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Retire Young and Wealthy » Business Ideas: Internet payment processors
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Business Ideas: Internet payment processors

Written by Mike

Topics: Business Ideas, Websites

Other than discovering various beautiful spots around the world, travel is a great way to meet new and interesting people. In my hotel in Vientiane the capital city of Laos I met a fellow Aussie who runs his own internet payment website, kind of like Paypal.

He is a solicitor by trade, so he has no technical skills. He is good evidence that anyone with a good idea for an internet business can successfully set it up and get it running without needing the technical knowledge. Sometimes I get the feeling that people who have great technical skills are actually the worst people to start an internet business. They generally have too much pride and want to do all of the design and programming of the website.

This results in the project getting delayed and by the time it is complete they don’t have the energy or possibly the finances to market it properly. I don’t want to downgrade people who have great technical skills, but with the ability to outsource website design and programming functionality it hardly seems worth the trouble of trying to do it yourself or employing an individual to do it.

A payment processor seems like a great business to run. Once it is set up, you basically just receive a commission for every transfer completed. Get a few big ecommerce websites using your service and you have the perfect cash generating system. Paypal doesn’t cover every country around the world, so I believe the market is still pretty much open.

2 Comments Comments For This Post I'd Love to Hear Yours!

  1. Michael Mathis says:

    Yes Mike my name is Michael Mathis In your article you said that
    an online payment processor business is a great business to set up
    but I am not very technical on designing a website. I would like to setup
    this type of business but I were thinking about doing it myself. This save
    on the high rates that most website designers charge. This aussie that
    started his on payment processor in australia how did he design his
    website did he do it himself or did he find a cheap web designer to
    do it for him?

    Regards,

    Michael

  2. Mike says:

    The guy I met also wasn’t technical, so he had someone set up the site. I think you do need a bit of money behind you to set up this kind of business, as you will need some kind of relationship with a bank. Setting up a whole payment processor is also not going to be cheap.

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