Today, Dan Bongino announced the launch of his new Payment Processing service, ParallelEconomy.com. In this article, I will break down what ParallelEconomy.com is and how you can join it in 10 minutes or less.
- What is ParallelEconomy.com?
- How to Sign up for ParallelEconomy.com
- Personal Information Needed to Sign Up for ParallelEconomy.com
- Business Information Need to Sign Up for ParallelEconomy.com
- Questions to Prove Your Identity to Sign Up for ParallelEconomy.com
- ParallelEconomy.com Rates Fees Terms & Conditions
- Receive an Encrypted Completion Email from ParallelEconomy.com
- Frequently Asked Questions
What is ParallelEconomy.com?
As someone who recently wrote an article about Align Pay, a previous Dan Bongino-backed Payment Processing service, I was understandably confused as to why he was launching a new service and what the difference between the two services would be. However, after listening to today’s show, I discovered that Dan Bongino has “moved on from AlignPay.” Dan says that there is no ill will between him and AlignPay, but that he wanted a new partner that he felt “could grow his business.”
Dan took what he learned in payment processing and he and his partners have moved on to a partnership with Rumble.com. According to Dan, they are building an entire ecosystem. I would argue that Dan’s prior endeavors up to and including this one represent a strong start to that ecosystem.
According to Dan, this new payment processing solution is “cancel culture resistant.” Additionally, in a press release, Rumble announced that it “has taken a stake in Parallel Economy, a transformative payment processing company. Rumble’s investment in Parallel Economy furthers the company’s mission to build the rails and independent infrastructure for a digital economy immune from cancel culture.”
How to Sign up for ParallelEconomy.com
Signing up for ParallelEconomy.com is very simple. However, it requires a good bit of information that you will need to acquire ahead of time. The first step in signing up is to click the “APPLY NOW” button on the ParallelEconomy.com homepage. Or you can just Click Here. Either way, you should get to where you need to be.
Personal Information Needed to Sign Up for ParallelEconomy.com
There is a decent amount of personal information that you will need to gather in order to sign up for ParallelEconomy.com. I went ahead and grabbed a screenshot of it, but I am going to list it here for you as well. I’m also including the tool tip text (the info from the little “i” icons that you have to hover over to read) since it can be a bit hard to get to for some folks.
- Legal First Name – Your first name as listed on your government ID (Driver License, Passport).
- Legal Full Middle Name – Your full middle name as listed on your government ID (Driver License, Passport).
- Legal Last Name – Your last name as listed on your government ID (Driver License, Passport).
- Title – Your given title at your company (e.g., Business Manager, Treasurer, CEO).
- Date of Birth
- Social Security Number
- Ownership Percentage – How much of this business do you personally own?
- Residence Address – Your home Address.
- City – Your home address City.
- State – Your home address State.
- Zip Code – Your home address Zip Code.
I will note that in Dan Bongino’s Locals.com announcement, there were a number of people questioning why they had to enter a Social Security number and deciding against doing so. To that, I should point out that any payment processing solution you sign up with is probably going to ask for the same information. When I signed up for AlignPay, they did the same thing. This is not something that is out of the ordinary and in order to set up the account, they are going to require this information.
Business Information Need to Sign Up for ParallelEconomy.com
In addition to the personal information, there are a number of business-related pieces of information you will need to gather in order to set up your account. Again, I will include a list for you and a screenshot.
- Legal Name – If Sole Proprietor, enter your full name as listed on your government ID (Driver’s License, Passport, etc.). If you have a registered entity (LLC, Corp, etc.), enter the name as registered with your state and the IRS.
- Business DBA Name – This is the name that you want to appear on your customer’s credit card statement. It will identify who they purchased from.
- Physical Street Address – Your company’s physical address (no PO Boxes).
- City – Your company’s physical address City.
- State – Your company’s physical address State.
- Zip Code – Your company’s physical address Zip Code.
- Website Address – Your company’s web URL.
- Goods Sold – This is a dropdown list where you can choose the type of industry your company is in.
- Federal Tax ID (EIN) – This is your Tax Identification Number issued by the IRS. It will consist of 9 digits. If Sole Proprietor, enter your social security number.
- DBA Phone – Company Phone Number.
- Corporate Email – Company Email Address.
- Years Owned – Number of years you have owned the business.
- Type of Ownership – Sole Proprietorship, LLC, Corporation, etc.
- Largest Single Transaction Amount Expected – What is the highest amount you would process in a single credit card transaction? (Numbers only.)
- Largest Monthly Volume Expected – What is the highest amount you would process in credit card transactions in one month? (Numbers only.)
- Bank ACH Routing Number – Your bank routing number is a nine digit code. It is typically the first set of numbers printed on the bottom left side of your check.
- Bank ACH Account Number – The bank account you would like your payments deposited to and fees debited from. Typically the second set of numbers printed on the bottom of your check.
Questions to Prove Your Identity to Sign Up for ParallelEconomy.com
As a final step to signing up for ParallelEconomy.com, you have to answer a series of questions about yourself to prove you are who you say you are. These appear to be questions that generally only the person making the application would know. I am going to include a screenshot of the questions that I was asked. Hopefully you’ll understand that I had to remove my personal information from this page, which is why you’ll see some blank answers. Just be aware that there will be incorrect answers and you have to pick the correct ones. If there are no correct answers, you’ll choose “NONE OF THE ABOVE/DOES NOT APPLY”.
ParallelEconomy.com Rates Fees Terms & Conditions
Upon submitting your information to ParallelEconomy.com, you will have to review and approve their Rates, Fees Terms and Conditions. There is a bit of reading you need to do here, but it shouldn’t take too long. Here is a screenshot:
They also recommend that you download the Merchant Application and Agreement as a PDF. I downloaded mine. You should, also. Once you check all of the boxes and click the yellow “Accept” button, you will be taken to the Thank You Page.
On this page, you get one more chance to “Download the Merchant Application & Agreement.” If you hit the “Parallel Economy” button, it will take you right back to the homepage. At this point you are done.
Receive an Encrypted Completion Email from ParallelEconomy.com
You should receive an email in your inbox thanking you for submitting your signed merchant agreement. My email came from (email@example.com). It was actually an encrypted message, which made me feel a bit more secure in the notion that they are actually taking my data security seriously. All in all, the process took me approximately 10 minutes of actual data input. Obviously, I spent a little longer than that gathering all this information for all of you, but it really isn’t that hard to sign up.
Frequently Asked Questions
What is ParallelEconomy.com?
ParallelEconomy.com is a censor-resistant payment processing company launched by Dan Bongino, along with Jeffrey Wernick and Rumble.com.
When was ParallelEconomy.com launched?
ParallelEconomy.com was launched on January 18, 2022.
What’s the difference between ParallelEconomy.com and AlignPay?
In his show on January 18, 2022, Dan Bongino said that he had moved on from AlignPay. He said, however, that there is no ill will between them, but that he needed another partner to help his business grow.
Why does ParallelEconomy.com require my Social Security Number?
Merchant Services Providers are mandated by the federal government to request Social Security Numbers in order to verify applicant identities and prevent illicit activities.
Is ParallelEconomy.com a Bank?
No, ParallelEconomy.com is not a bank. ParallelEconomy.com is a censor-resistant payment processing platform.
Is ParallelEconomy.com a Credit Card?
No, ParallelEconomy.com is not a credit card. ParallelEconomy.com is a censor-resistant payment processing platform.
Why is my browser giving me warnings when I try to visit ParallelEconomy.com?
Some people have reported receiving warnings from their browser when trying to visit ParallelEconomy.com. If this occurs, you should probably try a different browser or check your security settings.
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