Starting a payment processor company like paypal is not something anyone can do alone. If you want to do it, you'll need the service of website developers, not one. The developers must be those who have experience in creating a payment processor platform.
How To Start Your Own Payment Processor Just Like PayPal?
- Thread starter Good-Person
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It's not easy so you should take your time and if you're the kind of person that doesn't spend then you shouldn't be thinking about that. You can create one one day but making it efficient is another ball game.
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- #23
I think that in order to get started, you must initially need to invest much capital. You may also need to spend money on marketing the payment system as well.
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First of all you need to hire programmers who can code a payment processor (if you are not a programmer), once your program is ready, you will have to register your business with the local authorities and get approval from central banks to conduct financial transactions.
It will be much more easier for a software developer to establish such business because you are just creating a platform where people can carry through transactions and don't think that it is an establishment that requires huge financing.
If you ask me, I would say that someone shouldn't really bother about this because there's just so many things and processes involved in it that you just can't get from browsing or from forum discussions.
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- #27
I think that we would also need to hire some specialists on IT (Information technology) and cyber experts as well that could help us structure the security system of the payment system.
Actually starting a payment platform just like any other ones, is not bad but there are some criteria that are required and most especially knowledge that will helped you to know what you are supposed to do.
I think this is a nice idea in as much as you know you're capable of doing it. But in my country this type of payment option is blocked. Though this is one of the best method of payment.
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A payment gateway must be installed, a merchant account must be obtained, and a reliable payment processing system must be purchased. Also, you'll need to create an encrypted website for clients to submit payments and get a payment processing API.
starting a payment processor just like PayPal is a very good idea and you could actually make a lot of profit in the long run. But one thing you should be looking at is to get the trust of people so that they will start using the platform
In my opinion the most important thing with starting your own payment processor is to build trust, people will not transfer their money directly to a new processor, they need trust.
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Planning, investigation, and development must be done in great detail before starting a payment processor like PayPal. You must first choose a payment processing methodology and write a business plan. Also, you will need to select a reputable payment gateway provider and acquire the required licenses and permits.
I have tried making my own personal research on how possible it is to get your own payment gateway but the amount that you are supposed to have as capital it's huge and you might not start as a startup.
I am not sure whether this is an easy thing to do. You have to go through a lot to make this worked. You have to get your own software machine built for this purpose. You need a standby engineer for the time when difficulty suddenly pulp up. Acquired necessary papers from the government which are not free and easy to collect. It also has its own risk too.
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It is going to be a complete waste of time trying to start a payment processor like PayPal because you will not even have the money to set up a company as big as PayPal, just like some other companies have failed to compete with them which is why they don't have any competition in the market.
That's very much possible, but you have to spend a lot of money before you can be able to start up your payment procesor, but that's not the only thing, you need to make it interesting so that a lot of people will like it.
I don't know much about starting a Payment Processing company like PayPal but I know it is very lucrative. And I also know for a fact that you would need the help of developers to help in developing your processing company.
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I surely have no idea about how this can be done. I just can see that there is alot of payment processors that emerge every now and then. However I think the business requires a huge amount of capital to start.
It is a lucrative business but you need to be knowledgeable about how to start the business because I am sure it will not be an easy thing and I know everybody knows that
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