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  1. #1
    Join Date
    Mar 2004
    Location
    Liverpool(UK)
    Posts
    2

    * Setting up an Online payment processor

    I have recently bought a script for a online payment processor similar to bothPaypal/Stormpay.

    What I need to know is the best way to set it up so that members can withdraw funds from their account
    (ie) electronic transfers,cheque or whatever means is best.

    I am based in the UK and some of the regulations appear to be a bit different.

  2. #2
    I suggest you look at other posts regarding this matter. You are proberly breaking the LAW and I know for fact that the UK banks will take a dim light in providing this service. Especially after one of the major 4 was fined $1.5m for not locking down money laundering.

    I would serious check with lawyers to ensure what you are trying to do is both ethical and allowed.

    Processors with Aggregator accounts have to go through a lot of red tape in order to process.

    Good Luck!

  3. #3
    Join Date
    Nov 2000
    Location
    Newport Beach CA
    Posts
    608
    This is really something that you (as the previous posted said as well) should speak with a competent legal team familiar with the issues surrounding this before you do absolutely anything.

    There are so many things to take into consideration and it's in your best interest to get sound, solid advice from those who know the law.

    Good luck though!
    VOIPO - VoIP Telephone Service

  4. #4
    Join Date
    Dec 2001
    Posts
    202
    Yes, countries such as the UK & US have very strict laws regarding online payment systems. They may consider you to be a bank, requiring you to have a banking license (which requires millions of $ in start-up capital). Most of the payment systems online are located within jurisdictions more friendly to such concepts.

  5. #5
    Join Date
    Mar 2004
    Posts
    999
    Yeah. It maybe strcit in UK, US etc..But not in my country. I know what script he's talking about. But you'd need to have its integration in your billing system to work, or it'd be all messed up.
    When everything seems under control, you're just not going fast enough Mario Andretti, Racer

  6. #6
    DENIED! lol

  7. #7
    Join Date
    Mar 2004
    Location
    Liverpool(UK)
    Posts
    2

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