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  • Feb 10, 2020

    Starting a Money Transfer Business – Software First

Having recently completed version 2.0 of our Money Transfer Application, a money transfer software with support for payment to over 200+ countries and over 180+ Currencies, we’ve gained a huge amount expertise in the field. It’s a hard market to break into initally, but if you do your research and build a money transfer business software that suits your needs exactly, it can actually be one of the more painless businesses to establish. Please visit our low cost Money Transfer Application to gain useful insight on application features that will help you run your money transfer business pain free.

When starting a money transfer business, analyze the market and determine the business’ primary customer base, potential affiliates, and competitors. Perform a market research study to gain insights from your key customer target and affiliate base. Engage in a sharing of ideas and strategies and obtain the sign on of these stakeholders, to assist the money transfer website developer in the creation of money transfer web applications, selection and implementation of money transfer software. Require the money transfer website developer to create logins to competitors’ websites and to assess the functionalities of the available money transfer web applications and money transfer software. Assess the developer’s findings and compare to the insights provided by the customers and affiliates during the market research study. Evaluate the competitions’ market offerings and work with the money transfer website developer to create the money transfer software specifications. Utilizing the competitors’ websites, determine the type of web presence essential to drawing the attention of the business’ target audience and mock-up a draft of the website layout.

When recruiting a money transfer website developer, ensure that you like the developer and that the money transfer website developer has the appropriate experiences necessary to implement the money transfer software and money transfer web applications. A skilled developer should be able to provide a free consultation, giving their opinion of the available money transfer software and the money transfer web applications. Also, ask the potential money transfer website developer to provide an example of their coding capabilities and references from previous projects. The opinions provided in the consultation can be used to obtain feedback from potential customers and affiliates. Analyze the feedback provided by the target customer and affiliate base and then ask the money transfer website developer to make changes to incorporate the suggestions/concerns of these stakeholders.

Once you have determined that all parties are on the same page and that the money transfer website developer has an adequate grasp of your business’ vital objectives, allow the developer to run with the money transfer software and money transfer web applications project. Focus on your own core competencies and prepare for the inaugural launch of the website. Schedule follow-up meetings with customers and affiliates and continue to establish and develop additional partnerships, while strengthening the business’ marketing capabilities and ability to appear in search results. Allow time for a subsequent market research review of the end-product money transfer web applications and money transfer website before the launch. Offer market research participants a discount during the beta stage of the money transfer website and money transfer web applications, in exchange for support via providing positive reviews and references for further customer base growth.

Spread the word that your new money transfer applications are available and install analytical trackers to monitor how the money transfer software is used, how often, by how many people, and from which source users accessed the site. This data can be used to continually develop the money transfer web applications and money transfer software.

If you are interested in discussing your money transfer business needs with our team, call 020 7473 3562 or email us at hello@coderscode.com.

Our customers found the web sites below very helpful for money transmitters.

http://www.hmrc.gov.uk/mlr/news/money-transmitter.htm

http://www.hmrc.gov.uk/news/payment-service-regs.htm

http://www.ukmta.org

http://www.financial-ombudsman.org.uk/news/updates/money-transfer.htm

http://news.bbc.co.uk/1/hi/uk/6955779.stm

http://www.hmrc.gov.uk/mlr/your-role/EU-payments-reg.htm

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