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Is PSP required to register with VISA/Mastercard?
If yes, is the registration process of PSP same with traditional ISO/MSP?
or same with Payfac?
or have its own registration process?
The term “payment service provider” or “PSP” is not an official one.
Official terms are: ISO, wholesale ISO, andpayment facilitator (PayFac).
You can get registered (underwritten) by an acquiring bank as one of the listed entities.
From VISA/MC’s viewpoint you can become:
1) an acquirer (in this case you need to get registered by VISA/MC and confirm that you are getting sponsorship from some bank).
2) a PayFac (in this case you need an acquiring bank partnership; you will have to go through underwriting procedure with this acquirer)
3) an ISO or a wholesale ISO (in these cases you also have to get underwritten by an acquiring bank).
Most entities commonly known as PSPs are registered as wholesale ISOs.
To learn about particular underwriting procedures and requirements you sould consult the respective acquirer.
Some PSPs belong to “acquirer” category themselves.
Anyway, there is no common registration procedure for PSPs as the PSP status is not an official one.
