In India, there are many start-ups running the mobile wallets system like Paytm and Mobiwik in India. The main focus of these platforms is on the mobile, DTH and other service charges. Start-up always confuses legal and technical matters with respect to the online recharge business in India.
Company Vakil provides services related to Private Limited Company registration
Given below are the steps that are useful for you to start a new mobile portal with all the legal and technical steps in India.
STEP 1: COMPANY REGISTRATION
The first step to start a mobile charging company or portal is that you need a legal entity in India. Most of the wallet or recharge portal is registered with the private limited company, but start-ups have plenty of options to register their ideas in the recharge business.
There are 5 types of legal entities
- Sole Proprietorship Company– its best if you have a low budget & just want to try your idea. But remember that your liability is unlimited in this legal entity.
- Partnership firm– it’s best when you have a partner and you want to test your ideas, but your liability is unlimited
- LLP or Private Limited Company: – is the best legal entity due to limited liability option because it is risky in the recharge business due to failure recharge ratios. It is only possible in the private limited company as most companies raise funds from the Angel investor.
Where to register above Legal Entity & Take advice: – You can contact The Portal to choose a legal entity in India and other legal documents.
STEP 2: PREPERATION OF LEGAL DOCUMENTS
You must prepare a legal documentation on the recharge portal, such as website terms of use or reimbursement policy, because it is a risky business due to refunds and fraud so the start- ups must always take care of the legal documentation, such as agreements that can help them resolve any dispute.
Where you draw up the above legal agreements: – you can prepare yourself using pre templates that are freely available on a certain website, but you must customize those templates. Professional hires and arranges all agreements with a lawyer in India.
STEP 3: BOOK A DOMAIN, HOSTING AND WEB DEVELOPER
You need to book a domain name to start an online web portal. Legal expert always suggests booking most popular domains such as.com,.in,.co.in & Trademark applications. So your brand name can be secured. You can always use the.com or.in for the SEO purpose & other marketing stuff.
You can also book domain from websites such as Godaddy & Hosting or Godaddy & Inmotion and other platforms available.
Some third parties provide the recharge website with a complete package. You must always find a good web developer or hire a web development company that can integrate the API system or the Recharge Script into your website as well. You can find a web developer via a website like Freelancer. IN.
STEP 4: BOOK API AND PAYMENT GATEWAY
For the Recharge Portal or Website, you must integrate the API & Payment Gateway so that if you hire a Website Development Company, you can arrange API & Something yourself, but if you hire a Web Developer, you have to purchase API from third parties.
Many companies in India offer Recharge APIs and other APIs to be integrated into your portal. According to our research, some companies offer different prices and offers to retailers. This is some resource you can use–
- Pay2all
- Rocketpocket
- Jolo API
STEP 5: PAYMENT GATEWAY SETUP WITH DSS COMPLIANCE
The Popular Recharge Portal integrates its own payment gateway, such as Freecharge or Mobikwik or Paytm, which complies with DSS compliance. Therefore, start-ups can always outsource their payment gateway if you provide mobile wallet services, then you can subscribe to the BillDesk API.
We hope this article answered all your queries on how to start the Easy Steps mobile recharge portal in India. According to a survey conducted by McKinsey, the entire payment industry will increase by US$ 45 billion by 2016. This business opportunity is 7.8 times more in India than developed countries such as the United States, UK. In the near future, this industry has enormous potential. A very intelligent business model will allow hundreds and thousands of jobs and a very high economic forecast will allow India’s GDP growth to reach new levels.
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