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How to build online bank sites similar to Paypal

Discussion in 'Hire a Freelancer' started by pucca, Jan 15, 2010.

  1. pucca

    pucca Newbie

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    Can anyone please guide me what all are the things required to start an online money laundering websites like Paypal or Moneybookers?

    what permissions are required for setting up a service like this and whom to access to get all those permissions?

    Any sort of guidance will be entertained.

    Thank you
     
  2. BigBuddy

    BigBuddy Account Under Review

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    Sorry to say this, i also tried to gather this info and ended up, because it requires huge investment and lots of human resources.
     
  3. nixnash

    nixnash Power Member

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    Well , i actually contacted bank , but there are lots of policies and eligibility thats needs to be met before you start something like paypal .
     
  4. origin

    origin Regular Member

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    @OP, got $1 Billion? if so, it's easy to create a site like PP.
    BTW, what are you hiring for?
     
  5. pucca

    pucca Newbie

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    i just need the some guidance first............. then i will hire people to make a physical one
     
  6. freaky1718

    freaky1718 Newbie

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    It requires a lot and a lot of work and also a lot of money to make it safe and secure and api and stuff . You also need to add or modify something that makes you better than paypal.
     
  7. Alex Brooks

    Alex Brooks BANNED BANNED

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    It's going to require thousands of dollars in for the core script/design, then another couple thousand to hire some hackers to try and hack your website, then thousands more to hire people to get everything working, probs $40k+?
     
  8. nemsis

    nemsis Jr. VIP Jr. VIP Premium Member

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    In EU you can open a web bank with 30k €, but the big big challenge is:
    1) code it (you need something REALLY secure)
    2) promote it (people will see you as a scammer because you don't have reputation)
    3) make people trust your website this will be the most hard (and nearly impossible because that's why paypal was nearly going to close, because a lot of people did not trust them at the beginning)
     
  9. darkmobius

    darkmobius Regular Member

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    your guidance, first guidance is do you have the money?
     
  10. Theodore

    Theodore Power Member

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    if you try and google "hackers to help you with your site" or whatever that wont work :p lol the professional term is "IT Penetration" and it will cost you about 5k-10k per a person if you want some one good to try and hack in.
     
  11. ClThis

    ClThis Regular Member

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    Damn this sounds fun
     
  12. freaky1718

    freaky1718 Newbie

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    It's only fun when you have the money to watch someone else pull all theses resources together.
     
  13. non-prophet

    non-prophet Regular Member

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    It's not as impossible as people make it seem. You need an investment for it, but if you have a tangible business plan and credit, you can get a loan. I have worked with like 4 different credit related companies that have made their owns stupid ass online debit card systems and they never took off.

    The one that came closest to making anything worth while was quantum express.. google them. they had a twist on the system.

    All the people I've seen try it were financial types with no marketing sense or ingenuity. MOst often they are greedy and think people will just buy the service because it's there.... like nobody reads the fine print anymore or something.

    The ones that are more legitimate pair up with a credit card company in some way.

    I'll tell you this, if you are in Canada and you have a good idea, but money is holding you back, i can get you a loan. Anyone with decent credit and a good plan, i can get them a loan.

    Now for Quantum express... their marketing tactic is a referral program. Every idiot in this country who is over the age of 45 and launches a new financial service idea, thinks that it will just market itself as an MLM.

    If any of you figure out a good way to rape their referral program... let me know.

    I can always use a good laugh.
     
  14. mrsix

    mrsix Power Member

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    it's NOT easy. I know a guy that did it and after nearly a year in the works and god only knows how much $ it's still not 100% functional thanks to the backwards ass regulations/rules/requirements/etc of dealing with virtual currency
     
  15. non-prophet

    non-prophet Regular Member

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    Perhaps, but if you check out my example, it took them about 6 months to set that up. Now, these people were no strangers to the financial industry when they started. Also, it's based out of Canada, might be more difficult in US or Britain, but as far as i know, all you need is the licensing. If you partner up with someone licensed to deal with said service... i think in this case the founders were a mortgage broker and an investment banker.
     
  16. non-prophet

    non-prophet Regular Member

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    Also, keep in mind... of course there will be regulations to pass and whatnot... it's finances, IT HAS TO BE REGULATED, but it isn't as difficult to do as people think.

    The key is to check into the required licensing in your country before you start, otherwise you're just a dumbass.
     
  17. GreenGoblin

    GreenGoblin BANNED BANNED

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    the programming to make it automated might cost u a few grand, and the advertising and marketing, but the actual set up is pretty easy but u will need a hardcore programmer. I'll explain. See when your a merchant with visa and mastercard and your gateway has something called a "ECC" extended credit Capabilities service u can deposit money in anyones bank account and take it out at anytime u wish, how do i know because I do it now, authorize.net has it. All i have to do is have the cc# or bank account routing and account number and send the money to the users bank account it shows up as a credit from my company name on there bank statement, same as paypal i can also extract the funds any amount i wish at anytime. like i said the problem u will have is the programming making it automated with emails and such, hiring a lawyer to protect against liability advertising and marketing. but the initial idea cost less then 100 bucks.

    Some of the responses on this thread made me laugh, 1 billion dollars. the people who came up with the idea didnt have a billion why would it cost that much.
     
    Last edited: Jan 19, 2010
  18. darkmobius

    darkmobius Regular Member

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    i think the work involved has scared our little OP friend away, i still think its crazy to even think about going head on with Paypal.
     
  19. pucca

    pucca Newbie

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    i agree with this..... its the payment gateway which is causing problems