How to start your money transfer portal?
With the Online money transfer in India booming with every passing day, setting up an online money transfer portal seems to be an attractive option for most businessmen across India. However, setting up an online money transfer portal in India can be a complicated and even tedious process if you don’t start off on the right foot. By the end of this blog, you will have all the information you require before getting started on setting up your money transfer portal in India.
- Building the base: If you want to set up the best money transfer portal in India, to enable online money transfer for your customers, it is always suggested that you try dipping your toes in the water before you go all in. Technology is a constantly evolving environment whose speed might take some time to get used to. Being a capital-intensive industry, a small mistake can lead to huge financial losses. So, take your time reading up about the industry, understanding the competition and other processes while ensuring that all legal formalities are complied with.
- Licensing: The money transfer business in our country is strictly regulated with a number of norms and rules set by the RBI. It is very essential that you acquire the license to set up an online money transfer portal. Acquiring the license can be a tricky process, post which you will be needed to keep yourself updated on the latest norms issued by the respective authority.
- Understand your competition: For any business to survive, it is very important that one keeps a keen eye out for what their competitors are up to. Being a tech-oriented space, it is quite possible that your competitors and you end up offering the same set of services, so you will have to identify something different and offer it to your customers in order to stand out. It can be prompt service, expertise or anything that adds value to what you already have to offer. In order to ensure that you are perceived superior to your competitors, you will have to know their pulse and make sure you play your cards right.
- Banking Access: It is always a task to get a bank to work with a new money transfer business. It is very crucial that you get a reputed bank to partner with you in order to ensure smooth transactions. For this, you might have to prove to the bank that you are not a fraud and have enough information, maybe even training to prevent frauds.
- Having the right software and systems: The software and the systems are the actual faces of your business. The software of your portal is what your customers will be dealing the most with, so it has to be done right. Speed, accuracy and user-friendliness are three elements that will lead to a satisfied client. This is often the most expensive part of setting up the money transfer portal and it is advised that this must be done with a lot of care. At PayInc, we provide you with an easy software solution for your portal by giving you fully customisable software, on a monthly subscription basis, so that building software is no longer an expensive and time-consuming affair. To know more, click here.
- Getting started: Being a capital-intensive business, a money transfer portal can cause you a lot of financial loss if not done right. You might also find yourself caught in a legal mess if things really go sideways. So start small. Dip your toes in the water before you dive. Take your time to really understand the business, build lasting relationships and goodwill and then go huge.
With these points in mind and a good business plan, you are guaranteed to be successful in this field. We wish you the very best for your future.