Reborn in 08, a heretical cultivator starting a business

Chapter 52: Developing a Payment Platform – A Rich Second-Generation Kid Wants to Start a Business!

Payment licenses have not yet been issued in recent years.

There are also no comprehensive regulations for third-party payment platforms.

This has led to a situation where domestic payment platforms are operating without licenses and experiencing "wild growth"!

There are over 300 payment platforms of all sizes!

These platforms are doing everything they can to circumvent regulations.

For example, Alipay adopts the bank's large customer model and is packaged as an "escrow transaction" for operation.

The following year, when regulations tightened, they switched to a "revenue-sharing model" to cope with the regulatory changes.

Tenpay also collaborates with banks, adopting a similar "funds custody" model to advance its operations, and will subsequently develop a "repackaging system" to obtain compliance licenses.

It can be said that in 2011, more than 300 payment platforms were granted licenses as long as they were compliant!
Similarly, Wang Junshan can also imitate a cat to draw a tiger.

In recent years, everyone has been operating without a license. If Alipay can do it, more than 300 companies can do it, so naturally YouTuan can do it too!
It can even be more compliant than Alipay!
Especially next year, when YouTuan grows bigger and its turnover increases, it can cooperate with banks and launch its own payment platform using a "funds custody" model similar to Alipay!
Once the "revenue sharing system" is sorted out, we can definitely be among the first batch of companies to obtain a license in compliance in 2011.

Of course, payment platforms need to be separated and apply for the first batch of payment licenses as independent payment companies.

Licenses are very important.

These days, many companies don't pay much attention to payment licenses.

By the time they took it seriously, it was too late; licensing had already become much stricter.

As a result, both JD.com and Meituan had to spend billions of RMB to acquire licenses!
Wang Junshan made advance arrangements and was fully compliant, so he could obtain the first batch of payment licenses at minimal cost.

However, the development and layout of a payment platform cannot be completed overnight.

The requirements design alone takes one or two months, as the interfaces for different banks are all different.

Core development will take three to four months.

Once the development is complete, it will take another two or three months to integrate with the bank.

It will take another month or two of testing before it can be launched.

In total, it will take at least 7-10 months.

Including hiring, it will take 8-12 months.

Wang Junshan is now starting to work on payment systems, but it won't be launched until February to June next year.

If we only start working on it next year, it won't be online until the year after next!
This definitely won't work; we need to plan ahead!

Therefore, Wang Junshan called Tang Jinghe over again:

"President Tang, the payment platform is very important. Immediately gather the relevant talent and start planning the development of our own payment platform in advance!"

"Create your own payment platform!"

Tang Jinghe was startled; the CEO's ambition was far too great!
"Won't this be too costly? The initial investment alone will be over a million, and then millions more will be needed later!"

Wang Junshan waved his hand: "Not tall, not tall at all."

"Developing your own payment platform may seem costly in the short term, but it's very low-cost in the long run. Using a third-party payment platform, which charges 1% on every transaction, is a bottomless pit!"

“I understand. Perfect. I’ve been in contact with a few people who have that kind of talent. I can give it a try.”

"Keep it up, funding isn't a problem. Let's aim for our payment platform to officially launch next spring!" Wang Junshan said with a smile.

If we don't develop our own payment platform now, we'll either have to pay 1% of our revenue to others every year, or spend billions to acquire a payment license a few years from now.

Neither is worthwhile.

There's no need to spend billions on something that can be done with a few million now!

Wang Junshan could still afford to spend several million.

During this period, YouTuan Group Buying was promoted in five major universities. Each university generated a profit of 40,000 yuan per day, and the five universities combined generated a profit of over 200,000 yuan.

Including his previous earnings, Wang Junshan now has more than 255 million yuan in funds.

The initial development phase of a payment platform doesn't require much funding, at most a million, which is no problem at all.

When it launches next year, it will start burning money, with millions in follow-up costs and millions in bank reserves. By then, YouTuan will probably have developed into a major player, and that won't be a problem either.

After Tang Jinghe left, Wang Junshan dialed his father's number again.

I've been so busy lately that I haven't been able to call home as often.

"Dad, did you receive the things?"

"Received it, you brat. Such a luxurious massage chair must cost tens of thousands, right? Why did you spend that money?" Wang Lingchuan couldn't help but ask. "It didn't cost tens of thousands. I had someone buy it for me at an insider price of only 4999! Isn't it Father's Day? This is a gift for you. Happy Father's Day," Wang Junshan said with a smile.

"It's good that you have the intention, why spend so much money? Your living expenses aren't enough."

Wang Lingchuan's words seemed to be a reproach, but they contained barely suppressed joy, as well as a cunning probing from his father!

“That’s enough. Your son has started his own business and earned his own money. He’ll be financially independent from now on, so you don’t need to send him money anymore.”

"Started a business? What kind of business?"

"It can't be explained in a sentence or two; it's all legitimate business."

"You can start a legitimate business, but don't neglect your studies."

"Of course, I'm always careful in my work."

"And what about your mother..." Wang Lingchuan lowered his voice, "You didn't do much for Mother's Day."

"Don't worry, Mom's gift is on its way and will arrive in a couple of days."

"That's more like it. You've got some conscience, kid." My mom's voice came from the other end of the phone.

"Of course, Mom. Your gift is imported; cross-border goods take a little longer."

"Why buy imported ones? They're so expensive. The thought is what counts. Don't waste money."

"The money I spend on my mom is not considered reckless spending. I'll be busy for a while longer, and I won't be able to go back until next month when summer vacation starts."

"Okay, I'll make you braised pork ribs and chive and egg dumplings when I get back. The chives your grandma grows are delicious."

"This is great, I love it!"

……

Shortly after hanging up the phone, Wang Junshan received a text message notification.

Ten thousand yuan has been deposited into my account.

It was given to me by my parents.

Wang Junshan chuckled: "You should have said you bought the massage chair for 2000!"

At the same time, YouTuan Group Buying Supermarket.

People come and go, and business is booming.

Besides shoppers, there were a few furtive figures staring at the store with complicated expressions:

"Brother Hao, this group-buying store alone makes at least tens of thousands a day!"

"So many! Are you sure?" Jia Zhonghao asked incredulously.

Other stores don't even earn tens of thousands a month.

"I'm absolutely certain that Boss Dong is using QQ groups to pre-sell the fruit, then he buys a batch and sells it the next day at half the price of the school supermarket. It's no wonder it's selling like hotcakes!"

“For example, the ‘landmine watermelon’ sells for 3 yuan a pound in the school supermarket, but he sells it for 1.5 yuan a pound.”

“I went to the wholesale market and asked. If I buy too much, it will only cost 50 cents a pound.”

"He earns one yuan per kilogram, so if he sells 10,000 kilograms a day, he can earn 10,000 yuan."

"Don't forget, this is just a watermelon; there are also peaches, lychees, grapes..."

"They all use the same tactics, all sell at half price and make a lot of money."

"Adding it all up, earning 40,000 yuan a day is no problem."

Jia Zhonghao nodded: "Boss Dong is truly a talented person!"

"No wonder he asked everyone to join the group buying group when he started selling winter melons; it turns out he was preparing for this."

"That's right, this guy's got a deep plan! This business is incredibly lucrative. If Wang Junshan can do it, Brother Hao, you can too!"

“I even found out where his goods come from; they all come from the Hongyun Wholesale Market.”

"Yes, I can do that too. Wait, what did you say?"

"Hongyun Wholesale Market, the one on Fushun Road?" Jia Zhonghao's eyes widened: "Damn it, isn't that near my house?"

"Why didn't I think of such a good deal?"

(End of this chapter)