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Key benefits of connecting a company website to processing:
The processing is the information process, that is used to make payments. Usually, this is done by institutions called processing centers (operations involving plastic cards) and payment service providers (they provide customers with the opportunity to make electronic payments in various ways). Usually, a whole processing complex is created within the framework of the payment system, which allows processing numerous of transactions. Obtaining a license for payment processing is a basic requirement, without which the described activity under the law is impossible.
Regulatory authorities of states establish their definitions of processing institutions, but among all the attributed properties, the following can be distinguished:
Payment processing services are provided within the same jurisdiction, where the company is registered. Therefore, in order to conduct a business providing financial services, you must contact the competent regulatory authority of the selected jurisdiction.
A company applying for a processing license should be well versed in the subject matter, have an impeccable reputation, knowledge and experience in the field of payment processing.
It must be emphasized, that each country has its own specific requirements, that a company and its founders must follow in order to obtain a processing license. In general, we can distinguish the following conditions:
General requirements for obtaining a license for processing payments
The cost of a processing license, the amount of state fees and the amount of authorized capital - vary in each specific jurisdiction and are specified by the licensing authority.
Electronic payments are truly significant for the normal functioning of the modern world. A high-quality processing allows you to accelerate the movement of funds, increase sales, simplify the lives of many business entities. Please note, that this article is for guidance only, published for informative purposes and cannot be construed as legal advice. Obtaining a license for payment processing involves familiarizing yourself with the relevant regulatory documents of the jurisdiction in question, taking into account the specifics of the project and the commercial considerations of the potential license holder.
You can discuss any issues related to the topic of the article during a consultation with IQ Decision lawyers. In addition, our company’s specialists also provide legal support services in registration of the company for financial activities, are ready assist at all stages of processing a license, take on the responsibility of preparing a package of necessary documents, and provide other related legal services.
Request for individual advice on payment system registration in IQ Decision and you can also find out details about other services of our company.
The information outlined in the article is actual at the time of its publication.
Please refer to our specialists for checking possible solutions for your business.
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