What requirements must be met to build a payment processor similar to Stripe or Braintree?
Payments
Asked by Question Bot10/Mar/20141 answer
1 Answer
F
Faisal Khan
Answered 10/Mar/2014
The Legal issues can best be addressed by either your attorney who is advising you or by the companies with which you partner up.
Most companies will work with you, so that you have a dotted line agreement with the upstream bank like J.P. Morgan Chase, Wells-Fargo or Bank of America who are licensed to handle money and have the necessary licenses like MSB/Money Transmitter.
Some companies like BancBox provide the MSB/MT services as part and parcel of their premium package.
To be able to work abroad, you may or may not need a license, depending on how Payment Processors (that might even be out of country) are regulated by the Financial regulator.
To be able to work abroad, you would need a provider who is able to do AVS and Card Authorization for various currencies. Larger banks are good with this, as they have a decent exchange rate and can process multiple currencies.
To learn how to get started, please read through these two answers:
Most companies will work with you, so that you have a dotted line agreement with the upstream bank like J.P. Morgan Chase, Wells-Fargo or Bank of America who are licensed to handle money and have the necessary licenses like MSB/Money Transmitter.
Some companies like BancBox provide the MSB/MT services as part and parcel of their premium package.
To be able to work abroad, you may or may not need a license, depending on how Payment Processors (that might even be out of country) are regulated by the Financial regulator.
To be able to work abroad, you would need a provider who is able to do AVS and Card Authorization for various currencies. Larger banks are good with this, as they have a decent exchange rate and can process multiple currencies.
To learn how to get started, please read through these two answers: