Becoming a payment processer

They are scams. What happens is that they send you money from a phished account, and ask you to forward it by Western Union or similar. When the owner of the account complains to the bank, the money is taken out of your account, and you are left out of pocket.

Hi Jonathon,

Thanks for the response, but I wasn't looking into the regulations for becoming one, it was a legitimate request.

If I wanted to become a payment processor, such as the likes of PayPal, how would I go about achieving this (legitimately) ? I've spoken to business managers at my local branches, and accountants, and they don't seem to have any idea.

Cheers, Rich

You still don't understand. There isn't such a thing. Unless you mean a bank or such-like.

paypal do not believe they are a bank.

Jim.

As the next poster states, PayPal don't consider themselves a bank. I believe the correct term is "Merchant Acquirer".

How do you go about becoming a Merchant Acquirer?

Thanks, Rich.

Do you really think you can make a success of this business if you have to ask basic questions on the internet?

If they're so basic, Peter, why am I receiving no helpful responses? So far you've basically told me "There's no such thing, you need to become a bank". Again, PayPal do NOT consider themselves a bank. They are considered a Merchant Acquirer. After, literally, several hours trawling through the results of a google search I've found nothing on how to become a Merchant Acquirer.

If, it's as "basic" as you state, then please enlighten me.

Cheers.

Jonathon,

Thanks very much for the great response. As you probably already know, it's bloody difficult to find anything on the FSA's website!

Much appreciated, Rich.

Successful companies are started by innovative entrepreneurs who begin with a new idea and spend time developing it into a workable business plan. Having done that, nobody is going to give away those ideas for free, so I doubt whether you will find any blueprints on the internet that tell you how to do it.

Chris

Just because the questions are basic, the answers arent necessarily so.

I think you misunderstand what "basic" means. It doesn't mean that everybody knows it. It means that they are the first thing that you would need to know. You've admitted you know nothing about it so what makes you think you would be a success?

The first thing that popped up when I did a serach was this link

Acquirer: An acquirer is an organization licensed as a member of Visa / MasterCard as an affiliated bank or bank/processor alliance that is in the business of processing credit card transactions for businesses (acceptors) and is always acquiring new merchants."

Why don't you contact Visa and Mastercard?

My bet is if you have no knowledge or experience they wouldn't take you very seriously.

It's not correct that I know "nothing" about it, nor have I admitted I know nothing about it. I'm asking the newsgroup *how* you become one in the hope that someone may offer me a fairly straightforward 'map' as it were. Please stop making assumptions.

In regards to your low-blow comments about it being a success, I have never stated I want to undertake this as a business, my original post merely asks how to becomes one and what regulations are necessary. Again, another assumption on your part.

Which is precisely why I am not contacting them. Again, you're assuming my intent of finding out this information.

Peter, your attitude to this post is disgusting. I merely asked a (relatively) simple question, and you begin assuming my intentions and start putting a negative plant on the whole thing. "Don't bother, you won't get anywhere, it won't work" blah blah blah.

If this is the attitude you take with your clients, then i strongly suggest you either let your wife handle the client communication or you choose a new career path. I'm not interested in your opinions, because you know nothing of my background. I'm merely interested in the information I requested. If you have no information for me, please don't waste your time and post. Haven't you got tax returns or something to do?

Thanks.

You certainly give the impression that you know very little.

Can you explain why you want to know?

"Merchant Acquirer"

What's that mean?

I am curious why you would ask what you are asking and how you are asking if you didn't want to be one. You appear to be backtracking.

I don't take on timewasters as clients.

I would say all my clients have obtained a lot of knowledge and experience before starting their own businesses.

OK. What is your background?

Why do you want the information you requested?

I'll post if and when I want. I don't think you understand the basic concept of usenet. It's not for you to decide who can post and what they can post.

You're right that I have formed an opinion of you. I'm happy to be proved wrong but so far I see even less reason to change my opinion. I'm sorry if I have got the impression that you are a dreamer or fantasist but people who just ask for information and don't give the impression of having any knowledge or ability usually are.

You seem to spend your time asking questions on usenet withought ever giving an indication of having any knowledge. You seem to be overly interested in bankruptcy and use the name "Kevin Smith" - classic signs of a timewaster!

Another example of a question for the sake of it:

"Hi there,

How do you copyright or protect a concept from being copied?

That is, say for example that I have a pretty unique idea for a TV show or game, and I wanted to protect it in case someone else gets wind of it and decides to try it before me. How would I go about that?

Is it just a case of doing an outline, and sending it to myself special/recorded delivery and never opening it?

Any other ways of doing this? Is it even doable?

All advice appreciated,

Cheers. KS. "