Why verification matters before you sign
A payment provider will touch your customers' money and your settlement. If the company is not who it claims, funds can be delayed, held, or lost, and you may have no regulator to complain to. A short verification step using free public sources removes most of that risk before you share bank details or sign anything.
- You confirm the company legally exists and is active.
- You confirm it is licensed to handle payments where you operate.
- You reduce the chance of dealing with an impersonator.
Confirm the legal entity name
Ask the provider for the exact legal entity name on the contract and its company registration number. Trading names and legal names are often different, and the contract should name the legal entity, not a brand. Keep this detail; you will need it for every later check.
- Request the legal name, not just the website brand.
- Ask for the company registration or incorporation number.
- Note the registered address, not just a support email.
Check the official company registry
Every registered company appears in a public registry: Companies House in the UK, a Secretary of State portal in US states, or an equivalent in other countries. Search the legal name or number and confirm the entity is active and in good standing. A suspended or dissolved company cannot validly contract with you.
- Look for 'active' or 'good standing' status.
- Match the registered address to what the provider gave you.
- Check the filing date is current, not years stale.
Verify the licence with the regulator
Payment licensing is public. Regulators such as the FCA in the UK, MAS in Singapore, or FinCEN registration in the US publish searchable registers. Enter the entity name or licence number and confirm the licence covers the payment activity and the country you plan to use. If the provider will not name its licence, treat that as a warning.
- Use the regulator's own public register, not a screenshot.
- Confirm the licence scope matches your activity and market.
- Note the licence number so you can re-check later.
Match the domain and email to the entity
Impersonators often clone a real brand on a look-alike domain. Confirm the website and any email you receive come from a domain that the verified entity actually controls. A mismatch between the legal name and the sending domain is a common fraud signal.
- Check the sender domain against the official site.
- Be cautious of free-mail addresses for a payment provider.
- Confirm leadership and contacts are listed on the real site.
Screen against sanctions and enforcement lists
Check the entity and its named officers against sanctions lists such as OFAC in the US, and look for published regulatory enforcement actions. Doing business with a sanctioned or recently penalised provider can freeze your own operations. A few minutes on a public list saves serious trouble.
- Search OFAC and relevant national sanctions lists.
- Look for recent regulatory actions against the entity.
- Repeat the check for named directors, not just the company.
Keep a record of what you checked
Save the registry results, licence number, and the dates you checked them. Providers change ownership and status, so a record lets you re-verify quickly and shows your own team you did due diligence. Treat verification as a repeating task, not a one-time box to tick at sign-up.
- Store the licence number and check date.
- Re-check at renewal and after any ownership change.
- Share the file with your finance or compliance contact.
Questions merchants ask
How do I find a payment provider's legal entity?
Ask the provider for the exact legal name on the contract and its company registration number. The legal entity is the party you sue or complain about, and it may differ from the website brand.
Where do I check if a PSP is licensed?
Use the regulator's public register for the country: the FCA in the UK, MAS in Singapore, FinCEN registration in the US, or the national central bank elsewhere. Enter the entity or licence number and confirm the scope.
What is the difference between legal and trading name?
The legal name is the registered company that contracts with you; the trading name is the brand customers see. Always contract with the legal entity and verify that entity, not just the brand.
How do I spot a fake payment provider?
Red flags include refusal to name a licence, a website domain that does not match the legal entity, no public leadership, and pressure to share bank details before any verification. Check the registry and regulator before proceeding.
Should I check for regulatory enforcement actions?
Yes. A recent penalty or supervisory action can affect your processing. Search the regulator's public notices for the entity and its named officers before you sign.
Can a payment provider operate without a licence?
In most markets, accepting or moving customer funds requires authorisation, either its own licence or a licensed partner bank. If a provider cannot name any licence or partner, pause and verify further.