The Money Transfer assistance project assists in the transfer of funds between two persons. The transfer of funds from one person to another account was the sole duty of banks in the past; private individuals in the current days create corporate money transfer. Two popular money transfer companies are PayPal and the Western Union (WU) companies.
There are some licenses you need to get turned on commercial money transfer. This is like a money transfer license issued by the National company to send Money Association (n MTA), and you are also required to register for commercial money licensing services. A business money transfer is a very intense business and you are required by law to have a certain capital base and mutual bonds to manage the trade money transfer.
1. Development of a plan of action
Business plan is very important in managing this work. It serves as a road map or business guide. Your business plan must contain all the basic details of your business. You should be able to answer questions like; Will money be transferred through the Internet or offline platform? Minimum capital requirements provided by your state and how do you intend to raise this rule of capitalism?
Where will the work site be? What are the banks that will work with them to carry out the deals? There will be agents working for your business, and what will be the duties of agents? What would be the structure of the business; would it be a single working man or would there be business partners? The answers to these listed questions will serve as a guide to business.
2. Company Registration.
You must register a company to act as a legal entity. Due to the nature of business money transfer, you may need to register a business as a limited liability company. You can decide to go public and make arrows to the public.
3. Apply for a work permit.
Do not confuse this with other licenses that will be discussed at the next point. This is just a basic license that will allow you to run your business in the state. Therefore, visit your city district for a work permit; The license is obtained at no cost after filling out the registration form.
4. Apply for other licenses.
The first licence is the money transfer license issued by the National Association for the transmission of funds. You must visit the association’s website to check the requirements and apply for a license. The second is to submit the application form for the recording of cash services to the Financial Crimes Enforcement Agency; It is an agency in the Treasury Department.
5. Create a bank account.
You are required to create an account with any of the commercial banks in the country to enable the company to successfully transfer money from one client account to another.
6. Get a website office.
The next step is to get a website to serve as an actual office address for business. Basic office supplies such as computers, telephone lines and various departments should be established to effectively manage business in the business office. The core departments that will be established are account departments; Reception departments; and customer Care section for online and non-customer enquiries.
7. Recruiting your employees.
This work has to do with money, next it will require very honest staff that would maintain a high level of integrity. You have to perform a background check on every employee who will be hired to work to your bank. This is to bring out people who suffer from financial or violent history. The company can check the background and help you deal with the responsibility of performing a comprehensive background check on your employees.
8. Platform on the Internet.
If you want to run your money transfer business on the internet just like PayPal, you will need to create a site on my web site where people can create accounts, finance their accounts with credit cards and also transfer from one account to another.
You will need to hire ethical hackers to create a firewall around your website to keep me away from hackers from hacking into the base your data and the account of others; Once a major pirate can calculate people, your business will lose its credibility and customers. You can also get it on me it’s an online payment process for ecommerce websites to use and receive payments from their customers on the Internet and customers.
10. Advertise Your Business.
You need to put aside quite the size of the budget able to advertise money transfer. You can partner with financial institutions to approve your trading money transfer. Ads on the Internet and especially on social media platforms like Facebook to score tens of millions around the world every day, can help you draw the required attention needed for your business. YouTube is another online platform that can guide the targeted traffic to your business.
If you are not ready to go through all the above-mentioned process to start your own money transfer business from zero, you can apply for an agency license in any of the large money transfer companies such as the Western Union. As an agent, you get paid for all transactions that are made through your platform.