FAQ-English

Who is LEMFT?

LEMFT is a MSB (Money Services Business) institution registered in Canada. LEMFT is a platform that provides VA accounts for global payments and virtual card services. We offer an easy-to-use SaaS platform, where customers can make payments or generate virtual cards directly based on their needs; or seamlessly integrate with your existing platform via our RestAPI.

Is LEMFT a good fit for me?

If you are looking for a service provider with flexible global payment and virtual card services, or require virtual card services to integrate with your existing platform via API, LEMFT will be the a great fit for you.

Is LEMFT for businesses or individuals?

LEMFT only provides services to business clients.

What features does LEMFT’s platform offer?

The LEMFT SaaS platform offers a rich set of features, including VA payment, virtual card issuance, top-ups, card termination, and transaction history lookup.

Is LEMFT a bank?

LEMFT is not a bank. We are a fintech company that works with licensed financial institutions and uses our proprietary technology platform to provide customers with more convenient and efficient payment and expense management experience.

Does LEMFT offer credits?

LEMFT is not a bank and does not offer credit lines. All our services are prepay-based, meaning you can only spend within the amount you have prepaid.

How do virtual cards work?

Virtual cards are used in the same way as regular credit cards, except they do not have a physical card. You can make online payments using the card number, expiration date, CVV, and other relevant information.

Virtual cards are managed by card organizations such as VISA and Mastercard and issued through banks or licensed financial institutions. LEMFT’s virtual cards are issued in collaboration with licensed financial institutions and are designed for business spendings.

The advantage of LEMFT’s virtual cards over traditional credit cards is that they can be issued and used instantly, the spending limit is capped by the prepaid amount, and they can be instantly terminated at the click of a button. Our virtual card are supported by services such as Apple Pay and Google Pay.

What compliance and security measures does LEMFT have?

At LEMFT, we have implemented multiple security measures to protect your funds, and we are SOC Type II compliant.

We also employ methods like SSO account protection and data encryption to safeguard your personal information.

Does LEMFT have a technical support team?

LEMFT has a robust technical team to provide support for API clients. If you need technical assistance, please send an email to [email protected] with your issues or requests with your contact information, and our technical team will get back to you as soon as possible.

How does LEMFT’s cashback work?

Cashback amount for the previous calendar month is generally calculated and settled during the subsequent month and is credited to your account wallet.

How do I sign up for LEMFT?

You can sign up with an email address and complete the KYC process to start using LEMFT’s services.

Are there any countries LEMFT cannot serve?

Currently, LEMFT cannot provide services to clients from the following countries:

· Afghanistan

· Central African Republic

· The Democratic Republic of the Congo

· Islamic Republic of Iran

· Liberia

· Nicaragua

· Mariana islands in Pacific

· Somalia

· Samoa

· Syrian Arab Republic

· Venezuela

· Belarus

· Cuba

· Guam

· Côte d’Ivoire

· Iraq

· Libyan Arab Jamahiriya

· Democratic People’s Republic of Korea

· Sudan

· Ukraine

· Yemen

· Burundi

· Republic of the Congo

· Lebanon

· Myanmar

· Russian Federation

· South Sudan

· Zimbabwe

· China (Mainland)

Does LEMFT have a mobile app?

Currently, LEMFT only has a web platform.

How is LEMFT different from other service providers?

LEMFT offers local payout services for multiple countries globally and provides virtual cards for online payments, supplemented by flexible API connectivity.

If I stop using LEMFT, can the balance in my account be refunded?

LEMFT supports balance refunds. Please contact your account manager for assistance.

Can the API features of LEMFT be customized?

LEMFT’s API already has a wide range of features. If you have customization needs, please contact your account manager, and our technical team will analyze your requirements.

What is KYC/KYB?

Know Your Customer (KYC) / Know Your Business (KYB) is an identity verification process that fintech companies like LemFT or financial institutions must complete before providing financial services to customers. The primary goal is to meet internationally recognized anti-money laundering (AML) regulations and compliance requirements to prevent financial fraud and crime.

How long does KYC/KYB verification take?

Typically, KYC/KYB verification takes 1-3 business days.

How do I contact customer support if I need assistance?

Please send an email to [email protected] with your issues or requests with your contact information, and we will get back to you as soon as possible.