There are lot of start up companies in India which are running mobile wallet system. These platforms mainly focus on recharge services, bill payments and DTH recharge. So if you are planning to develop online recharge business software in India and are confused regarding how to start online recharge business here are some legal and technical steps that will be helpful to you for starting a new recharge portal in India.
1. Register the firm:
The basic step in starting any business is to get a legal entity of your firm. Most of the online recharge businesses software in India are registered as private limited company but being a start up company and new to this profession you can choose from the three legal options available.
Partnership firm: If you have someone with whom you want to test and share your ideas then you can go with this option. It is always best if you have partner to discuss the stuff but the only thing in this kind of registration is your liability is unlimited.
Proprietor firm: This option is best for all those who have low budget and just trying their luck and want to test their ideas. Unlike partnership entity in this type of registration also liability is unlimited.
Private limited company: It is the best form of registration as it includes limited liability option.
To select what is best for you choose the best company that helps you with every problem.
2. Legal documentation:
Unlike any other business, online recharge software for retailers also includes certain risks. So, it’s better to be sure with every detail by preparing a legal documentation. Some of the documents like:
Terms and conditions: This includes your business conditions for retailers, distributors and clients. The agreement sets conditions, clauses if any and other requirements related to your software.
MoU agreement: This helps to start your business with strong coordination. This will contain all the conditions that will happen during your journey.
3. Purchase the basic assets which include domain name, hosting site, web developer, payment gateway, API:
To start online recharge business software in India you require the following assets:
Domain: It is advisable to select a good and sensible domain name that is not too long as this is your personal identity.
Hosting: Select the server that provides good and fast result.
Web developer: This is another important step. The success or growth of your business not only depends on you or your clients but it includes your web developers that will equally share the credit of your success. Choose the best team on which you can rely and in turn they provide you with the best solutions. The bonding with the web developer should be like friends and family such that if you facing any problem or you are unable to understand anything, without giving a second though you can immediately contact the web developers.
Payment Gateway: Many popular recharge portals integrate their own payment gateway but they comply with DSS compliance. If you are new to this field and looking for a payment gateway for your online recharge software for retailers outsource your payment gateway. If you wish to have mobile wallet services you can integrate the bill desk API.
API: Application programming interface helps your website with real time margin and recharge.
If you are spending a lot of amount in starting your business it is obvious to spend some amount of it on its marketing. Many starts up companies get closed everyday because of its bad marketing strategies.
Keeping the above points in mind look for the company that has earned a renowned name in market by providing everything you need to establish your current serving or start your own online recharge business. The Online recharge software for retailers offer your clients the same services that are offered by other renowned recharge portals and allows you to operate independently under your own brand.