glad.romance asked:
Of course it will be 1/10000 of services StormPay provides , but if I wanted to offer my website members the ability to add funds using their credit cards to their accounts , and then use it to transfer money to their friends or shopping in affiliated websites ( with mine ) ,, do I need a merchant account , payment gateway or what exactly ,,, sorry I’m not familiar with such issues.
Kansieo.com
This is something you almost certainly won’t be able to do for multiple reasons:
1) You need to find an acquirer that will allow you to offer this service. Basically you will need to go to one of the largest processors directly (Like Nova, First Data, etc.). They will require a lot from you to do this such as a large sum of money as a deposit (probably millions of dollars), a background check, a credit check, and lots of contracts to be signed.
You can’t do this will a regular merchant account because allowing others to use your merchant account to accept payments is called factoring and strictly forbidden. Doing that would mean your account is shut down immediately, your money is held, and you are banned from ever accepting credit cards ever again. That’s bad.
2) You will need to be PCI certified which, for the kind of service you plan to offer, will be difficult. You will need to make sure all of your servers are secured and impregnable as you will be storing credit card information and other sensitive data that hackers will definitely target. If you get breached your life will be ruined.
3) You will need to write your own software for interacting with the acquirer that lets you offer this service. It takes months to write and be certified on their platform. You’ll need to use a high level programming language like C/C++ as regular web languages just aren’t meant for tasks like this.
4) The biggest issue you will have is fraud control. Fraud will be rampant and if you can’t control it you will be shut down without notice and your funds held from you for a very long time. Of course you can expect to be sued by your users if that were to happen as that means they lose their money, too. Controlling fraud would require a large investment in fraud prevention and even then it would only minimize it and not prevent it completely.