becoming own processor

Merchant Credit Card Solution Provider

[steelers123]

I am new to this forum but due to our volume and problems with paymentech , I am interested in becoming my own credit card processor( a mini paymentech/worldpay) but only for my business . I read previous replies on the subject and if I understand it correctly , I would need an acquiring bank ( any suggestions . I am based in Canada but could easily move off shore).Also Regarding the structure below ,are the processors like worldpay, a merchant solution provider or merchant broker/
Visa/Mastercard > Acquiring Bank > Merchant Solution Provider > Merchant Broker > Merchant (me, you etc).

[bcc1234]

Just get a merchant account, a processor, and a gateway.
Either one of those will hook you up with the other two.

[Corey Bryant]

You will need millions in financial backing to do something like this.

That is - if you want to become an IPSP. If you want to become an ISO, that is easier, only requires a $10,000 registration fee from Visa. Don't forget about the customer service as well, but you can actually outsource all of that.

If you do want to become an IPSP - you would consider becoming an agent or an ISO / MSP first and learning all the regulations. etc

-Corey

[steelers123]

I went and contacted visa/mastercard/amex to become an an ISO / MSP with no success( what ISO stand for by the way?). Do u have the link or any contact in that regard. Thank you very much for the replies .If you are ever in Montreal Canada let me know .

[steelers123]

To bbc 1234

I already have merchant account with 2 processors, . So I would need a gateway in order to cut the middle man ( or at least part of it).
Do u have any recommandation for a gateway
Thanks again

[bcc1234]

If you are only processing orders for yourself then you might want to set up multiple accounts all going through one gateway.

So you would have different accounts with different processors all going through different accounts with one gateway.

That way, you can simply rotate the orders and have multiple independent accounts, and at the same time, integration would only require you to change id/password/hash/account at the point where you submit the data to the gateway.

You would end up with a few accounts each processing a smaller volume. And of course, if one of them ever gets on hold, you switch its load onto the other ones.

[Corey Bryant]

An ISO is independent sales organization. It is usually easier to start one with the help of an already established ISO. Some of them will help you because you have to outsource some things to them.

But as you see how difficult it can be to become an ISO, it is even more difficult to become an IPSP.

And remember, isa and MasterCard are not banks - they are registered and trademarked brands issued by card-issuing banks. Advertising plays a very big role in promoting the brands so in turn, they promote the use of the cards. Chances are very good that you are familiar with Visa's "Don't leave home without it," and MasterCard's "Priceless".

Visa and MasterCard associations are actually designed to generate revenue for their member banks. They do this by charging discount rates and transaction fees to the merchant.

-Corey