Hello all,
Need some good advise from you guys.
I am planning to run our own payment processing system just likes paypal or stormpay.
I had bought the script and installed them at:
http://www.webringgit.com

The site is almost 95% ready and some minor work required. They will be SSL cert added later via godaddy SSL cert service - currently under applications.

Now, what do you all thinks for our local Malaysian processor? I am also setting up the paid to surf site that will use my payment processor as a payment gateway (site will be simillar to 4daily).

Let me know ok.

rgds

that's interesting! keep us informed about your website progress.
Is it limited for Malaysian only?

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LiewCF | Malaysia Bloggers Forum

Thanxs lcf,

The processor is currently set up using RM currency - purposely for Malaysian users and Malaysian online programs.
Registration are open - anyone can sign in but handle transaction in RM currency.

I am working with two other admins at
http://www.sfipay.com and http://www.veripaydigital.com.
Soon webringgit user can exchange webringgit RM to USD via sfipay or veripaydigital and vice versa.

Will kept posted on the site progress.

Thanks

Good Luck with your venture.

But a general point of advice (from what i read on previous startup of paypal clones).

Make sure you have sufficient financial backing to refund clients in the case of hacks, system errors and etc.

SSL does provide some form of security but still not bullet-proof.

In addition, always make sure your script is up-to-date in terms of security and user-friendliness and always improve on it since it relies alot on people's trust on your service.

Hope your venture will bring ecommerce to a higher ground in Malaysia

Just a quick note.

If you do not have any license from Bank Negara and accept money that is against the goverment law.

I might be wrong.

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Danny Goh
GetHosted.com.my

Thanks in_flu_ence & gethosted for the input!

SSL cert also provides $1000 USD of financial protection warranty to the customers if they were to suffer financial loss at the site certified.

I am also back up some fund from my other online programs for that purpose.

BNM license - that some how worries me a bit - anyway as I seek advise and help and the outcome is webringgit is actually not a bank or banking service, where you stored your money inside and earn monthly interest in it. They are a credit processing system where user buys a webringgit credit (RM1 = 1 credit) and transact using that credit value thru webringgit. Users can sell back those credits to webringgit for cash. Funding webringgit acc means buying the webringgit credit for transaction while withdrawn the fund from webringgit means sell back the credit for real RM.

To avoid any problem in misunderstanding and use of the system, I had take out the credit cards and bank account information from the sites, user may sign up and use the system without any credit card or bank info needed.

But if anyone had any ideas on the license and how to run it properly in Malaysia, I am very happy to hear it.
Please share it here.

Thank you

Well. I re-visited your site today and have 2 more questions that pop up.

1) I am a merchant myself and can feel the pain about chargebacks. However, it might also be a pain to buyers if chargebacks are not entertained. Does that mean there is no protection over them paying via your payment gateway?

e.g. If the buyer thinks it is a fraud but you doubt so, he might simply call his credit card company to terminate a transaction. That's chargeback isn't it? since the transaction is denied and 'refunded'. In such case, his webringgit account is suspended and you lose a customer.

I would rather suggest think about more fraud protection methods rather than giving too much restriction to any group of potential subscribers. ESP you place your restriction Right at your first page.


2) From the news, you have two post on upgrade and go live.(Both on the same date). Clicking on 'go live' customer will read: oh 95% upgraded => system still buggy and the company put it to live. Trust is not there (at least I believe I did).

Also you said thousand had joined when it goes live on the 14th Apr. => People will have an idea that it is just a fraud site.

I do hope that these pointers might help and don't feel offended 'cause if I have such feeling, I believe there are others who will have that too.

Good Luck once again.

all the best in yr project....

but i think as gethosted said...u must have license from BNM..

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My Blog | Malaysia Bloggers

Anything of this magnitude will require you to have the approval of BNM. This has to be achieved before you proceed with next steps. Failure to do so will land you in hot soup at a later date. better to go thru the whole process now an dworry less later than to take it easy now and be thrown in jail later.

Best wishes and much success in your venture.

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Thanxs guys for all the positive comments!
These help me alot to ensure the site is properly runs and gain peoples trust with them.
I am looking for BNM licence and seeking their advise on it.
Anyone got any experince with the procedure please let me know.

As the chargeback and some page setting.
We will do chargeback for fraud transactions etc etc (fully understand on buyers/sellers right and protections).
See the last line as we will issued the chargeback for above illegal transactions etc.
For the 1st line - it is actually will apply for the outside funding sources - we will open egold/moneybooker/intgol etc other later one we have good stand in local source - soon to be some kind of exchanger services). Hope that will clear the notice and i will do some editing on it later if necessary.

some of the contents in the main page is actually a default content from the original script - i will edit them later.

Thank you so much for all the comments.

rgds
webringgit admin

hi webringgit.

just curious as to what type of scripts you are using and other security measures you have in placed.

is there any limits to the transactions ?

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has anyone used this service yet ?

i am in doubt of its authenticity until I get to hear some reviews

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You got a nice and easy to remember domain name, but you must talk to your lawyer before actually go live. Good luck.

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I don't know about you but if I'm not mistaken, you'd have to actually be a financial institution to do such a thing cause it is considered storing money or something like that. I'm not too sure about it. All I know is that I have actually thought about this and have even approached BNM and my lawyer about this idea and what they told me was kinda the same.

They told me that in order to process payment in Malaysia (in RM), you'd have to be considered as a Financial Institution as you are somewhat storing money and even though you're not giving any interest based on it, you'll still be holding the money and to get a Financial Institution license, you'd have to have assets of more than $10,000,000 (I think, I can't really remember the exact amount) in BNM's hands. I thought about that for a few seconds and threw the idea TOTALLY out of the window!!!

So, if I were you, I'd seriously look into the LEGAL part of this before really launching it coz here's the thing, if you get caught without a license or something, it's gonna be "Go to Jail. Go Directly To Jail. Do Not Pass Go. Do Not Collect $200" and the fine... oh lets not even talk about the fine, it would be rediculous.

Your SSL certificate actually covers you for the data sent between the user and your server. It DOES NOT cover you from hacks, attacks and all the other stuff. So, if you're a money portal (what you're doing), you'd better be knowing what you're doing on the server and well... be 101% (more than 100%) sure that security is tight enough and that there's people monitoring and on the go if anything should go wrong!

This project seems small but in actual fact, it's HUGE! So, please be aware of the other stuff that you'd need to do before venturing and pressing the button to "GO LIVE".

Ps. Fund by Credit Card = 10% plus RM4.00 per transaction??????? You must be crazy!!!!

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