A payment processing

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Connection of the processing of Internet payments

Key benefits of connecting a company website to processing:

  • An effective way to optimize payment processes;
  • It is possible to choose both a local and an international provider of processing services;
  • A wide choice of payment instruments;
  • Availability of 3 types of relevant licenses;
  • A relatively fast process for preparing documents.
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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:

  • The institution provides a service, facilitates the purchase of goods or services, and the payment of bills;
  • Acts in accordance with the laws governing financial institutions;
  • The provision of services is carried out in accordance with a formal agreement;
  • The agreement of the enterprise must be at least with a person, who provides goods/services and receives funds.
You can get licenses for processing payments of such types:
  • the API license (Authorized Payment Institution License) or PI license (Payment Institution License), which allows the institution to provide financial services, open accounts, replenish accounts of other payments, withdraw money from accounts, etc.
  • An EMI license (Electronic Money Institution License) allows you to issue electronic money, open accounts and, in general, conduct activities similar to banks, except for the possibility of lending.
  • The MTL license (Money Transmitter License) or MSB license (Money Service Business License). Allows you to receive money or any cash value for the purpose of its further transfer.
How to issue a license for processing payments?

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.

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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:

  • To open a corporate bank account and deposit authorized capital;
  • To prepare the necessary documentation;
  • To pay the state fee for considering the application;
  • To submit documents to the competent state authority.

General requirements for obtaining a license for processing payments

The list of documents usually includes:
  • A company Charter and a structure description;
  • A detailed business plan;
  • A reference information about founders of the company, directors and officers;
  • The confirmation of the impeccable reputation of officials;
  • A description of measures to protect customer funds;
  • The description of control measures to prevent money laundering;
  • A confirmation of the office address;
  • Recommendations from banks or other specialized institutions.
It should also be borne in mind, that obtaining a license may also depend on factors such as:
  • In the past, the same license or another license issued by a competent authority has been revoked;
  • The company or officials were convicted of any offenses, especially in cases of fraud, money laundering and financing illegal activities.

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.


A comment

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.


Final words

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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