PSP License

What is the purpose of PSP banking license?

Generally, a payment facilitator license is needed for organizations whose activities are related to processing  of payments made in different forms. The presence of such a permit is necessary in order to be able to carry out activities officially with the approval of the regulator. PSP-license grants organizations rights to provide and perform the following, but isn’t related to digital means.

1. Conduct payments for Internet trading and service firms.
2. Accept and process cash-payments in different currencies.
3. Open accounts for organizations and for individual use.
4. Act as merchant service providers.
5. Issue cards.

Types of PSP-licenses

Financial establishments of a non-banking class may get following permits:

• permission to function as currency exchange offices;
• classic full PSP license. As part of this authorization, firms are able to offer all types of payment processing covered by this category;
• issuer of e-money. Category also includes payment services that are not related to e-money. Accordingly, firm that owns such permission may offer them customers  as well;
• work as an administrator of payment accounts;
• a credit establishment of a non-banking type, which possesses official rights to give credit loans.

Cards processing license doesn’t cover digital currencies.

Rules for getting a PSP-license

Regulations and standards drawn up and put forward in relation to the issuance of PSP EMI license differ based on jurisdiction where organization intends to operate. Nevertheless, for all companies of this type, several general requirements can be distinguished as for structures working with financial resources.

1. The presence of real experience and education in the company’s dominant persons who manage the company.
2. The impeccable reputation of the founders and representatives of the company’s management, in particular, the absence of a criminal record and problems with the legislature.
3. Confirmation of the legality of the origin of funds and the availability of sufficient initial capital.
4. Availability of a local office and employees.
5. Preparation in the proper form and quantity of the required package of documents, which will also vary depending on the jurisdiction. Personal information about heads is mandatory.

Our company will undertake to bring your company into compliance with normative points of regulative body of country where you intend to operate. We associate all our efforts to speed up your business-structure.

Jurisdictions we cover

Our company works with hundreds of countries globally. We cooperate with clients from European, Asian, American spaces, and assist with the establishment and licensing of offshore businesses.

How to choose a jurisdiction

In order to decide on the jurisdiction in which you would like to establish a company, get small PSP license and start doing business, you need to study the regulations, standards and conditions adopted in it. In particular, what are normative rules for this category of licenses and businesses, what are the tax conditions, which commercial technology is permitted and implemented there and so on. Our experts know nuances of legislative framework of any country and will help you make the right choice.

What is included in our services

Our services content regarding PSP-licensing are as follows:

• assistance with jurisdiction selection;
• complete consulting on any issues;
• advising on licenses categories and the nature of the services covered by them;
• assistance in the distribution of the budget and optimization of expenses for launching of business-structure;
• development of a specific technology for commercial success;
• collection of documentation necessary for getting an official permit for activities;
• bank account opening;
• businesses to being purchased, particularly, PSP license for sale;
• providing all information businessmen may need for their business-activities;
• search and registration of office space and help in hiring employees;
• bringing organization into compliance with regulatory norms;
• interaction with regulative authorities.

We also work in other commercial areas and are ready to offer a wide range of available options, in particular, consulting on the issuance of cryptocurrency debit cards, opening bank accounts, FinTech and more. Thus, we associate plenty of directions.

How much does a PSP-license cost

Cost of getting this permit is calculated individually for each commercial project. Our experts help you correctly calculate all costs and optimize your budget. We will take into account all your wishes regarding how you want to see your company. Alternatively, entrepreneurs may get ready a small PSP license for sale. Turn to our consultant for pre-evaluation.

Our advantages

1. Many years of experience with PSP-licensing.
2. High professional qualifications and impeccable reputation of our lawyers.
3. An extensive content of services that covers all issues related to business structures: gaming, FinTech, brokerage, etc.
4. Interaction with clients around the world.
5. International partnership with large corporations.
6. The ability to solve problems quickly and with maximum efficiency for customers.
7. Knowledge of all the intricacies of the field in which we work.

If you contact our consultant, in the shortest possible time you will receive a fully operational business project that will start generating income for you from the very first days. We work for your profit and comfort.

What is PSP ecommerce?

A full PSP license is an official permit that is issued to organizations wishing to operate in the payment services market. As a rule, a PSP license is needed by organizations whose activities are related to the processing of payments made in various forms, including through digital networks, which is called e-commerce. A PSP license gives organizations the right to make payments for goods and services on the Internet, accept and process payments in different currencies, open accounts for organizations and for individual use, etc. However, this permission does not apply to digital currencies.

What is the difference between PSP and bank?

PSP EMI license is an alternative to traditional banks. The main difference between a payment system and a banking institution is that PSPs cannot hold clients’ money. They are also not allowed to hold clients’ money for longer than is necessary to complete a particular transaction requested by the client. The PSP also cannot issue loans when such an option is available to a traditional bank.

What is a non-bank PSP?

Cards processing license is a permit that is issued to firms that provide payment services. They are not banking institutions and are used to obtain certain financial services, in particular, transferring funds, accepting and processing payments, and so on. PSPs cannot store or deposit customer funds or engage in lending.