I am going to become the agent of a licensed payment institution. However, in addition to offering payment services, I also sell other goods and services at my business. Can I continue these activities if I become an agent?
Yes. Under the first paragraph of Article 10 of the Regulation, payment institutions cannot engage in any commercial activity other than providing payment services. However, the agents of these institutions may carry out their other commercial activities in addition to these activities.
Differences between an agent and the institution
The agent works on behalf of and under the responsibility of the payment institution. In customer transactions, it complies with obligations such as identity verification, confidentiality and record keeping in line with the institution's instructions.
A business such as a grocery store, stationery shop or café can offer the payment service as an additional service. However, the agency contract determines which transactions the business can carry out and with which limits.
For this reason, the scope of the service, the commission structure and the allocation of responsibility should be read before the contract is signed.
