Ewallet Solutions and IPSP Guidelines
E-Wallet (also called eWallet solutions) are payment gateway integrated services that allow for secure foreign currency exchange. It is good to know that your inventory supplies can be purchased with eWallet withdrawal. With Orbit card services, you can worry less about fraud risks and focus on getting your business handled.
Many EWallet Solutions Available For Your Business
E-Wallet/IPSP accounts are included in a separate category of merchant accounts due to the nature of processing payments for 3rd party merchants. If your business is an IPSP or an e-wallet and you are in need of an account with low rates, the ability to process most currencies, and the ability to process all major credit cards online, then we are your ideal solution!
These IPSP guidelines specifically affect merchants working with government grant funding. An IPSP internet payment service povider, therefore, has an extra layer of bureaucracy to to be compatible with. The reality is that grant funds are spent worldwide with secure merchant card accounts.
If you are thinking about developing your own new business as an IPSP and have a thorough business plan, we can still provide our services of setting you up with a merchant account, a reputable EU based acquiring bank, and a secure payment gateway starting with rates as low as 2.20%.
Please see the below requirements for eWallet/IPSP accounts:
• Target client descriptions and descriptions of sponsored merchants
• You must provide a copy of your contract and the procedure you follow between your sponsored merchants and your own company
• You must provide a copy of the due diligence procedure you follow with your sponsored merchants
• Copy of the procedures related to your customer’s ability to monitor and manage their website content.
• Policy and practices regarding risk management
• Policy and practices regarding website content
• Staffing of the compliance department (and risk department if applicable)
• The company’s history, procedures, and practices regarding complying with and actively working against pornography containing violence, children, or any other unacceptable content.
• Account bank statements and the location of the bank that provided settlements.
• Settlement frequency
• Business model presentation, covering the background and deployment plan of the e-wallet company and that of its owners/investors.
• You must provide a copy of the level 1 PCI certificate for your company’s gateway, if this is not applicable, and then we will need the most recent Self Scan Assessment Report.
• An example the payment page you will be using on your website.
• Up-to-date financial statements
• Information showing all of the participating companies is sure to include The Ultimate Beneficial Owner.
• Copy of the company’s license, as well as the country in which the business is regulated.
• Completed ‘sponsored merchant overview’ spreadsheet. With just the URL merchants can get sponsored during the application process.
If you have an l ISPS/MSP/e-Wallet business, please note the following:
• Some of the larger credit card companies (i.e. Visa and MasterCard) are cracking down on addressing illegal content or violations regarding copyright infringement and are assessing fines for such violations
• If you use download sites be aware that these sites must not violate any of the copyright or content guidelines
You cannot go wrong by taking advantage of eWallet solutions today!
Get started today and fill out the application:[ APPLY FOR AN IPSP / E-WALLET MERCHANT ACCOUNT ]