pay pal like site

what would be needed?

[safeascake]

hey guys im interested in creating my own paypal like site, with all the functions of paypal but lower fees :D what im after is information on what i would need to run this type of site i am going to purchase the code from some 1. i need to find out what type of legal stuff i need to know and how the whole thing would work? any ideas? thanks guys

[MattyMoose]

Coming from someone who works in this field, I'd say the first thing you'd need is: money, and lots of it.

No, seriously... Not only will you be spending money on offices, employees, servers, connections, cards, transactions, etc, but you'll also need a fair chunk of money to back up any transactions that occur (imagine having to deal with $500,000 worth of chargebacks that you haven't processed yet), your business partners will likely want some kind of deposit/guarantee, and so on...

As far as legal knowledge: There is an insane amount of legal knowledge required for even the simplest monetary transactions between institutions (ACH/EFT/Wire transfers) and also credit card transactions. My advice: Get a lawyer. ;) ... Oh, also, I Am Not A Lawyer (IANAL). :)

I don't mean to dissuade you, but there's a lot to it, but if Paypal can do it, anyone can. <grin>

MM

[iblaine]

Paypal is more like a bank that's interested in risk management than an e-commerce transaction processing company. They started because they were the only ones willing to process the transactions that no one else would take. Paypal is successful where others were not because paypal has large amounts of data that they mine and use to calculate risk. Maybe start by talking to some credit card gateway companies but, as mentioned in a previous post, paypal is much more.

[safeascake]

thanks for your help guys pay pal just locked my account due to unknow reasons arrr 180 day waiting for money :(

[etechsupport]

To create e-commerce online store it's cost effective to use unexpensive shopping carts such as ExtCart Shopping Cart Software ,3DCart, ShopFactory etc.

[Miklo]

You need a good acquiring bank that can back you up and is willing to take risks. If you have a solid business plan they might be interested. But as far as I know, there are lots of people in the industry already who are planning to 'do what Paypal does.'

But it isn't THAT simple, obviously...

[etechsupport]

"pay pal like site", 'do what Paypal does.'

“All our dreams can come true, if we have the courage to pursue them.”