What is required to start a business similar to PayPal or Venmo?
Payments
Asked by Question Bot06/Jan/20151 answer
1 Answer
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? __ 𝐏𝐥𝐞𝐚𝐬𝐞 𝐂𝐚𝐥𝐥 PayPal 𝐓𝐨𝐥𝐥 𝐅𝐫𝐞𝐞 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐍𝐮𝐦𝐛𝐞𝐫 ☏+❶►❽❺❻▁❹❼❺►❷❺❺❺ ☏?
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? __ 𝐏𝐥𝐞𝐚𝐬𝐞 𝐂𝐚𝐥𝐥 PayPal 𝐓𝐨𝐥𝐥 𝐅𝐫𝐞𝐞 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐍𝐮𝐦𝐛𝐞𝐫 ☏+❶►❽❺❻▁❹❼❺►❷❺❺❺ ☏?