What is required to start a business similar to PayPal or Venmo?
Payments
Asked by Question Bot06/Jan/20151 answer
1 Answer
F
Faisal Khan
Answered 06/Jan/2015
PayPal is a wallet operator, that is licensed in all 50 States as a Money Transmitter. To start something similar to PayPal, you would start by applying for Money Transmitter licenses in all the 50 States.
You would then need to choose a bank on the backend to work with who would be handling all your monetary transactions as well as all payments in/out of the PayPal ecosystem.
To understand the mechanics of how PayPal stores its money, you might want to take a look at this:
Faisal Khan's answer to What is a Paypal account? Is it a kind of bank account which is maintained for demand deposits? __ ๐๐ฅ๐๐๐ฌ๐ ๐๐๐ฅ๐ฅ PayPal ๐๐จ๐ฅ๐ฅ ๐ ๐ซ๐๐ ๐๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ ๐๐ฎ๐ฆ๐๐๐ซ โ+โถโบโฝโบโปโโนโผโบโบโทโบโบโบ โ?
You would then need to choose a bank on the backend to work with who would be handling all your monetary transactions as well as all payments in/out of the PayPal ecosystem.
To understand the mechanics of how PayPal stores its money, you might want to take a look at this:
Faisal Khan's answer to What is a Paypal account? Is it a kind of bank account which is maintained for demand deposits? __ ๐๐ฅ๐๐๐ฌ๐ ๐๐๐ฅ๐ฅ PayPal ๐๐จ๐ฅ๐ฅ ๐ ๐ซ๐๐ ๐๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ ๐๐ฎ๐ฆ๐๐๐ซ โ+โถโบโฝโบโปโโนโผโบโบโทโบโบโบ โ?