Bit of advice needed for website idea!

[RogerRoger5]

Hi, I have an idea for a website but need some advice on one area of it. I will need to ask people to set up a direct debit (or others could contribute like justgiving.com) on the site so that they can pay in instalments for a product. The money will still be theirs until they have paid for the product in full. What are the bank regulations around something like this i.e holding peoples money? Do I need to partner with a bank etc? If so, how do I approach them? Any suggestions would be great. Thanks

After that just got to think about how best to get raise capital!!...know a fair bit about website already...

[lori99]

Where are you from? And are you sure this is legal in your area?

[RogerRoger5]

Originally Posted by lori99

Where are you from? And are you sure this is legal in your area?

From the UK. Not sure what the legallity is so looking for advice.

[fisicx]

Nothing wrong with the idea as far as I can see. Your biggest problem is going to be setting up the DD. At the very least you are going to need a business bank account, register the company, get FSA authority, set up your vetting and security and so on.

Not sure it's really worht the effort.

[peterjhale]

Why not just set up a paypal subscription ?

[dependx]

Yes, we would need to know more about what you are offering -- service or product? And, what would happen if they defaulted on ongoing paying arrangement? etc.

sounds O.K. on the surface, but I would be doubtful about trying to sell something that I created unless my selling page really offered a lot of marketing tactics. (endorsements, guarantees etc.)