How to Become a Payment Aggregator

Title: How to become a Payment Aggregator

We will outline the Steps to becoming a Payment Aggregator but first it's important to understand:
The vast majority of platforms that aspire to become a true payment aggregator aren’t good fits for MANY reasons.
You will need:
• Money. Expect to spend $50k+ and easy to spend more than 100k
• Payments understanding and especially risk mitigation. Check out "What can go wrong with Payment Aggregation"? for more info.
• Resources to devote to ongoing compliance and risk -staff and $
• User base that has the potential to generate enough transactional revenue to offset costs. Without this forget everything else. You make money from processing fees -margin between costs and sell rate. You NEED lots of transactions!
Check out “5 Things You Must Have to Become a Payment Aggregator”
So how do you become a Payment Aggregator?
• Register w/Sponsor Bank
• Approval by Sponsor Bank
• Connect with Technology platform. Integrate via API
• Sponsor bank issues PayFac / aggregation credentials
• Go to market
• Refine
This process likely takes 6+ months or more.
To get a more comprehensive overview of Payment Aggregation and more importantly to decide if it might be right for you- Payment Aggregation
Hybrid Payment Aggregation or even a Payment Partnership may be better fits especially if your app does not have the “gravity” needed for true aggregation.
Again MOST platforms aren’t ready for true aggregation BUT you can get most of the benefits without the cumbersome drawbacks if you find the right partner. Good luck.

agilepayments.com/payment-aggregation/