Please What do you think guys.. starting up an Online Payment Solution, Accepting Credit Cards and processing it and seller can easly.. withdraw his/her charge using any Bank that Uses ATM Machines What do you think, is worth starting up.

1. Is it a good Idea

2. What are problem you might likely Face..

3. Any Advice.. ??

Already talking to Interswitch... So i need your opinion..


I really want to start up a Real Good Solution.

Your idea is not bad.

The main problems with this line of business are in building the capacity and infrastructure to start. If you can start on a good and strong footing, sustaining the momentum shouldn't be that difficult.

Another big problem is FRAUD. I hope u wont spend the bulk of your time attending to cases than maintaning your infrastructure.

Nice idea..u really can do it. U just have to contact other companies who have been operating such and find out how they deal with fraud issues, Don't give up the idea. In every business they are bound to be risks and disadvantages but if u let this put u down and some one else starts this business, u'll only end up saying "dat was my idea"!! too late then. good luck.

Try and integrate an escrow system with your payment system and make it free and compulsory for all transactions, then make sure you have a small team to resolve disputes as they arise.

do u have enough strength for that, even interswitch are having it a lil difficult to implement an online debit cardystem
. omo lets face total facts.. with out any backbone (strong) and total tkh it would just be yet another dream.. it just doest work without money.. really trust me  from experince

its a good idea but you will have to look at the financial implications of the entire proposal vis - a - vis the uncertainty existing in the country now with regards to ongong banking reforms.

@ smartsoft ; i thought stuff like that existed in Nigeria already?

It's a great idea. And as lucrative as any other online business out there. But your anti-fraud policy will have to be tight, being Nigeria n' all.
Make sure you're up-to-date on cutting edge tech. equip and make sure you start on a solid foundation, so it doesn't cost too much to keep the system running.
Good luck.

Is it that you want to be offering the service or do you want to be accepting online payments.

If you want to be offering the service i think you must be a bank or have a bank with good interconnectivity to all their branches.

I think it's only banks that can pull off a working system as complex as this.

I think you can build a prototype of the system and demonstrate it to them propably they will lilke to partner with you.

Starting a service like this is very simple and easy if only the infrastructures are readily available.

You'll probably get killed in the business, take a look at your competition out there. Unless you have about one billion naira, you aint got a chance. Not saying it is not a good idea but managing money is what it is, high risk and low yield.

@ocho.. Even though it exit.. you can still start up urs.. Check it out .. thousand of people out there has Hosting Company.. So what ou saying about it been exited in Nigeria, Doesn't matter.

See guyz alot of ideas come like to me.. and money to excute such things woun't come.. i could vividly remember a day i taugh of an idea, and i spoke with Kayzee About it...Yeah V-mobile wanted to sponsor.. but don't know what happend Now Another idea.. Well what i want actually is.. A system where by  u get to stage in a website Where you want to buy a particular Product, And you  puch in all your Credit Card Information.. Then the system.. process the stuff and if it's valid it direct the stuff to you.. the seller.. Then You can now take the information to any bank that uses.. ATM I guess you guyz grab my point. But looking at it from another aspect.. is a big project..


@seun Thanks man
@Timmy.. i just found out that interswitch it's self have not yet start doing that self

Well to other fellow members oooo E na thnk you ooo.. Love you guz


Before this project came in i had one like that. Which is an SMS stuff Where by u can buy a CArd called SMSReCharge.. is in form of a Voucher like RechargeCard.. the minimum would be 500sms, Nigerians Can enter that to there GSM phones, and it will credit there Phones with that...SMSCredits

Guyz What do you advice.. Cos i'm in BTW the Wide Sea. 

Thank You for you Post

Your idea is cool,really great but one needs to know how you intend to accept and receive payment that will be devoid of fraud ?

Perharps we can chip in a little bit of dos and donts of cybercrime

Goodluck


Bishop

See guyz alot of ideas come like to me.. and money to excute such things woun't come.. i could vividly remember a day i taugh of an idea, and i spoke with Kayzee About it...Yeah V-mobile wanted to sponsor.. but don't know what happend Now Another idea.. Well what i want actually is.. A system where by u get to stage in a website Where you want to buy a particular Product, And you puch in all your Credit Card Information.. Then the system.. process the stuff and if it's valid it direct the stuff to you.. the seller.. Then You can now take the information to any bank that uses.. ATM I guess you guyz grab my point. But looking at it from another aspect.. is a big project..

I don't think any right thinking person on planet earth will readily give out their credit card details to a Nigerian in Nigeria at this present moment.

I think your idea will be better if it will be able for that person to peg the amount you can deduct from his/her card for that transaction.

I wouldn’t like to dampen your aspiration(s), but I don't think Nigeria is ready for credit card payments yet. I too have been looking forward to a solution like this for long but I think it’s only banks that can pull off something like this. Abroad is banks that are backing such ventures.

Have you considered the new First Bank’s card, I think they can incorporate paying to a those cards directly (since it carries customers account balance, I think) from there they can make deducting payments from those cards possible, but card owners must be able to issue a sort of PIN that will be valid for a particular transaction which must become invalid after a sucessful transaction.

There are possibilities and innovations but who is going to bell the mad bull.

hummmm.. thats a big word there man !

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Hey Thats COOL. I am one of the hidden Nigerian GURU in web programming and other aspect of IT in General. But not forgeting one thing (Our Names NIGERIANS [font=Lucida Sans Unicode][/font] has been seriousely spoiled out and within the country. No Naiger or outsider will like to risk his/her cash like that.

On the other hand is one of the best biz so far, I tell you now i buy most of myu stuff from abroad via Online Master Card which i paid minimum of $25 into a foregn bank account in Naiger to be converted. you can see how small is the cash to be change to into $ not like as our bank put their own.

so bro. talk about the froud is one thing we naiger have to fight. thousands of pro Harkers are out dare looking for what to steal

by

CHRIS

Pls how can i get the online Mastercard, is there any bank offering that service here.

Eco bank. Maybe First Bank too.

The problem with the first bank and ecobank cards is that no-one will accept them for payments online. Yes they are mastercards but cause you are shopping from Nigeria (IP) address or you will ship to Nigeria most merchants wont touch your transaction. Check out this site www.naira2u.com, they give you a Visa and Mastercard as well as a U.S. shipping address and then there are merchants in the US that accept naira through them, there is a post from one of such merchants advertising here on nairaland, look for it.

The problem is not with the cards. Its with the location. I actually used ecobank platinum mastercard in Dubai 2 months ago. I loaded 2 cards with 18,000$ each and withdrew cash in dubai.

Withdrawing cash is not the problem. Most people looking for cards are not going to travel. They want to shop online.

Thanks I will try that as well, will report back

Payboss when I last checked did not look too serious to me. Plus, it's a generic script.

Smartsoft, have you abandoned this project?