The ultimate payment system - wishlist

[italkcash]

How do you see the ultimate payment system work? What features would you like in it? What support and what setup would make YOU switch from E-Gold/PayPal to use a new system solely? I have a couple of ideas, but I would like to hear from you guys first.

[AzeAzeAze]

Firstly It would be a great idea to launch a payment processor..
In my opinion, you forgot an important payment processor which you should destroy it, which is Liberty Reserve..

About features:
- I think the payment processor should have many ways for withdraw/upload, for the withdraw i prefer to support Liberty Reserve, PayPal, CC, Wire Transfer and check. Because most of customers use these 2 online payment processors as their primary ones, because they are the most reliable ones and i think you know that no need for explanations.. and WT/CC/Check, we all need them however !
And for the upload i think you have to support all the payment processors because as your payment processor is new, customers already know about others, so they have some funds there, so everyone will upload some funds with many payment processors.

- To make your payment processor successed, you have to make a contract with a big/popular/most used in the net, website to force others sign up to your payment processor and use it as a primary one or whatever.

About the support: The best thing is to create a great group of people which already has experience in this area, and let them be online 24/24 hours, they must be from different countries because the time will be in your side, because it changes from country to country, simply i mean rotation of men to keep the support online 24/24 hours. And make an online support using a secured script for your website security reasons.. also there have to be a support with Tel, and via email.. as well !

And like so, i think you can beat up other payment processors and exploited their defects for you !

[id62000]

Well, yeah. Gotta have great security against DDoS attacks, due to which many processors get offline when you need it most (and lose funds in transactions during this time as well). Should have two servers running, with hourly backups (expensive, but i think that's how Paypal stays online against DDoS attacks).

Exchange may also be important, even if its banned, people WILL exchange (like in case of paypal).
Support is important - live chat, e-mail, postal mail and phone (skype).

Well, Paypal is widely accepted (this is most important). And i love it cause frauds that take place are few (due to the verification). And other like e-gold, coz it allows frauds and cannot be charged-back from "un-satisfied" customers. I think the new processor should support both (may be in 2 types accounts - anonymous and verified, so that members can use both services) (I wonder if this is possible?)

Should have some referral system...

Should support a variety of ways to accept payments into accounts - wire, bank transfer, CC and DC...
It should be international. And acceptable at most online shops, sites and programs.

[italkcash]

Personally I would like a system that offers an unlimited amount of Debit cards to be purchased and attached to the respective account, it makes it much easier, and also adds the ability to act as a trader and give people debit cards and load their account as a stand alone business (handling their finances on the card etc)

[id62000]

Yeah. That too. Paypal is popular partly because of its DC card, but its issued only to US citizens, unfortunately, so i haven't been able to try that.
Also, it shouldnt have a ready-made script like this one: AlstraSoft EPay Pro - Start your own payment processor and gateway business as they're likely to have many backdoors.

The limits (sending and receiving limits) per day must be reasonable, and not too low. If necessary, one would be ready to upgrade to a more premier account to have higher limits.

The main factors that a customer searches for are:
1) Transaction fees
2) other fees (like storage fees, account fees etc)
3) Products Accepted
4) Payment transfer options
5) Customer service
6) Limits

One another thing careful customers search for is if the processor follows the laws of their country, and has responsible administrators who'll keep clear of money laundering frauds and other such.

[italkcash]

I guess the important factor of a good payment processor would be that it has many places it can be used. The only reason to why PayPal is strong in the game is because it got in early, and because nearly everyone supports payments by PP.

But I think they did a mayor mistake when kicking out the adult industry and the gambling industry. They might want to look good, but we all know its a mayor loss in revenues.

[id62000]

Paypal is not brave. They want to keep on the good side of the FEDs, unlike e-gold. If not, they'll have to suspend their services to US customers.
Paypal was [re]created to serve e-bay. So playing it safe is not against their real intention.

True, but i bet in their first few years, when people hardly trusted internet transactions, they had the toughest of times trying to get people to deposit into them. Reputation is earned.