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paypal stuff

Discussion in 'The Lounge - Off Topic' started by zxspectrum, May 1, 2009.

  1. zxspectrum

    zxspectrum Gigabyte Poster Premium Member

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    Just been thinking

    Ive been using paypal a lot recently and for what they are charging me for seems a bit stee, as does the charges ebay give out as well. Anyway on the paypal side how would i go about setting up sometthing like paypal where i basically undercut them?? Its just a thought but to be honest id love a go at it, maybe do it as a project for my uni dissertation???

    But id need a bit of guidance from you lot lol, maybe its out off my reach

    ed
     
    Certifications: BSc computing and information systems
    WIP: 70-680
  2. Gingerdave

    Gingerdave Megabyte Poster

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    Hi Ed

    You main problem will not be a technical one but a legal one. I used to work for Customs and Excise and one of the regiemes I used to have officers in was Anti Money Laundering, and christ was it messy.

    Effectively if you are planning on moving an amount of money on belhalf of someone else you need to be registered with HMRC as a money transmitter, the cost is approx £80 IIRC, and then come the following following rules and restrictions

    for each of you clients you must keep all records of transactions with that client for 5 years from when the relation ship ends. Secondly you must keep detailed records of customers, their addresses names, and all the information necessary to ensure that they are who the say they are. This is massiviely more difficult then operating as a shop where you can see the clients and ensure they look like their passport (however this would count me out). Thirdly there are rules set buy the Tresurery about funds which leave the Banking authority of the UK, Im am very fuzzy on this area as it was never one I dealt with.

    There are alternatives to paypal such as Nochex who are a Leeds based company I visited which off Money Transmission similar to Ebay as its bussiness mondel. Its been about 3 years since I went to see them but they started of very sowly and spent a lot of time ensuring them comply with the law on the subject, an in fact their nomianted Anti Money Laundering person, it was their full time job, that is all they did so you can imagine some of the difficluties you might face.

    I hope this hasn't discoraged you too much but I thought I would let you know some of what you may face.

    Good Luck
     
    Certifications: A+,MCP, MCDST, VCP5 /VCP-DV 5, MCTS AD+ Net Inf 2008, MCSA 2008
    WIP: MCSA 2012
  3. Sco0t

    Sco0t Byte Poster

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    Yeah, your right it is steep. Paypal have a monopoly over it but cause eBay owns it so your basically using that for transaction on ebay apart from the odd one. They rip you off and the support is pretty crap. There is alternatives, but you need to find someone who would use it.
     
    Certifications: Bsc Net/Sys Support, HND Tech Support
    WIP: Network+
  4. zxspectrum

    zxspectrum Gigabyte Poster Premium Member

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    Well thanks for the heads up on that, its not put me off relly. Ill need to look into a database set upfor keeping all details and the actual site that would be the interface with the customers. However, as im goingto be starting from scratch (theoratically) id limit myself to the UK etc. To be honest, what doe a simple transactin cost, it cant bemuch. Then i think of people on switch boards people to lookafter the servers and of ccourse attracting and keeping a client base. And i spose getting into partnerships with companies, just so they start using the service, would be god.

    Basically id want to undercut paypal, which would not be hard, i mean, 20 quid for a 190 transaction is utter daylight robbrey, even ddick turpin had the courtesy to wear a mask.

    Gingerdave, anything else i should lookinto ???and would youhave any links for me.

    Thanks

    Ed
     
    Certifications: BSc computing and information systems
    WIP: 70-680
  5. Sparky
    Highly Decorated Member Award

    Sparky Zettabyte Poster Moderator

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    You will also be up against worldpay as well http://www.worldpay.com/

    An ambitious project I must admit. The infrastructure alone would cost thousands unless you went for a hosted solution.
     
    Certifications: MSc MCSE MCSA:M MCSA:S MCITP:EA MCTS(x5) Security+ Network+ A+
    WIP: Exchange 2007\2010
  6. Gingerdave

    Gingerdave Megabyte Poster

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    Try having a look at this HMRC pages on Anti Money Laundering this is what they work from, there are also numbers for registration and someone over there should be able to help you out, if not drop me a PM and I will attempt to get in contact with one of my old visiting officers and see if they would be willing to help you out if you have questions.
     
    Certifications: A+,MCP, MCDST, VCP5 /VCP-DV 5, MCTS AD+ Net Inf 2008, MCSA 2008
    WIP: MCSA 2012

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