I am looking to open up a payment processor and I was curious if there was anything I had to register before I can launch it. Thanks, Marc
Wouldn't even touch it you need at least a few hundred employees, register as a financial institution, you need a solid financial banking it involves a lot
Register your business. Make sure that you have the proper bank tie-ups. If you'll need to use SWIFT or IBAN codes, make sure that you're a registered member of those groups. You must have enough liquid cash. Show enough proof that you are registered in your country.
It's very unlikely that you have the required materials to setup a payment processor without going to jail shortly after its opening! You need to be able to backup the money online with money in real life - you need to obtain a license and register as a financial institution, you would need a staff of lawyers and programmers, and your site would have to be extremely secure. Unless you're sitting on millions - I say drop the idea now. Don't try to take any shortcuts either, because you'll be taken in by the IRS or the Securities and Exchange Commission, or something of the sort. Plus - there are enough payment processors out there! There are too many sites that only use a specific one, and that makes doing business across various planes difficult - the last thing we need is another one to deal with.