Mobile Recharge Portal and Business in India
Mobile recharge can be very easy activity for those used to it, and with the volume of recharge activities taking place, a start-up with online recharge portal, can be a very profitable business, especially with a low investment. In this blog, we understand the process of starting your own mobile recharge portal. There are many startups in India like Mobikwik, PayTM etc. which offer such services. One cannot, in a fortnight, become a big successful player in the market, however, with right amount of dedication and understanding the basics, one can get success in this area.
Here are quick steps for starting mobile recharge portal.
Register your company
There is always a requirement of having a registered legal entity in the form of a company. It can be a partnership or sole proprietorship, especially if it is a small-scale start-up. However, the liability of such companies is unlimited, which acts as a risk-factor. One can also register LLP (limited liability partnership) or a private company.
You need to figure out what services you will be offering. Along with mobile recharge, due to rise in TV cable services, you can equally include DTH payment services, to broaden your consumer base. Equally you can increase your services, by having recharge coupons with other service providers or businesses, which can act as a marketing technique as well.
You will be required to draft firstly, a terms and conditions policy document, which your service users can read, and agree to. This can be done with professional service provider like www.Aapkaconsultant.com help or one can draft it with a template available online, along with custom-made changes for his/her business needs and requirements.
Domain Name, Website Developer/ API Gateway
You need to have a website domain name booked for yourself. You will have to ensure that your domain name is unique, and it stands out, meaning thereby, it cannot be deceptively similar to existing companies. If it is, you can be liable for trademark infringement as well for your domain name. Therefore, choose your domain name wisely. You then need to have Application Program Interface(API) gateway.
A good web developer will be able to integrate API System or Recharge script for your website. There a host of companies which provide recharge API & other ancillary services to integrate your portal. (IWT is one of them that develops software and API integration for your recharge portal). At the same time in order to earn more you can also have an android app developed through an app-developer which is synced with your website, and is user friendly. US company Verizon Wireless (https://www.groupon.com/coupons/stores/verizonwireless.com), for example, took its business to the digital level by offering discount coupons online, thus making it easy for its customers to access great deals.
Data Security Standard Compliance
Payment Card Industry Data Security Standard (PCI DSS) are a set of widely accepted policies and procedures which focus on optimizing credit/debit and cash card transactions without compromising on a user’s personal information. It was launched in 2006, and a mobile recharge and e-wallet services need to comply with these standards as well.
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