What does it take to go ahead and receive credit card payments on your site? What steps does one have to take and what documents to collect to get started with the payment gateway? How can one speed up the process? These are excellent and. honestly, frequently asked, questions. And you should know the answers to them in advance. In our useful guide, you will find them all. So, let’s dive in!
What a payment processor needs to get started with the payment gateway
Any business meeting starts with a handshake and letting the other person know certain things about you and your business while sipping coffee at a conference room. Since most applications for a payment processor take place online, there is no such a “getting-to-know-your-business-better” opportunity for a PSP. Therefore, it is only wise and essential to send all these details in a written form.
What details are we referring to? Here is an exhaustive list of them.
Business type.Sole proprietorship, LLC, general partnership, and limited partnership are just a few examples of a business type we’re referring to. A payment processor needs to know this detail, as the setup depends on it. So, add this to the description of your business when applying for a PSP.
Geo preferences.Each business has a list of countries they are targeting. And since to offer you the best-fitting solution and the lowest rates possible a PSP has to know these countries, don’t forget to specify them in your application form.
Jurisdiction of the formation.It is extremely important for a PSP to know the jurisdiction of the company’s formation for many reasons. First of all, it defines bank choice. Thus, for instance, if the company is registered in the USA, it won’t be a very good idea to process the company’s payments at European banks due to increased fees, and vice versa. Besides, the jurisdiction of the formation defines the payment methods. It is a no-brainer that payment methods popular in Asia are different from those popular in Europe. Local banks offer popular local payment methods. And to get the best payment processing solution you have to provide the PSP with the following details.
License (if applicable).If your business requires a license, you need to provide the PSP with its number. But only if it’s applicable.
Turnover.Specify the range of your money turnover to the PSP. This way the processor will know what banks to apply for on your behalf.
The smallest and biggest ticket amount.Certain banks have restrictions when it comes to the smallest and the biggest check sizes. That is why, not to apply for an unsuitable bank for your particular case, the PSP has to know these details up front. Besides, since businesses with large tickets are considered to be high-risk. And not all banks work with them after all.
Processing history.Every business has a processing history (unless you are a brand-new startup). And merchants should be ready to provide it when asked. If you are a startup owner with no prior processing history, don’t worry: though not all PSPs agree to process your funds, there are many of those who do.
Desired payment methods.Sure thing you can ask a PSP for a list of methods they support. But why do that if you already have a list of preferred payment methods?
Once you answer all these questions, consider collecting all the necessary documents to your application. Here are basic documents that you should bear in mind.