starting credit card company - GoFuckYourself.com

tonkagunner · 07-21-2003, 05:59 AM

Anyone know how much it would cost to setup brand new credit card company like Visa/Mastercard? Putting marketing/advertising costs aside, how much do you think it would cost?

Brown Bear · 07-21-2003, 06:00 AM

Webby · 07-21-2003, 06:05 AM

Quote:

starting credit card company

Not much.... around a billion in promo to start, plenty lawyers fees and you'll need to kidnap a few bank managers worldwide.

Reckon 2 weeks work....

RoTT · 07-21-2003, 06:08 AM

tonkagunner · 07-21-2003, 06:08 AM

In some states the capital requirements to start a bank is only about 200K.

Webby · 07-21-2003, 06:11 AM

Quote:

In some states the capital requirements to start a bank is only about 200K.

That much??? I can get one for $20K.. but it ain't worth

- kinda like yours at $200K

JamesK · 07-21-2003, 06:13 AM

start one in africa

tonkagunner · 07-21-2003, 06:15 AM

y, I can start one in africa and then send those emails to people telling them that I'll give them 10million if they give me 25K in handling fee! LOL

tonkagunner · 07-21-2003, 06:27 AM

I want to start a credit card and charge a $750 registration fee for churches and non-profits. For everyone else it it will be free.

KRL · 07-21-2003, 07:52 AM

You'd have to be in the Bill Gates league if you're talking giving MC and VISA a head on run for the money. You'd need billions to do it right worldwide.

Shit just the printing costs alone for all the little stickers, signs, forms, etc. for every retailer would set you back a ton of bucks.

chowda · 07-21-2003, 08:08 AM

Quote:

Originally posted by tonkagunner
Anyone know how much it would cost to setup brand new credit card company like Visa/Mastercard? Putting marketing/advertising costs aside, how much do you think it would cost?

fuck that.. u want visa and mastercard to notice u, buy out discovery and promote it like wild

res · 07-21-2003, 08:13 AM

Nice idea, man !

Are you Bill Gates ?

Thrawn$ · 07-21-2003, 08:15 AM

Are you jewish?
if not, you better start a TGP like everybody

tonkagunner · 07-21-2003, 10:08 AM

Well, what are all you guys going to do when Visa/Mastercard stop processing porn?

You don't have to give Visa/Mastercard run for money. When Visa/Mastercard gets even crazy with fees or exits market, webmasters will look for alternatives and consumers will follow. People will find a way to pay for porn.

Kanoealoha · 07-21-2003, 10:10 AM

I wonder how much it would cost to start a paypal type thing...

but exclusively for porn

tonkagunner · 07-21-2003, 10:19 AM

I don't think making it explosively for porn would be best thing. When husband gets new card to pay for porn and wife finds out that it is only good for pornsites, it wouldn't be good.

Carrie · 07-21-2003, 10:29 AM

Quote:

Originally posted by Kanoealoha
I wonder how much it would cost to start a paypal type thing...

Stormpay?

tonkagunner · 07-21-2003, 01:40 PM

The thing about a paypal type service is that it is still vulnerable. If Visa/Mastercard or others don't want to do porn, they can make that happen. Whether inside or outside the US, they can dictate who and what kind of businesses they want to do business with.

If the next US president is another religious wacko like Bush is, it seems likely that we can see further pressure on Visa/Mastercard to stop processing porn.

Kimmykim · 07-21-2003, 01:59 PM

In order to start a credit card that has any viability you would need two things.
1. Distribution. How will you get the cards into the hands of the end users? How many cards can you get into the hands of the end users in how fast a time frame?
2. Acceptance. If merchants can't accept your card then you're dead. Making changing to POS terminal software and so on is a lengthy and expensive process and merchants and hardware leaseback agents are not going to pay for it.

So what do you do?

The critical mass number is somewhere in the 6 million users range and I'm not sure the number of accepting merchants, in order to have a semi-viable solution.

It's a Catch22 basically at this point -- you have no merchants you get no users, you have no users then merchants have no reason to accept...

Discover could do what they did because they gave every Sears card holder the marketing blitz initially to get a Discover and charged them way less for using it than their Sears card... and given that at one point Sears was the largest consumer financial services lender, that carried alot of weight.

However, the inability to move past the closed loop has kept Amex and Discover WAY out of the market share compared to Mastercard and Visa. Same problem CarteBlanche and DinersClub have, and they've been around forever...

If you cannot get the banks on board to run interchange and issuance for you, then there is no product. Not on a level that would even begin to compete with MC or Visa.

