Companies that wish to offer merchants the opportunity to provide online payments solutions to their customers, must obtain a payment service provider (PSP) license. The procedure of obtaining this license is relatively complex as it has stringent rules that the applicants must fulfill in order to achieve PSP status.
The features of payment service providers
Individuals or companies that wish to become a payment service provider and offer merchants services to accept online payments are required to complete the procedure of establishing a company. This company must be established for the sole purpose of processing payments. It is important to establish the company in compliance with the jurisdictional regulations to ensure that you obtain the PSP license.
Once the PSP Company has been established, the individual/company can prepare the documents for their PSP license application. It is advised to enlist the services of a professional consultancy firm in order to complete this procedure in compliance with the regulations. Through the advice and guidance of experienced consultants, individuals are able to save time, as well as obtain reliable and insightful knowledge with regards to becoming a PSP.
After you have obtained the relevant information with regards to PSP license requirements, you can prepare and file the necessary documents in line with the regulations. Failure to meet the necessary requirements can lead to rejection of the PSP application therefore it is integral that the applicants meet the prerequisites and minimum requirements. The last step of the process is to file the documents and application with the jurisdiction’s regulatory body, thus beginning the process of acquiring a PSP license.
Starting Business offers advice and guidance in successfully becoming a payment service provider and attaining a PSP license. For information about our services and how we can assist you with your PSP needs, please view our Providers (PSP) service page.