Starting A Payment Gateway Business

Hi,

I'm thinking about starting a payment gateway .. like paypal / payza ..

It will be a local solution ..

My question is, what are the possible legal issues I can face when creating such website ?

What type of company should I start? a bank / a holding company ?

I'm looking to start with accepting payment via different types of local / international credit / debit cards into your webwallet .. and using yhe wallet you can send money to other members or to pay online in websites accepting my payment method ...

So basically no withdrawal options in the begining ..

Any ideas where to start ? Thanks

 

Are you for real?

You are asking how to start a BANK?

If that's not clear indication that you shouldn't, can't, and won't..I don't know what is....

 

Oh hi,

One of those people who simply like to make useless comments .. and need to be wiped out of the face of the earth in order to make humanity evolve and advance ..

Happy to report that I already have all the info I need, and believe it or not, the legal procedures are under way and paperwork is actually being handled by my lawyer ...
And I'm currently negociating with few development firms that can handle this project ..

At the end of the day, money talks and bull**** walks ...
I'm the money in this debate ...

 

@Toon-c chill down man. "Wiped from the face of the earth?" I know you feel hurt, but this is pretty harsh and unnecessary.

If you read your own first post, you will see that NetStar's reaction is valid. You're asking a bunch of forum visitors how to start a loan company and and the legal ramification it may entail. I agree with NetStar, if you do not know by now what it all involves you shouldn't start anything of that sort. I don't care how much money you have this is not your forte.

 

Wow, in one week you went from not knowing where to start to having a development team and plan in place for a financial institution? That is an amazing ramp up. Do you have a legal expert, financial transactions expert, fraud/security expert, insurance expert, government regulations expert, banking operations expert, and other such required expertise already on board the team in just one week? I used to sell technology to banks and was always stunned by the complexity and intricacy of banking regulations and requirements around the world. Not only do they vary by country, but also by state/province and other localities. I also was involved occasionally with wannabe banks (start-ups) and the lead time to get the paperwork and approvals, etc., was about two years -- if they had experienced bankers on board the team from the beginning. I never heard of a bank starting up headed by a newbie.

 

Yes it was harsh, but it wasn't because I was "hurt" , but because it was true and necessary ...

If you have nothing to add to a conversation, and you know you are making a stupid comment, then just mind your own business ..
And I stand by my suggestion, humanity needs to go forward

And for you sir, I know this sounds harsh, but please don't take it the wrong way,

You said
if you do not know by now what it all involves you shouldn't start anything of that sort.

With all due respect, that is one of the stupidist things I've ever read .. literally ..
I mean read your sentence again and think about it, ho can a person start something then ? I presume the moment you were born you knew how to do this sort of business then ?

Anyway, please, as aI said, I'm already in the middle of implementing this business, so the thread is practically useless now, don't just come here and waste my time, please.


And finally, something you need to know, both of you .. since you said
You're asking a bunch of forum visitors how to start a loan company

To that, I respond, apparently you have NO IDEA who actually visits this forum, and the kind of deals that are made in private, on this same forum ..
So think twice before saying that.

 

LOL...say's the one who thought he could start a payment processor business using a dodgy off the shelf script:
https://forums.digitalpoint.com/threads/looking-for-paypal-payza-clone.2727925/
It's not very often I hope to see someone fail desperately, but in this case with your ridiculous attitude I sincerely hope you lose everything.

 

OMG, that is hilarious, but not surprising, I suppose. Keep in mind, that for this business play, there is not only a significant chance for complete failure due to any one of a number of issues (undercapitalization, fraud, missed regulations, etc.) but there is a real chance of criminal consequences. Banking regulators and other government agencies have no sense of humor when even the most innocent of mistakes are made. Banking wannabes are expected to do it right from the beginning and understand all of the unique aspects of the business and legal frameworks involved.

 

Well, malky66,

To be fair, that was the same comment the firms I contacted made .. they need to start from scratch which will cost alot apparently .. I'm okay with that ..

And I'll give you that !

But, if you will make a bet, you're on the wrong side, because I don't fail

Anyway,

There is a French saying that goes like
Passer pour un idiot aux yeux d'un imbécile est une volupté de fin gourmet....

And I'm really amused by this

So as much as it amuses me talking to you clueless people, who don't understand what an investor is, I will be out for today..

But hey, I'll be back on Monday, and we shall complete this discussion

 

I am always amused by posters who come, hat in hand, asking for free advice and then get hostile when the advice is not what they wanted to hear. Sometimes, they leave DP in a huff - never to return. Others hang on, apparently, in the hopes that they can find a sycophant to tell them that they are doing the right thing or to showcase their supposedly grandiose plans and witty repartee. I like the ones that leave in a huff better.

 

I wonder if he talks to his so called "investors" the same way he talks to us "clueless" people...lol

 

I have a plain old English quote about this type of investor: "A fool and his money are soon parted."

 

This wasn't a debate on whether or not you could start a bank lol..

 

And also to be fair malky66... he posted that quite some time ago... almost a week ago.. He now has a full blown legal team, financial investors and executive board... I forget the names of his people...but I'm pretty sure Santa, The Toothfairy and the Easter Bunny hopped on this as soon as they caught wind...

 

Alampay onloine payment website script similar to paypal grab it for free
alamstore.com/alampay-build-online-payment-processing-business/

 

its better than alstrasoft epay enterprise just download it for free at the bottom. dont pay any thing.
there is a button at the bottom saying download i dont want to pay and grab it for free and have a try

 

you can hire a freelancer for it