How To Make A Money Transfer Website?

Remember that time when people used to go to the bank for basic financial tasks. Thanks to modern technology, now we know how to make a money transfer website and apps.

Banks are in fierce competition with emerging FinTech startups that make customers’ lives easier.

To survive, companies have to build their own payment solutions because of these reasons:

• Digitisation is increase
• Enforcement of regulations
• Growth of demand
• Online banking for business needs
• Merging of money transfer industries

Innovative digital payment solutions are important for real-time and personalised services.

The revenue of the money transfer was £67 million in the year 2017. Money transfer platforms also use Bitcoin and block-chain technology.

The money transfer value will be projected to reach $87,935 in 2020. alone

The money transfer market is excellent in terms of making money, you can also take advantage of this by making your own payment gateway clone app with the latest technologies.

How to make a money transfer website?

Developing this complex money transfer website, you need 15 money transfer website developers. Their work would be:

1. Money transfer website development

Experts will work on your website or mobile app for paying bills, mobile recharge, and exchanging currencies.

Users can deposit and send money via PayPal, bank account in any country.

2. Building CRM

You need permissions and user interface within your system like admin, auditor, cashier, etc.

You can activate and deactivate accounts, view balance, etc. You should be able to send emails, SMS messages, set up promo codes, etc.

3. Reporting & accounting

Real-time tracking & historical data can be used for analysis. Users have this permission to monitor transactions and generate balance sheets, evaluate profits and losses, etc.

4. User-friendly UX

Your money transfer website can be used on desktops, tablets, & smartphones. Your developers should focus on making a multilingual custom interface.

Developers make sure that the dashboard is user-friendly, can work in limited connectivity, accessible to possible devices, and users can receive notifications & alerts.

5.Ensuring compliance & security

Your expert developers should take care of KYC, AML, and other financing hacks.

You can implement functionality for blacklisting senders and receivers. Basic functionality consists of data encryption, backups & recovery.

A money transfer app developers team can be divided into smaller teams. Every team should work on each task like custom features, run testing and UX, functionality, build an MVP, and many more.

Must-Have Features of Money Transfer Website

Before you start to build a peer-to-peer money transfer software, consider defining the core features.

Here is a list of core functionalities that a peer-to-peer payment platform should have:

1. Bill payments
2. E-wallets
3. Online ID check
4. Payment statistics
5. Notifications
6. International transfers and currency exchange
7. Multilingual interface
8. Support
9. Integration

Final Thoughts

Creating a money transferring website is good for increasing the business. Businesses can easily go online and make payments.