Introduction
This will be a brief review of the Advanced Cash payment system. In this review I'll relay, in my opinion, what constitutes the advantages and disadvantages of the Advanced Cash system. I'll also offer a couple of improvements that I believe should enhance the value of the system as a whole.
What's Advanced Cash?
Advanced Cash is a licensed remittance provider based in Belize City, Belize. Their address is Suite 102, Ground Floor, Blake Building, Corner Eyre&Hutsons Streets, Belize City, Belize C.A.. Their phone number is 501 223 73 32 and their website is www.advcash.com.
What Does Advanced Cash Offer?
Advanced Cash offers their users the ability to hold various currencies in one account, as well as the ability to make remittances through a plethora of gateways. It's actually a pretty cool platform in my opinion.
I also believe it could be a great platform to build digital marketplaces around. Honestly, I don't understand how the leadership of Advanced Cash haven't sponsored the development of such marketplaces already. These online marketplaces would be the ideal way to FUNNEL new users into the Advanced Cash platform.
I don't get it! What do you think? Please share thoughts in the comments section.
What Are The Advantages of Advanced Cash?
One of the main advantages of Advanced Cash in my opinion would be the ability to hold multiple currencies all within a single account. It's like having multiple bank accounts in a single account.
Another advantage is the ability to interface with a plethora of fin-tech products from around the globe. You can interface with Oki Money, Money service providers in Russia and Ukraine, and who knows maybe even the financial system of Iran pretty soon.
Advanced cash also makes it pretty simple to engage in cash remittances with other users on the Advanced Cash platform. Users can transfer funds to either the currency wallets or cards of other users.
What Are The Disadvantages of Advanced Cash?
About the only disadvantage I've encountered with Advanced Cash was difficulty in verify the account, due to non-standard requirements with regards to the documents which are normally required to perform KYC/AML. With Advanced Cash you can't verify your account with an ID card that does not contain an issue date or an expiry date, like a voter's ID for example.
They also will not accept documents that would be accepted by any institution in global financial centers like London or NYC. For example, they will not accept bank or credit account statements unless they are stamped and signed by an official from the issuing bank.
However, they say they will accept telecom and utility bills without any stamps or signatures.
For some reason they give lesser credence to documents issued by financial institutions. If anyone else has had trouble verifying their advanced Cash account please share the details in the comments section, thanks.
Personally, if I called the shots at Advanced Cash, I would also allow users the option of having their address manually verified via courier. This would be an ideal option for the growing number of location independent individuals, who don't have utility bills, use prepaid telecoms services and can't pop into their national bank (if they even have one) for a stamp and a signature.
Manual courier address verification would also serve prospective users in jurisdictions that use a post box based postal system, like Dubai for example. Advanced Cash does deliver to post box addresses and the postal system in these jurisdictions won't deliver to physical addresses, meaning a large chunk of the global population can never become Advanced Cash customers!
Manual address verification via courier would also be another revenue center for Advanced Cash, allowing them to further diversify their revenue base. It's also more reliable than relying on 3rd party documents to confirm someone's physical address. I mean how many people these days actually still have paper bills delivered to them via snail mail?
Leave your responses in the comments section, thanks!
Conclusion
So to conclude, Advanced Cash could be an ideal platform for anyone looking for a global alternative to national banking and financial services providers, provided Advanced Cash can resolve the issues with account verification and promote the development platforms and marketplaces, where users can use the Advanced Cash system without having to be overly reliant on the payment card aspects of the Advanced Cash system.
What do you think of Advanced cash? Leave your feedback in comment section, thanks!