So you want to start a money transfer business. Well, I have a complete playlist for it, over 70+ videos that explain all the nuances of the money transfer / cross border payments business. So why make this video?
Well, this video discusses the top 10 things you should know before your start your own money transfer business.
So here is the list:
1. Understand how it works, understanding the language and the rules of the game.
Playlist: How to setup a money transfer business.
[ Ссылка ]
2. Find out the licensing requirements and options in your area.
3. Market research, make a business plan and feasibility study
Architecting a mobile wallet that customers want.
(A long article that tells you how to field research your idea and how to write a lean canvas business template)
[ Ссылка ]
4. Lockdown the markets you will service
5. Price and spec your product offering
6. Funding, how much money will you need
7. Take basic AML training, there a plenty of resources on YouTube that will teach you the basically and then take some basic level certificate of attendance.
8. Lockdown your solution provisioning which includes vendor/app, banking, compliance, the flow of funds, etc
9. Get your correspondent tie-ups established
What is a Correspondent Tie up? & Why is it necessary?
[ Ссылка ]
What is a Tri-Party Correspondent Tie-Up Agreement
[ Ссылка ]
10. Marketing and execution plan. Try to convert 25 people whom you know and 25 people whom you don't know to use your system, work with their feedback and improve your marketing and sales pitch.
Bonus: 10 QUESTIONS EVERY MONEY TRANSFER BUSINESS SHOULD ASK THEMSELVES?
[ Ссылка ]
ABOUT FAISAL KHAN
Faisal Khan is a banking/payments consultant specializing in cross-border payments and is a digital money evangelist. He is the co-host of Around the Coin, a weekly podcast on Payments & Fintech with over 22,000+ listeners. Mr. Khan is a talent scout for Series A & B financing for various fintech VCs/funds. He is also a frequent contributor to popular Q&A site Quora where he has been a Top Writer 6 consecutive years.
Please use this link to comment/contact: [ Ссылка ]
SCHEDULE A FREE 15 MINUTE CALL: [ Ссылка ]
Links
- Faisal Khan: [ Ссылка ]
- Twitter: [ Ссылка ]
- Facebook: [ Ссылка ]
- LinkedIn: [ Ссылка ]
- Quora: [ Ссылка ]
- Podcast: [ Ссылка ]
- Blog: [ Ссылка ]
- Blog on Medium: [ Ссылка ]
#askfaisalkhan
