Several Available Ways to Become a Payment Service Provider

Written by

James Davis

Written by James Davis

Senior Technical Writer at United Thinkers

Author of the Paylosophy blog, a veteran writer, and a stock analyst with extensive knowledge and experience in the financial services industry that allows me to cover the latest payment industry news, developments, and insights. Read more

Reviewed by

Kathrine Pensatori

Reviewed by Kathrine Pensatori

Product Specialist at United Thinkers

Product specialist with more than 10 years of experience in the Payment Processing Industry. I help payment facilitators and PSPs solve their various payment processing issues. Read more

Becoming a payment service provider is possible, but let’s be realistic: it’s a big task. Still, becoming a PSP is something your company can accomplish if you take it step by step and make the right decisions along the way. Payment service providers must deal with complex legal, governmental and budgeting issues and must establish strong banking relationship, but there are some shortcuts available.

Becoming a PSP

More information about becoming a PSP is available on the PayVisors website. This business consulting company is focused on solving payment issues for its clients, and the UniPay payment gateway is one way to do that. PSPs that are based on the robust UniPay gateway are able to cut out many development steps that would be necessary in designing a payment service from scratch. Saving both time and money, the UniPay gateway is only one part of becoming a PSP, but it’s a very important part.

To successfully establish yourself as a payment service provider, you need to establish strong acquirer relationships, meet compliance requirements, manage tokenization costs, pay registration fees and obtain processor certifications, among other things. And you also need a gateway, something you can either license or build for yourself if you have the resources. Which makes more sense for you? Learn more at the PayVisors site.