Ask HN: How do you build a payments app like Venmo? I understand the MSB MTL side of the business and the regulatory barriers of entry, but how difficult is it to create a payments application that allows businesses to perform Bank Transfers and Credit/Debit transfers between two parties? |
Are you targeting just the US market and dollars? Going directly with a bank is cheaper but more complex [1]. And unless you’re adding significant value you’ll probably need a money transmitter license in your state.
And if you’re planning on letting any asshole on the internet use this, you need an anti-fraud strategy because settlement times are measured in days and there are plenty of ways that money can be sent but never refunded.
Good luck!
[1] http://engineering.gusto.com/how-ach-works-a-developer-persp...
Https://getsafepay.com
We partnered with a bank and built a custome Cybersource integration that supports visa and MasterCard cards
Let me know if you have questions
You can use plaid.com for that. It also integrates with stripe.com pretty well too.