In India there are lot of the Startups which are running Mobile Wallets System in India from Paytm to Mobikwik. These platform’s main focus on the Mobile, DTH, Other Services Recharges. so Startup always confuse regarding the Online Recharge Business in India with the Legal and Technical things.
So let’s talk about the Ultimate Steps which is helpful for you to Starting a New Mobile Recharge Portal in India with all the Legal & Technical Steps.
Step 1 :- Register your Company :-
The First Step is starting a Mobile Recharge Company or Portal you need a legal entity which can doing the Business in India. Most of the Wallet or Recharge Portal are registered under the Private limited company but startups have lot of option for the Registration to testing their ideas in the recharge business.
so there are 5 type of the legal entity –
a) Sole Proprietorship Firm – its a best when you have low budget & just want to test your idea. but remember in this legal entity your liability is unlimited.
b) Partnership Firm – Its a best when you have partner & want to test your ideas but same thing like your liability is unlimited.
c) LLP or Private Limited Company :- Its a best legal entity due to limited liability Option because in the recharge business is risky due to Failure Recharge Ratios. even most of the companies raise funding from Angel investor so its can be possible only in the Private Limited Company.
Where to Register above Legal Entity & Take Advice :- You can take the help from myonlineca which helps you to Choose a Right Legal Entity in India and other legal documentation things.
Step 2 :- Prepare Legal Documentation :-
Where you draft the above legal agreements :- you can prepare your self through pre templates which are available freely on the some website but you have to customize that templates. Professional things hire a lawyer in India and prepare all the agreements with them.
Step 3 :- Booked a Domain , Hosting and Web Developer
Starting a Online Web Portal you have to book a domain name. Legal Expert always suggest that book most of the Popular Domains like .com, .in, .co.in & Apply for the Trademark. so you can secure your brand name. For the SEO Purpose & other marketing things you can always go with the .com or .in
You can Booked Domain from Website like Godaddy & Hosting also from Godaddy & Inmotion and there are lot of Platforms.
Even some third parties provide complete package for the Recharge Website. you have to always find a good Web Developer also which is enable to integrate the API System or Recharge Script in your Website. You can Find Web Developer through some freelancer website like Freelancer.IN.
You can hire a Web Development Companies for the Integration your API on the Portal.
Step 4 :- Book the API & Payment Gateway
For the Recharge Portal or Website you have to integrate the API & Payment Gateway so if you hire a Website Development Company then they can arrange API & Other thing himself but if you hire a Web Developer then you have buy API from the third Parties.
There are lot of Companies in India which provide Recharge API & other API to integrate on your Portal.
Step 5 :- Payment Gateway Setup with DSS Compliance
Popular Recharge Portal integrate their own payment gateway like Freecharge or Mobikwik or Paytm but they have to comply with the DSS Compliance.So startups always to outsource their payment gateway if you provide Mobile Wallet Services then you can integrate the BillDesk API. Must Read about the How to Start Payment Gateway Business in India.
Even you can Read Here a Good Article by Shantanu Halder on Linkedin regarding ” Future of Recharge Industry in India”
So Hope you enjoy this article regarding the How to Start Mobile Recharge Portal in India with Easy Steps. As per a survey carried out from McKinsey the total payment industry will grow by US $ 45 Billion by 2016. This business opportunity is 7.8 times more than developed countries like the US, UK. This industry has a huge potential in the near future. A very smart business model will enable hundreds and thousands of job opportunities and a very high economic forecast will enable the GDP growth of India to reach new heights.
Source : Quora, Linkedin, Google Research