What is the name of your state (only U.S. law)? Florida
Hi,
I wanted to know the related laws if I become a ISO / MSP of a bank to offer online merchant accounts.
I know there is a $5000 fee for Visa and MasterCard each and then there is a $2500 annual renewal.
I wanted to know which regulatory bodies does an e-commerce merchant provider (i.e. ISO MSP) has to comply with ?
Do I need to register as a Money Services Business with the FINCEN ?
Also do I need to register with the Office of Foreign Assets Control (OFAC) ?
Are there any other laws which I need to comply in order to become a payment processor and process payments.
The best example of such a business in Braintreepayments.com
They recently got aquired by eBay.
I wanted to start a similar business.
Hi,
I wanted to know the related laws if I become a ISO / MSP of a bank to offer online merchant accounts.
I know there is a $5000 fee for Visa and MasterCard each and then there is a $2500 annual renewal.
I wanted to know which regulatory bodies does an e-commerce merchant provider (i.e. ISO MSP) has to comply with ?
Do I need to register as a Money Services Business with the FINCEN ?
Also do I need to register with the Office of Foreign Assets Control (OFAC) ?
Are there any other laws which I need to comply in order to become a payment processor and process payments.
The best example of such a business in Braintreepayments.com
They recently got aquired by eBay.
I wanted to start a similar business.