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What fundamental tools are required to manage payments online globally as a US based business?

I have an e-commerce platform that we wish to run transactions on and that we hope will be used globally. A great system that comes to mind is elance.com. However, what are the building blocks needed to handle international transactions? Can it be all done through PayPal? And what are the pitfalls?

3 Replies

Lane Campbell
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Lane Campbell Advisor
Lifelong Entrepreneur
You can run all global payments through Paypal,

Paypal is not a bank so it's not regulated. At any time they can seize your funds and there is very little you can do about it. They hold all the cards if you go through them and can put you out of business just as quickly as you got started.

There are traditional merchant account processing solutions you can vet but your probably better off getting started with something likehttp://paylane.com/ that has all this worked out already.
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Do you need it to be global or you "hope" it will be used globally? Honestly, if it's not a huge need right away don't worry about it.
It's like take several more months to build a site that scales before you have any users. If you have scaling or global payment issues you'll find someone to help you - it's a high class problem. Focus on getting users.
Other than that, there are also tons of conversations on the topic good to follow the topichttp://members.founderdating.com/discuss/topic/Online-Payments
http://members.founderdating.com/discuss/topic/Payments
Arthur Torelli
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Arthur Torelli Entrepreneur
owner at Electronic Processing Consultants
Dominic, International payments is a complex issue. If you are talking about only a few transactions than any standard merchant account and gateway can handle those. If you have a lot of business in several counties you need to be very careful. Without knowing more about your project its hard to say what you should be doing. Feel free to send me an email and I can begin helping you. My initial consultations are free. If there is a way to work together in the future after that we can come to another agreement. Thanks Art T. [removed to protect privacy]
Dominic F. Tarantino
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Dominic F. Tarantino Entrepreneur
Account Executive at New Horizons Learning Group
Thanks everyone for the great responses. It was enlightening and also confirmed things for me as well.

@ Arthur - I'll shoot you an email to tell you more. Thanks!

D
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