Been working for 6 month to figure out how to start up a processing company.
Finally I got to where I want which is to be a full service processor. To become an FSP I need to have an acquiring bank. Does anyone know what exactly is the role of an acquiring bank and which ones offer there services. Because as an ISO I am still handcuffed by the banks, FSP is the only way to be fully independent.
Would appreciate some feedback
Check out www.greensheet.com - there is some great advice there
I am very familiar with the process and responsibilities for the newly formed FSP and sponsoring bank. Have you started your FSP yet? Are you self funding the new FSP?
Perhaps we can collaborate.
would you like to start 3rd party processor?
No not a 3rd party processor, usually as a 3rd party processor your still working under an FSP. What I am looking for is what is the duty of an acquiring bank with an FSP. As a 3rd party processor your still handcuffed under someone else rules.
it is similar way with acquiring bank, you have regulations which you have to follow
Yeah I know that, do you know which regulations they are?