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need credit card processor

for paypal clone

     
11:38 am on Jun 15, 2010 (gmt 0)

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i am becoming frustrated and i decided i will come to webmasterworld to seek for help.

i am building paypal/alertpay clone - its not really a clone but it is similar with more features and social networking idea.

as members will be depositing money - just like to paypal - and send user to user i need credit card processor. i talked to paypal and they said they cannot support me because i will be doing e-money just like them. competitor. i also asked at my bank. they said they can support any website as long as i will be shipping products but if i will be doing digital goods only - they cannot support it.

i do not want to give up but

i realized it will be hard to find a credit card processor - reliable one. i have a choice either to form my own processor [lots of $$$ and lots of papers - does not make sense] or i keep searching for one.

where do you recommend me to look for one? i would also be willing to pay to someone who can get me in so i can sign a contract with a cc processor. probably it is best to pay someone to do the research/emailing/phone for me and get me someone who will support paypal/alertpay clone.

any idea is appreciated... thanks!
2:11 pm on June 15, 2010 (gmt 0)

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I know that there is legislation about emoney processing in the EU and there may be in other countries as well.

Take care to check that what you want to do fits within your local regulatory framework before cutting any code.
3:59 pm on June 15, 2010 (gmt 0)

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You will need to partner with a bank on this, there is no way you will be able to do what you are describing legally without one. You would basically be acting as an online bank and would be in violation of a number of laws... We're talking federal prison here if you even try it, not to me tion seven figure fines.
5:24 pm on June 15, 2010 (gmt 0)

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i dont need 'dont do it' advices. of course i will be going to use legal path...

US based.

i need someone who can help with that - someone who knows how to get the contract signed, not someone who heard something [like myself]
8:33 pm on June 15, 2010 (gmt 0)

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A while ago, Elavon kept calling us, they seemed real hungry for business. They are US based but don't know much about them.
8:51 pm on June 15, 2010 (gmt 0)

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You might want to talk to Moneris. I know they don't require you to ship physical goods and you wouldn't be acting as a competitor to them.

If I were you I would look at framing your business model as a "digital goods" service.

Explain that people buy credits from you. Word your workflow so that it outlines that users will receive digital credits which they can trade with other users and redeem for cash.

This way you are selling digital goods much like online game sites like Warcraft, or Yoville, Farmville, and other sites that just sell digital books, PDFs, audio files and so on. Except you are selling credits.

Stay away from wording that makes it seem like people are storing money with you. Make it clear they aren't storing money they are buying credits. Which can be traded for goods or money.
12:33 pm on June 16, 2010 (gmt 0)

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Friday, I'm speaking as someone who HAS done it. You need to be partnered with a bank. No way around it.
6:59 pm on June 16, 2010 (gmt 0)

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very helpful, Demaestro, thanks! ill keep that in mind.