Does Simplex Accept Prepaid Cards?

Introduction 

Simplex, a financial technology company (Fin-tech) licensed by the European Union(EU) is a popular service provider to Crypto merchants and marketplaces. It was established in 2014 by three persons namely; Erez Shapira, Nimrod Lehavi, and Netanel Kabala. The trio has a solid background in online transaction technology. Kabala and Shapira had earlier worked with one of the world’s biggest payment platforms Paypal before exiting to start up Simplex, while Levahi was a one-time board member of the Israeli Bitcoin Association. The company provides its clients with fraud protection and processes transactions globally. Simplex also provides the technology needed by crypto merchants to accept credit card transactions. Simplex has about 500 employees, with about 50 million dollars in revenue, and is located in Tel-Aviv Israel. Let us know ‘Does Simplex Accept Prepaid Cards?’.

Does Simplex Accept Prepaid Cards?

Does Simplex Accept Prepaid Cards?

Due to the transactional services provided to crypto merchants by simplex, most Simplex users are interested in knowing whether or not the company accept Prepaid Cards. This article will be doing justice to that question. Simplex accepts transactions on several Credit and debit cards; one such acceptable Card is the Prepaid Card.

Simplex accepts every transaction made with a prepaid card, however, some prepaid cards can get blocked at the request of Partners.

When a card gets blocked, the user will receive an error message indicating that the card is not supported, and one would have to use a different Card to complete their transaction.

What other Cards does Simplex Accept?

Asides from the Prepaid card, Simplex accepts payments from Credit and debit cards that are issued by Mastercard, Apple pay, Visa, and some Virtual cards.

One can also choose to create a Simplex account and make payment by wire transfer using Swift or SEPA.

Transaction policies vary among credit issuers and this may result in one’s card being declined during transactions.

To avoid a card decline an individual should follow these instructions

● Ensure your card is capable of carrying out international transactions.

● Your card has been enrolled in the 3D secure program

● Ensure you have enough funds in your account to carry out transactions.

In addition to these instructions, it is important to note that some banks request additional authorization for cryptocurrency-related transactions. Ensure your bank is aware of your crypto transaction beforehand.

What Card is not accepted by Simplex?

Simplex does not support transactions made with Cards from American Express, Discover Cards, and Bank of America.

How Simplex work?

Simplex as a fintech company operates using a proprietary AI Algorithm which learns how an individual makes transactions online. 

The system collects data from every individual and transaction carried out on the platform. The information is used to help mitigate the occurrence of possible fraud activities.

Contrary to what most people think, Simplex’s AI does not decline transactions, credit and debit card providers do.

When Simplex notices a fishy transaction, it is re-routed to further verification through the phone number or email address provided by an individual.

Additionally, fraudsters cannot penetrate without breaking Simplex’s protection Barrier which is an impossible mission.

Who Should Use Simplex?

Simplex is a platform that is designed specifically for Cryptocurrency marketplaces and merchants. It meets the needs of this target audience by providing a way through which its users can pay for cryptocurrency online. Simplex’s core value of providing a fraud-free environment for users gives these merchants and marketplaces a boost to their reputations.

Simplex is also suitable for Cryptocurrency users who want to convert their various currencies into crypto.

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Is Simplex restricted to Some People and places?

Simplex has a restriction policy that applies to certain categories of people.

● An individual who intends to use simplex to purchase cryptocurrency must be 18 years and above.

● One must have a valid government Identification Card before one can use the platform. In some cases, a photo is required for identification purposes

Also, some countries do not support the use of Simplex because they do not meet the Financial Action Task Force Regulation guidelines, so, if you’re a citizen of countries in this category, you might be restricted from using Simplex.

The countries include 

● Ghana

● Iran

● Pakistan

● Panama

● Sri Lanka

● Syria

● Trinidad and Tobago

● Tunisia

● Yemen

● The Bahamas

● Botswana

● Cambodia

● Democratic People’s Republic of Korea (DPRK)

● Ethiopia

Some States in the US like Alabama, Florida, Georgia, Hawaii, New Mexico, Oregon, Vermont, and Washington are not supported by Simplex.

Conclusion

Simplex is an amazing platform that serves the needs of crypto merchants and marketplaces, an individual can make use of the diverse payment options provided by the platform to kickstart their journey in the Crypto world.

Frequently Asked Questions 

1. Does Simplex have a transaction Limit?

Yes, simplex users are limited to a daily transaction of $20,000 and a monthly transaction of $50,000 

2. What Cryptocurrencies does Simplex Support?

Simplex supports Cryptocurrencies like Ethereum, Bitcoin, Stellar, BNB Bitcoin Coin, and Ripple.

Does Simplex Accept Prepaid Cards?

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