07-21-2003, 05:59 AM	#1
tonkagunner Confirmed User Join Date: Mar 2003 Posts: 830	starting credit card company Anyone know how much it would cost to setup brand new credit card company like Visa/Mastercard? Putting marketing/advertising costs aside, how much do you think it would cost?

07-21-2003, 06:00 AM	#2
Brown Bear Confirmed User Join Date: May 2002 Posts: 4,982	__________________ Surrender all your independent thinking and Click Here for re-programming.

07-21-2003, 06:13 AM	#7
JamesK hi Industry Role: Join Date: Jun 2002 Posts: 16,731	start one in africa __________________ M3Server - NATS Hosting

07-21-2003, 07:52 AM	#10
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	You'd have to be in the Bill Gates league if you're talking giving MC and VISA a head on run for the money. You'd need billions to do it right worldwide. Shit just the printing costs alone for all the little stickers, signs, forms, etc. for every retailer would set you back a ton of bucks. __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains

07-21-2003, 08:15 AM	#13
Thrawn$ Confirmed User Join Date: Apr 2002 Location: Mtl Posts: 4,596	Are you jewish? if not, you better start a TGP like everybody __________________ Tracking 202 \| Start Tracking PPC Campaigns Like A Pro

07-21-2003, 06:08 AM	#4
RoTT So Fucking Banned Join Date: Apr 2003 Posts: 360

07-21-2003, 06:15 AM	#8
tonkagunner Confirmed User Join Date: Mar 2003 Posts: 830	y, I can start one in africa and then send those emails to people telling them that I'll give them 10million if they give me 25K in handling fee! LOL

07-21-2003, 06:27 AM	#9
tonkagunner Confirmed User Join Date: Mar 2003 Posts: 830	I want to start a credit card and charge a $750 registration fee for churches and non-profits. For everyone else it it will be free.

07-21-2003, 08:13 AM	#12
res Confirmed User Join Date: Nov 2002 Location: Europe Posts: 1,118	Nice idea, man ! Are you Bill Gates ?

07-21-2003, 10:08 AM	#14
tonkagunner Confirmed User Join Date: Mar 2003 Posts: 830	Well, what are all you guys going to do when Visa/Mastercard stop processing porn? You don't have to give Visa/Mastercard run for money. When Visa/Mastercard gets even crazy with fees or exits market, webmasters will look for alternatives and consumers will follow. People will find a way to pay for porn.

07-21-2003, 10:10 AM	#15
Kanoealoha Confirmed User Join Date: Jul 2002 Location: Happy Valley Posts: 1,261	I wonder how much it would cost to start a paypal type thing... but exclusively for porn __________________ Strong Bad Rocks!

07-21-2003, 10:19 AM	#16
tonkagunner Confirmed User Join Date: Mar 2003 Posts: 830	I don't think making it explosively for porn would be best thing. When husband gets new card to pay for porn and wife finds out that it is only good for pornsites, it wouldn't be good.

07-21-2003, 01:40 PM	#18
tonkagunner Confirmed User Join Date: Mar 2003 Posts: 830	The thing about a paypal type service is that it is still vulnerable. If Visa/Mastercard or others don't want to do porn, they can make that happen. Whether inside or outside the US, they can dictate who and what kind of businesses they want to do business with. If the next US president is another religious wacko like Bush is, it seems likely that we can see further pressure on Visa/Mastercard to stop processing porn.

07-21-2003, 01:59 PM	#19
Kimmykim bitchslapping zebras!!!!! Industry Role: Join Date: Jun 2001 Location: In a shack by the beach Posts: 16,015	In order to start a credit card that has any viability you would need two things. 1. Distribution. How will you get the cards into the hands of the end users? How many cards can you get into the hands of the end users in how fast a time frame? 2. Acceptance. If merchants can't accept your card then you're dead. Making changing to POS terminal software and so on is a lengthy and expensive process and merchants and hardware leaseback agents are not going to pay for it. So what do you do? The critical mass number is somewhere in the 6 million users range and I'm not sure the number of accepting merchants, in order to have a semi-viable solution. It's a Catch22 basically at this point -- you have no merchants you get no users, you have no users then merchants have no reason to accept... Discover could do what they did because they gave every Sears card holder the marketing blitz initially to get a Discover and charged them way less for using it than their Sears card... and given that at one point Sears was the largest consumer financial services lender, that carried alot of weight. However, the inability to move past the closed loop has kept Amex and Discover WAY out of the market share compared to Mastercard and Visa. Same problem CarteBlanche and DinersClub have, and they've been around forever... If you cannot get the banks on board to run interchange and issuance for you, then there is no product. Not on a level that would even begin to compete with MC or Visa.