How to become a PSP (Payment Service Provider)

Hello guys,
Here i am with my questions.
As you may understand from title,i am searchin for information on how to become a payment service provider.
What are the steps,requirements and other needs ?
We have a big market and know it for sure that we can process more than 10.000.000 $ if the service would be safe and secure.
Any answers,advices or offers are appreciated.

There are many steps involved. By PSP, I assume you mean a payment gateway like paypal or possibly authorize.net? If so, there are a few steps which will need to be performed, all of which cost quite a bit of $$ before you can get started.
PCI compliance is a big part of processing credit cards these days and will be the regulatory tool you will be required to adhere to from the start. I won't cover everything but for more details on PCI, go here https://www.pcisecuritystandards.org/
Now you asked for some steps.
1. Design your network.
2. Design/Purchase your software.
3. Build your network.
4. Perform PCI level 1 audit.
That is really simplistic but all required before you process your first credit card transaction.





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PCI, HIPAA, Managed Hosting Specialists. ZZ Servers
Affordable PCI compliant hosting solutions.

Hi zendzipr,
Yeah i know about pci compliance.I have contacted several QASs and they offered me full service at 12.000$ and 2000$ per annum.
I think this is quite reasonable as they do everything for you.
This step is clear for me.What about other steps ?

That is an excellent price. Does that price include your full level 1 audit?
The steps I mentioned are what I usually deal with but as far as your network infrastructure, there are some details you need. ( you probably already know this part too )
Log Monitoring
Remote log storage
Intrusion Detection
Firewalls
VPN
VLAN
Application Firewall
etc, etc.
One thing to make sure you get is if you host with or contract with any other company and they have any real or potential contact with your cardholder data you need to have a contract that covers their liability and responsibility with regards to the cardholder data.
Other steps you need may include contracting with a bank, hosting provider, etc.





__________________
PCI, HIPAA, Managed Hosting Specialists. ZZ Servers
Affordable PCI compliant hosting solutions.

Hey zz,
Yes it does.They make you feel really safe.
I really need help on the bank side.Certificate is ok.Gateway is done.
But what about the banks ?Which banks to go for? And which country ?

Well, I am going to make the assumption that you are trying to create a paypal clone, am I correct? If so, you may have to contract with several banks. I really can't help much more than that on the bank side, most of my experience is on the certification/certified hosting side, sorry.





__________________
PCI, HIPAA, Managed Hosting Specialists. ZZ Servers
Affordable PCI compliant hosting solutions.

No,not something like paypal but maybe worldpay.
Customers will pay on our site and we will pay to merchants.
Thats what we want to do.

The last time I checked "worldpay" was owned by one of the largest banks in England.
Our company doesnt do credit cards however does handle alternative billing solutions and they have spent hundreds of thousands obtaining certifications and regulation licenses.
I'm just in sales and would'nt know where to start but my advice would be to leave it to the pros!

Hi david,
Pros dont get born as pros rite ?
I am not saying i am gonna be a second worldpay but a regional provider in a country.
we have our ready to go team.Programmers,coders,designers and staff to handle the support and sales work.
Companies in 3 different countries inside and outside EU.
I think we have just enough equipment to start.
Need to know the steps and where to start.

Thats a valid point about learning to be pros (sorry if i offended you).
You proabably want to be a reseller, work out who's good and who's bad in this industry and then use those skills learned over a 1 or 2 year period to your advantage.
David

I need some REAL advices on the steps to be taken.
Thanks for your messages.Ofcource i am not offended

Hi CalVintre,
You've been given the best advice, the key is the banking deal, no bank, no deal.
You need to find a partner bank and give them sufficent gurantee of your risk! (the risk factor being your merchants).
Most banks have MSP's galore so the key is finding a bank that has just aquired a BIN. Its a hard task and the easiest way is by using someone on the inside.
I used to know a person who helped banks get setup with aqquireing but that was a long time ago.
Thanks,
David

Yes your rite.
I am also lookin for companies that may help us on that process.
So any advices or offers are welcomed.