Hi, I want to create paypal similar system which will allow send receive payments by mail, add credit cards and deposit/withdrew from credit cards. These are main features and I want to know how can I build such system. I just don`t know where to start :S Do I need to directly get in partnership VISA, MASTERCARD to do this? Can I use some third party who may allow to deposit/withdrew credit cards like 2CO checkout ? I need it to build with local currency which. Please advise. Turkel.
none ??? I know is need Merchant Account Provider but not sure how to get it and is there are any in my country. I want to talk to someone who is good in banking sector and sure credit card processing systems.
Hi trecordis, Things you need to consider before you start this endeavor: 1. Legal Issues - You can't start a service that transfers or launders money overnight ( Not saying that's what you want to do but this is how every country will see it). When you create a service like Paypal you are subject to the financial services laws that govern your home country. Much like Paypal wont allow accounts in certain countries, there are regulations and approvals they have to receive to transfer funds to / from those countries. Speak with your local Revenue Service and discuss the applications that you will need to fill out to start this business ( When you register for your LLC, this information is requested as your " service", you will need to be upfront about what you want to do). 2. Banking- Based on the service you'd like to start, you are subject to the same laws as any local Bank. Your service site will be subject to a very large insurance policy ( FDIC wont touch it for a few years because they have to insure you have no complaints of not rendering the funds appropriately) but you will have to obtain the verification and security clearance to obtain client information such as names, social security numbers, issuing of routing information, account numbers, etc. I can help with a more comprehensive answer if you tell me what country your operating out of. 3. Beware - This isn't an easy endeavor to get into. This process could take up to 3 years to get off the ground and prepare for lawsuit after lawsuit if it comes out wrong. Remember what happened to Liberty Reserve: http://www.nytimes.com/2013/05/29/nyregion/liberty-reserve-operators-accused-of-money-laundering.html?_r=0 If you still want to go through with it I can give you more info
Hi Entrepreneur, I will register local LLC company as financial service provider. I have contacted cybersource to get more information about integration as I need merchant bank account for to process such payments. The hard part is to get merchant account, I think local authorities are OK but anyway I will contact to central bank too. I don`t plan big company but I need only to allow users to exchange transfer funds only with in country in local currency. I want to do this only with local banks as foreign service would be WHT taxable. Currently I am in a search of merchant bank account, actually i am not sure how it works. most banks offer correspondent bank account which is usual one. I also need correspondent bank account to associate it with my business LLC. I need more details and suggestions, How can you help me, I want to get more details as possible. Regards, Turkel.