- 1). Decide what type of business entity you wish to use to conduct your Visa payment processing. This decision is completely discretionary. You may want to start a corporation or partnership for this business. A processing underwriter will not sign a processing agreement with an individual, so a business entity of some kind must be formed.
- 2). Find an underwriter willing to sign a processing agreement with your business. There are several underwriting banks to choose from. Currently, First Data is the largest. Many factors may be involved in your eligibility to sign with a particular underwriter. These factors may include things like the number of years that you have been in business and the condition of your business or personal credit. In cases where your business is not considered eligible to sign an agreement with an underwriting bank, you may be able to partner with a company that is already processing with an underwriter and share that relationship.
- 3). Sign a processing agreement with an underwriter for Visa payment transactions. As mentioned earlier, underwriting, or guaranteeing, payment transactions requires a large amount of capital. Therefore, Visa does not make processing agreements with processors directly, but rather they deal with the underwriters only. Signing your agreement with the underwriter for Visa payment processing allows your company to manage the processing of those transactions.
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