A PSP is a Payment Service Provider that provides processing accounts to enable merchants to accept online payments. In setting up a PSP, you will be able to accept various forms of payment with the intention of the transactions being processed to the bank or payment network. These payments can include bank wires, e-checks, debit or credit card payments and e-wallets, amongst others.
Setting up a PSP will enable you to process significant amounts of money in a safe and secure manner.
Typically speaking, a PSP can connect to multiple acquiring banks, card and payment networks. The role of the PSP is to manage and administer the relationships between these entities.
There are many steps involved in the formation procedure. In order to become a licensed PSP you will need to form a company with the specific intention of providing PSP services. In the case of PSP formation, it is vital for your company structure to be in compliance with the relevant laws of the jurisdiction in which your established.
Selecting a suitable jurisdiction for your company will influence the licensing and formation stages. Starting Business can assist you in selecting the relevant jurisdiction for your specific PSP requirements.
From here, you will need to obtain special Memorandum of Association and other certification that is required by law before your company can legally accept PSP payments. We will assist you in obtaining the correct certificates and ensure that they are correctly structured to adequately represent your PSP services.
Further to the above, you will need to purchase the relevant software for your PSP, and ensure that your software is PCI compliant. You will need to design and build your PSP network and also perform the PCI compliance level 1 audit exam.
Starting Business offers a complete PSP formation service. We can help you in acquiring the relevant documentation, and can recommend to you the relevant jurisdiction for your formation requirements. We will apply to the relevant jurisdiction on your behalf and we will get all the paperwork in place for you. Furthermore, we can assist you in building your PSP network.
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