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Payment Processing License

Payment Processing License | Aidelco Consulting | Aidelco Tax Advisory Services

Payment Processing License – The Industry 

What is a Payment Proccessor?    

A Payment Processor is a third party company, Merchant, traders and Banks use to process credit card transactions. Processors, also known as ”acquirers” are responsible for the allocation of funds between businesses and consumers. They supply pre-authorisation, post-authorisation and refund services for businesses accepting credit card payments. Payment processors can be regarded as a type of financial institution but distinct from the bank. Most banking institutions do not handle their own credit card payment proccessing as ”outsourcing” this service to providers is more cost effective. Banks act as proccessing underwriters (they assume the risk). The easiest way to become a Payment Processor is to partner with an underwriting bank. 

How do I obtain one?

Payment Processing Services may be conducted from or within an Offshore Jurisdiction like Belize. This is done by obtaining the relative License from the International Financial Services Commission (IFSC). The company applying should be well versed in the management, knowledge and expertise of the Payment Processing Business and Services. The company should retain the services of a Belize based Attorney or Licensed International Services Provider when considering an application. The person or entity involved must conduct a proper due diligence upon application to the (IFSC). A jurisdiction like Belize has an IBC (International Business Company) outlook on taxation and therefore does not impose taxes on service income derived abroad.   

Procedures and package commitment

  Description: ”Payment Proccessing License”.

  Location (License Jurisdiction) – Belize.                    

Procedures and costs of obtaining the above license is as follows.

The Procedure


ApplicationProcedure1 ) Belize Company Registration with share Capital of at least $50.000.

2) Opening of Account at a Belize Bank to host the paid-up capital plus an EU Bank Account for future operations purposes (Note: This account cannot be used for accepting clients monies).

3) Preparation and submission of all necessary documentation needed for the IFSC (International Financial Services Commission).

4) Deposit of funds in Belize Bank to satisfy Paid-Up Capital.

                                                  5) Confirmation letter from Belize Bank to IFSC that Capital                  requirements  have been fulfilled.

Costs

Initial Costs will include the:

 icon-btc  Formation fees for the Belize company as well as first year fees (Government’s and agent’s).

 icon-btc The opening of both bank accounts (Belize and EU).

 icon-btc Operational and legal support during the whole process and in relation to obtaining the license, Submission of IFSC documentation on your behalf, Business Plan preparation, Preparation and submission of Anti-money laundering documentation, Monthly IFSC report submission, Legal address in Belize, Full set of Apostilled documents and courier.


Initial Fees
  

  Proffessional and Agent Fees – Inquire P.O.R.

  Govornmental Fee (IFSC)for Application review – $500

  Initial IFSC Fee – $5.000.

   AML and Business Plan preparation based on your requirement – Inquire (Price on Request).

Annual fees

   Proffessional Agents Fees – P.O.R.

  International Financial Services Commissions Fees – $5.000.


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