How to get an International PSP License in New Zealand
An Electronic Payment Service Processor (PSP) license allows you to create new accounts for you and your customers, make transactions, earn money, issue credit, and debit cards and even convert funds into cryptocurrencies. A Financial Service Provider (FSP) in New Zealand offers a PSP License, which you need to know more about.
What are the benefits:
- Operating a money or value transfer service
- Issuing and managing means of payment (for example, credit and debit cards, checks, travel checks, money orders, bankers’ drafts, and electronic money)
- Giving financial guarantees
What activities are included in the PSP:
- Taking and accepting of customer funds through bank transfer, credit card or bitcoin. Applies to both individual and corporate.
- Processing and transferring funds on behalf of third parties.
- An unlimited number of customers.
- Issuing of debit cards and transfer of funds to the card accounts and their withdrawals by the cardholders.
- Offering merchant and payment account solutions to third parties.
- Ability to set up your own fee scheme (account fees, limited, transfer fees, and monthly maintenance fees)
- Conversion of currencies into Bitcoin, Ripple and other cryptocurrencies.
How much does it cost:
- $65,000 – complete package, includes fees, company formation costs and license application fees.
What documents you need to apply:
- Business documentation
- Recent Business plan with a 12-month forecast of all processes incl. full financial statements, comments, and explanations such as compliance procedures, etc.
- A detailed description of payment modules to be used.
- Description how the customer funds safety will be ensured.
- Personal documents
- Notarized copy of passport copy with apostille
- Notarized proof of address dated within the last 3 months
- Police clearance certificate/certificate of conduct with apostille
- Personal CV with school and university diploma copies if applicable
- 3 name suggestions for your company name
- All documents need to be translated into English if the originals are in other languages.
What is the application process:
- Submit all relevant documents and FSP application to firstname.lastname@example.org
- Company formation and documentation set-up to be started.
- The licensing procedure to be started. The timeline is 90 days.
- Download FSP application here: FAS FSP APPLICATION
If you are a financial service provider or interested in starting a business in the industry, it is worth applying for this PSP License. If you need more information and assistance with your application, please contact us.
Fulton Abraham Sanchez, the founder of FAS CPA & Consultants of Miami, FL, is a Certified Public Accountant specialized in Offshore Banking Consulting. You can email him to email@example.com.
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FAS CPA & Consultants
9000 SW 137 AV Suite 224 Miami, FL 33186 T: 786-462-7899 E: firstname.lastname@example.org