Starting a Payment Processor Like PayPal

Discussion in 'Payment Processing' started by itcomgroup, Oct 11, 2012.

  1. #1
    Starting a Payment Processor might seem easy from the start especially from the programming point of view but there's a lot more involved after the programming is over. Some people might ask "WHY" would someone want to start a Payment Processor when we already have PayPal? PayPal isn't accepted in some regions, some prepaid debit cards aren't working on PayPal and people need a little more flexibility and more of customer support with current payment processors. Integrating social media into a new Payment Processor might make it easier to gain popularity. Is it possible to get investors to invest in this kind of a projects with if the programming part is already completed?
     
    itcomgroup, Oct 11, 2012 IP
  2. mmm555

    mmm555 Member

    Messages:
    662
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    48
    #2
    It's not impossible to to, but it would be A LOT of work... A LOT... and probably not the exciting, interesting type of work, at least, in my eyes.

    Do lots of R&D...
     
    mmm555, Oct 11, 2012 IP
  3. atinga

    atinga Active Member

    Messages:
    177
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    51
    #3
    It all depends on what is your target market.
    Starting a payment solutions is very easy.

    Thinking of promoters is just like analyzing your targeted market.
    The focus of the market will greatly determine its success.
     
    atinga, Oct 12, 2012 IP
  4. itcomgroup

    itcomgroup Peon

    Messages:
    32
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #4
    I agree with Atinga, the target market is what will determined its success or failure.
     
    itcomgroup, Oct 12, 2012 IP
  5. daniel7515

    daniel7515 Peon

    Messages:
    23
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #5
    It is all about the promotion. IF you get the name out there, people are bound to invest.
     
    daniel7515, Oct 15, 2012 IP
  6. coolu

    coolu Active Member

    Messages:
    154
    Likes Received:
    1
    Best Answers:
    0
    Trophy Points:
    68
    #6
    It would need a Lot of Investment , You need to follow rules of Banks and Countries as banking rules are different all over the world . Mastercard,visa ,American Express follow rules of the bank .
    Customer support , team for Fraud and sales ,Marketing etc so its a lot of work .
     
    coolu, Oct 16, 2012 IP
  7. sekhar203

    sekhar203 Active Member

    Messages:
    96
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    53
    #7
    its not a easy task but also not impossible...we have to put a lot of effort....
     
    sekhar203, Oct 16, 2012 IP
  8. AndyLaw

    AndyLaw Member

    Messages:
    179
    Likes Received:
    1
    Best Answers:
    0
    Trophy Points:
    28
    #8
    I personally believe it is not worth on creating your own payment processor because there are so many of them already that you will spend millions advertising your own to get at least 0.001% of the world clients :)
     
    AndyLaw, Oct 16, 2012 IP
  9. Nik_the_great

    Nik_the_great Peon

    Messages:
    85
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #9
    The thing is some people are a bit disillusioned with paypal, you would have a chance to succeed if you did all your reasearch before diving in and had a good team of workers behind you. You would have to work really hard to make it a success. Remember there was also a point when no one knew what the heck paypal was.
     
    Nik_the_great, Oct 16, 2012 IP
  10. AndyLaw

    AndyLaw Member

    Messages:
    179
    Likes Received:
    1
    Best Answers:
    0
    Trophy Points:
    28
    #10

    Probably most chances to succeed would be doing some payment processor for countries, or people who can not use paypal or 2checkout.
     
    AndyLaw, Oct 18, 2012 IP
  11. dom19

    dom19 Active Member

    Messages:
    344
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    53
    #11
    interesting, but how are you going to start ?
     
    dom19, Oct 18, 2012 IP
  12. Patrick Morgan

    Patrick Morgan Greenhorn

    Messages:
    24
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    21
    Digital Goods:
    1
    #12
    it wont cost too much if you know what you are doing
     
    Patrick Morgan, Nov 1, 2012 IP
  13. Patrick Morgan

    Patrick Morgan Greenhorn

    Messages:
    24
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    21
    Digital Goods:
    1
    #13
    There is a huge potential for success by adding just a few twists
     
    Patrick Morgan, Nov 1, 2012 IP