license in the local country.

  3. Gaming and lottery services. These require a gaming license and gaming board approval.

  4. Savings, credit or loan services. These usually require a license from the central bank in the local country.

  5. E-wallet businesses that store value for customers. These usually require a license from the central bank in the local country.

  6. Insurance. Most services related to offering insurance will require a license from the local regulator.

Forbidden businesses

Any business that is forbidden by law in the local jurisdiction cannot be served by Beyonic.

These include:

  1. Multi-level marketing

  2. Pyramid schemes

  3. Adult content and adult services

  4. Any service facilitating payment for illegal goods or services, including regulated drugs and controlled substances

  5. Any service facilitating payment for firearms

If you have any questions about this list, do not hesitate to contact us.

Businesses that may require special contracts with Beyonic

Certain types of international merchants may require special contracts with Beyonic that allow Beyonic to collect funds on their behalf in each local country. 

In general, international merchants who intent to use the Beyonic platform in countries where they do not have local presence should contact Beyonic first to see if there are any special requirements beyond our standard terms of services.

These include:

  1. Digital content including digital music, textual and image-based content, mobile and other digital software, entertainments and games (not lottery or e-gaming services covered elsewhere).

  2. Other commodities and services that may require a local merchant of record.

Did this answer your question?