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Thread: How to become a financial service provider

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    How to become a financial service provider

    I would like to know how to become the middle man in the credit card payment process. I would think that you would have to be an approved financial service provider in order to act as the middle-man in a credit card payment process.
    How does one become an approved financial service provider?

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    Site Caretaker Dave A's Avatar
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    You would need to register with the Financial Services Board.

    You might also have to register as a credit provider with the National Credit Regulator as, being the "middle man", you might be effectivey entering into credit agreements with your clients.
    The trouble with opportunity is it normally comes dressed up as work.

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    Diamond Member Blurock's Avatar
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    Welcome to the Forum SA Luke.

    You have not posted a profile, so we do not know what business you are in.

    It is not clear whether you want to register as a merchant (a shopkeeper accepting credit card payments) or another type of transaction. If you are referring to card merchant services, all you need to do is phone your bank, but do get comparative quotes from other banks as well.
    Excellence is not a skill; its an attitude...

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    Do you know what some of the requirements are to become a financial service provider and a member of NCR?

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    There is a company in America called square up. It was founded by the co-founder of twitter. This company allows individuals to swipe credit card directly from your iphone or android. The company takes 2.75% of all transactions.
    Is there any way of starting a company similar to this in South Africa without actually being a major bank in SA?
    What would be the requirements of starting a company in this industry?

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    Diamond Member Blurock's Avatar
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    Quote Originally Posted by lukes5216 View Post
    Do you know what some of the requirements are to become a financial service provider and a member of NCR?
    Follow the links provided by Dave in post #2
    Excellence is not a skill; its an attitude...

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