Those interested in becoming payment service providers can do so by registering a company. In addition, special technology is needed to implement online payment services. Find out in the following lines how you can implement a payment service provider for your company in Malta. We remind you that one of our company formation agents in Malta is at your disposal with assistance and specialized information in this case.
What is a payment gateway provider?
A payment gateway provider is an internal platform that allows secure online payments. Basically, this happens when the customers of a site pay for a service or product, and their money will be transferred to the merchant account of that site. You will need an electronic payment license in Malta to activate this type of service. Here is some other interesting information about payment gateway providers:
- • It is a cloud-based software platform that connects customers and the site in case of online payment.
- • Financial transactions are processed on a point-of-sale or POS basis when the card is paid.
- • An on-site merchant account is required to be able to pay online. It is connected to a bank that allows those payments.
- • Payment gateway provider can analyze the card with which the payment is made, and will send encrypted information to the merchant account.
- • The payment gateway provider can also analyze if the card has enough funds to complete the transaction.
These are just some of the goal-setting shareware that you can use. For more information, we invite you to talk to one of our local agents in Malta.
How to become a gateway provider in Malta
Some software is required to implement payment gateway providers in Malta. Here are some possibilities you have at hand:
- • Implementing CMR or Customer Relationship Management.
- • Integrating a payment system or processor.
- • Hosting the gateway on a third-party server
In addition, you should consider international money transfers for which payments in foreign currencies should be allowed. You can discuss more about payment gateway providers in Malta and Maltese electronic payment license with our specialists.
Advantages of the payment service provider in Malta
Regarding the advantages of the payment service provider for business, we present some of them:
- • Foreign currencies are accepted. This allows the sale of products and services internationally.
- • Various payment methods are allowed, using a single channel.
- • Other payment methods can be added in real-time, which is a great benefit for businesses of any kind.
- • Financial transactions are secured with encryption and other specific programs.
- • Cards used for online purchases are checked during the transaction to prevent financial fraud.
So, these are just some of the goal-setting shareware that you can use. Here are some statistics about online commerce in Malta:
- • By 2025, it is expected to reach and exceed 300,000 users who prefer online shopping.
- • Home appliance purchases exceeded USD 90 million in 2021.
- • More than USD 106 million was total online shopping in the textile industry.
- • Over USD 25.9 million was total online shopping for beauty, health, and household care in Malta in 2021.
Want to know more about payment gateway providers in Malta? Contact our company formation agents in Malta for details and support.