Website that can take receive payments and lodge into customers account

bener

Hi,

I have an idea for a business and it would revolve around taking payments from customers and lodging directly into another customers bank account. There would be no sale of goods or services involved, it is more like acting as an intermediary between 2 parties if that makes sense. Basically, I am wondering how much it would cost to set up a website that can take payments from one individual and lodge it directly into another persons bank account?

I have no idea what goes into building a website, so this is probably a really silly question .

Thanks,
Bener.

Graham

Before you even think about the website, I'd be checking the financial services regulations.

Once you're satisfied you don't need any regulatory approval or licenses you'd move onto writing a more detailed spec. How do the parties pay, how do they get paid, what security will you need, will you need anti money laundering measures........

smash

So you want to make PayPal?

KonFusion

bener, it seems like you're trying to get someone else to do your scoping and research for you - which would be what is required for anyone to give you an accurate cost.

I'd advise you to contact your local enterprise board, or similar, or any of the multitude of web-development/design companies in Ireland who may be able to provide you with some sort of quote.

I have no idea what goes into building a website, so this is probably a really silly question

If you're business is going to be completely web based, you may want to remedy this - or find a business partner who does know.

Also, you're idea for a business has already been done by many well established multinational companies. Unless you have some significant capital and some sort of USP, I imagine you'd find it very hard to compete.

bener

Sorry I think I explained what I'm trying to do quite poorly.

I will be providing a service and it will be aimed at a specific market.

The service will be based around one customer being able to lodge money into another persons account. The money would be given as a donation, as there will be no buying or selling of goods. This is the best I can do, without giving away exactly what I'm trying to do.

What way would someone go about hosting a service such as this. Would you use PayPal on the website? Would that mean both the sender and person receiving the donation would need a PayPal account or is there a way that the money can be lodged into the account directly?

I plan to make money by charging a small percentage on the money that will be transferred.

Thanks for all the help so far.

28064212

You really need to step back and forget about the website part of it for the moment. Study the financial side of it, there's quite a lot of regulation involved in becoming any sort of payments provider. For a start, why would company A transfer money to you instead of just transferring direct to company B? Are you planning on accepting credit card payments? Have you looked into what's required to do that? Who's going to be responsible for the money after it leaves company A but before it gets to company B? Is it just going to be "resting in your account"? What kind of liability do you have if the money doesn't get where it's supposed to?

After you've studied all of that, and figured out how the process would work independent of a website, then you can look at bringing a website into the mix. From what you've said, it sounds like similar to http://www.mycharity.ie/info_faq.php, so have a look at it

bener

28064212 wrote: »

You really need to step back and forget about the website part of it for the moment. Study the financial side of it, there's quite a lot of regulation involved in becoming any sort of payments provider. For a start, why would company A transfer money to you instead of just transferring direct to company B? Are you planning on accepting credit card payments? Have you looked into what's required to do that? Who's going to be responsible for the money after it leaves company A but before it gets to company B? Is it just going to be "resting in your account"? What kind of liability do you have if the money doesn't get where it's supposed to?

After you've studied all of that, and figured out how the process would work independent of a website, then you can look at bringing a website into the mix. From what you've said, it sounds like similar to http://www.mycharity.ie/info_faq.php, so have a look at it

Thanks for the reply.

Where would I get info around financial regulations for this type of service?

28064212

bener wrote: »

Thanks for the reply.

Where would I get info around financial regulations for this type of service?

Your bank and the BPFI