Can I use third-party payment processors on my website in Wyoming? What are the requirements?

Here is the response to your query:

Third-Party Payment Processors in Wyoming

If you want to use third-party payment processors on your website in Wyoming, you must comply with the state’s regulations. The following documents provide relevant information:

• WYST 26-53-102: Registration of third party administrators; rulemaking authority
• WYST 40-22-103: License required
• WYST 40-22-105: License requirements

According to WYST 26-53-102, no person shall act as a third party administrator in Wyoming without a certificate of registration issued by the commissioner. The commissioner shall promulgate reasonable rules and regulations necessary to implement this chapter.

WYST 40-22-103 states that no person shall engage in the business of money transmission without a license. A person is engaged in the business of money transmission if the person advertises, offers or provides services to Wyoming residents, for personal, family or household use, through any medium including, but not limited to, internet or other electronic means.

WYST 40-22-105 requires each licensee to have a net worth of not less than twenty-five thousand dollars ($25,000.00), as calculated in accordance with generally accepted accounting principles.

Conclusion

To use third-party payment processors on your website in Wyoming, you must obtain a certificate of registration from the commissioner and a license from the state. Additionally, you must meet the net worth requirement.

Jurisdiction

Wyoming

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