How do you start a Credit Card Processing business?
I know how to accept them using a company and I understand how it works but where would I start in order to create my own?
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How do you start a Credit Card Processing business? ?
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Hi, I worked for a registered ISO/MSP for Visa and MasterCard (six years) so I speak from experience.
The first thing you need to know is it costs $10,000 to register as an ISO/MSP and then it costs $5,000 per year after that to stay registered. You’ll need to find a sponsoring bank and a background check will be done on you before being accepted.
You then need an acquiring bank to underwrite your applications and handle the processing. This usually is the same bank that sponsors you to become an MSP/ISO.
After that you just need to know how the acquiring banks underwriting works and be able to properly submit new applications to them.