inDinero is proud to be trusted as the go-to financial management solution for an array of businesses. As a third party sender we facilitate ACH transactions on your behalf, acting as the middleman between you and our bank, Bridge Bank. In order to remain compliant, we are required to keep our bank updated on clients’ businesses to ensure they do not fall on the Prohibited List. So what is the Prohibited List? This is a list compiled by financial institutions of high risk businesses and practices that are prohibited from using third-party payment systems.
Although this list doesn’t apply to most of our clients, there are select few who will fall under the Prohibited List. While inDinero can always provide superb tax and accounting services to clients, anyone on the prohibited list will be unable to utilize certain product features on the platform, such as bill pay and reimbursements.
The examples below are representative, but not an exhaustive list, of business models that are considered prohibited.
Businesses used as collection agencies, currency holders, or credit services are considered a Prohibited Business.
Examples of this include:
Business models based around drugs, age, and state variable goods/services are considered a Prohibited Business.
Examples of this include: