I am looking for a payment agent in Cyprus

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offshoreHub

New member
I am located in Canada and my Canadian company developed/own a Football stats and tips website. The website sells algorithm-based football predictions and gives user access to other users' tips. During the last 2 years of development, our in house algorithm generated 30%+ ROI and it is improving. Our app delivers more than 100 valuable predictions every month. I am planning to sell subscriptions with free trials for 2 days, then $39 per months via credit cards if not cancelled. The customer will be charged $1 for the 2 days trial. I am looking for a payment agent in Cyprus to manage the billing part of this business (including refund and cancellations if possible). I should have access to a dashboard where i can transfer money from subscriptions to any bank account anytime.
 

Sols

Staff member
Mentor Group Gold
The question above is valid. The terminology doesn't quite add up. Why are you interested in Cyprus? What problem are you trying to solve that you cannot with a Canadian company?

If you want a Cyprus (EU) payment agent company, you normally create it yourself with the help of corporate service provider/lawyer. It has to be a direct subsidiary with careful legal arrangements in place. A third party company cannot offer payment or financial services without being licensed.
 

offshoreHub

New member
According to a credit card T&C update, merchants must send a reminder notification (i.e., email or SMS/text) at least seven (7) days before initiating a recurring transaction. If possible, I would like to be able to charge credit cards after 24h or 48h after a free trial like all my competitors instead of 7 days as required normally by Visa. By reading T&C of my competitors, i realized that they all use payment agents in Cyprus. Also, I was told that a Cyprus (EU) payment agent company is the best solution but i am open to any juridiction honestly.
 

NicolasMaduro

Entrepreneur
Pretty sure its the same in the EU, however no1 does it beside the Big brands who cant just “forget” or be “non-compliant”
 

Sols

Staff member
Mentor Group Gold
The Visa and Mastercard regulations for subscriptions are uniform across the world. Setting up a company in Cyprus won't change that.

It sounds like your competitors either aren't complying with the card network rules or have set up their customer onboarding in a way that is still compliant with the rules. If your trial is shorter than 7 days, you need to make this extremely clear to the customer when they sign up.
 

offshoreHub

New member
Well, competitors are using payment agents in Malta. See below a sample payment page. I would like to set up a similar payment process.

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bubbledouble

Mentor Group Gold
According to a credit card T&C update, merchants must send a reminder notification (i.e., email or SMS/text) at least seven (7) days before initiating a recurring transaction. If possible, I would like to be able to charge credit cards after 24h or 48h after a free trial like all my competitors instead of 7 days as required normally by Visa. By reading T&C of my competitors, i realized that they all use payment agents in Cyprus. Also, I was told that a Cyprus (EU) payment agent company is the best solution but i am open to any juridiction honestly.
if you business idea is worth more than 95€ I would suggest you to get mentor group access and read this guide

it will take you by hand and introduce you to everyone you need to get your card processing up within a few days, in Europe!
 

lory

Mentor Group Gold
Aside for the suggestions you already got here. I would try to contact some of the websites you find with the Cyprus or Malta processor, sometimes you get good answers.
 

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