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Ecommerce Forum

Payment Receive and Payment Disbursement Solutions.

5+ Year Member

Msg#: 3590707 posted 11:17 am on Mar 4, 2008 (gmt 0)

I have a business model in mind but before I can start this business, I first need to determine if I can setup the financial infrastructure or not. Your comments/advice is greatly appreciated.

Note: I am a non-US citizen, hence I don't have a US Bank account. The closes I could get to a US Bank account is an options trading account.

1. Receiving Payment
My business is web-based and I'd like to be able to receive as many payment modes as possible. Problem is, where should the money goto after receiving the payment? Withdraw to my local bank account and incur forex translation fees?

2. Disbursing Payment
I'd like to outsource the payment processing. Like ACH, write checks and mail them. Problem is, I'll have to bank wire transfer the money to the outsource company before they can process the payments. This results in me incurring another forex translation fee.

3. Perfect Solution

a) I have a US Bank account where I can put all my money received and then transfer the money to the Outsource Payment company.

b) The Service Provider for receiving payment also provides payment outsourcing services. Then they could use the money received to make payments.

I'd like to hear your experience/comment.


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