My company is currently using stripe as payment processor. As a side project, I want to explore the possibility of creating my own payment processor at home (i.e. become my own stripe). Does anyone know what’s involved?
I can probably develop a stripe clone by myself. But I want to focus on the legal/financial aspects.
Pls don’t tell me to accept bitcoin. Already got that rolling.
I built a payment processor many years ago for a large bank.
Spoiler alert: you won’t be self hosting something like this. The regulatory and compliance aspect alone will financially destroy you. You’d have audits, auditors in your home, and they will fail you. You won’t be able to be in compliance and thus you won’t be allowed to process financial transactions.
You will need an intermediary, like stripe or square or similar, to accept payment. Shop around for a solution or start investing into a large education on SEC, FDIC, and PCI regulations before you even get into the technical and physical challenges of financial transaction processing. I am guessing there are quite a few additional regulations now.
Good luck