how hard is it to create an electronic fund transfer firm?

**tbeer22** · 08-03-2007 06:39 PM

I was wondering what it would take in terms of resources (capital and time) to make a neteller or paypal like service. I'm talking about an all purpose electronic funds transfer website where money could be sent and received immediately at a low cost. I don't have any IT or webdesign skills, but I would very much appreciate some input or advice. Thank you in advance...

P.S. anyone who is interested in working on something like this?

**tbeer22** · 08-03-2007 07:22 PM

are there any experts in the building?

**crackah** · 08-03-2007 07:46 PM

Originally Posted by tbeer22

where money could be sent and received immediately

I believe there would be security issues with that? idk, but doesnt it need to be validated etc?

**tbeer22** · 08-04-2007 01:33 PM

ya, but those would be addressed once the site is built obviously...

**David Rocci** · 08-04-2007 03:34 PM

What would make your service different from paypal?

-dr

**tbeer22** · 08-04-2007 04:27 PM

Wouldn't charge fees; instead would make the service free, by placing advertisement in emails. Also bridge the gap between online and offline commerce. Making it an all purpose bill me later service!

**Paint and Air Sportz** · 08-04-2007 04:44 PM

You do realize that the fees paypal charge reflect the charge that they are billed for each transaction from mastercard/visa, They might make .5% out of the 3% they charge,

Also you must be certidified by the FDIC which im sure costs a hell of alot. And im sure paypal spends millions each year on security and making it unhackable.

**usakos** · 08-04-2007 04:52 PM

It must be possible for something like this. I mean there's always a room for something better.

The only problem you will face it that, the market is over-crowded by services like PayPal, Google Checkout, and the recently announced AmazonPayments, and when you mention Bill Me Later, there's already a service called BllMeLater.com.

And if I were you, I will try to stay away from starting something whose revenue stream is solely based on advertisement, because the Bubble 2.0 is just about to bubble again, just like 1999/2001 Web 1.0 bubble.

Since you have no background in IT, the best thing to do is to align yourself with a trusted friend or partner who has experience in ecommerce.

I'm sure if you do it right, cover all your ends, then I'm sure you can do it. Just do a complete market research, compile a full list of all your potential competitors and see what they are or not doing well.

And then differentiate yourself from them. As long as you provide, better, efficient, faster, and more customer oriented service, then I am sure there's always a room for everything.

Except, most people (companies), like us, have patented their systems, so you may encounter huge and expensive lawsuits and or problems if you infring upon someone else's patent rights.

I am sure you've been following the court case and judgment against Vonage?