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US Payment Processor License

The US payment industry is a vast, complex and highly regulated place. It is therefore important to understand the necessary application procedure in place to acquire the relevant license. Knowing who the regulatory body for US payment institutions is also essential as compliance with the rules and regulations as laid down by this regulatory body is paramount.

Obtaining a US payment institutions licenses

To obtain US payment institutions licenses the first thing you must do is setup an US LLC / Corporation for the purpose of engaging in money transmission activity in the US. On completion of the company formation, an application for the license is needed. This application typically requires certain documents to be submitted to the relevant state authorities, These documents are the company Memorandum and Articles of Association, and company manuals for internal and external procedures. You may also need to submit results of your fit and proper test.

The application procedure for applying for a US payment institutions license is complicated and time consuming, thus enlisting the support of YourOwnBrokerage to guide you through the entire application procedure will ensure that you follow all the correct procedures and supply the correct documents to the relevant state authorities.