Business Idea

Start A Merchant Wallet Account

About

Starting a merchant wallet account requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell merchant wallet account, or selling merchant wallet account online, you can use this page as a guide for everything you'll need to know.

Want to learn more? You can check out our full guide on how to start a merchant wallet account ➜

Key stats

market size
$23.6B
starting costs
$18.5K
gross margin
89%
avg product price
$20
time to build
8 months

About

Starting a merchant wallet account requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell merchant wallet account, or selling merchant wallet account online, you can use this page as a guide for everything you'll need to know.

Want to learn more? You can check out our full guide on how to start a merchant wallet account ➜

Key stats

market size
$23.6B
starting costs
$18.5K
gross margin
89%

 

avg product price
$20
time to build
8 months

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $35 $3,250
Equipment & Supply Expenses $500 $5,000
App Creation Costs $1,099 $20,099
Software Expenses $150 $2,844
Advertising & Marketing Costs $0 $2,500
Website Costs $17 $275
Other Expenses $0 $300
Training & Education Expenses $0 $850
Total Startup Costs $1,801 $35,118

Successful Businesses

Business URL Rank
Paytm Shop paytm.com #1,297
WebMoney — Universal Payment System wmtransfer.com #3,388
Braintree braintreepayments.com #8,364
Viva Wallet vivawallet.com #14,046
CoinPayments coinpayments.net #14,305
Attention Required! mobikwik.com #14,703
Hyperwallet Payouts hyperwallet.com #19,031
Paymentwall.com paymentwall.com #22,312
CardConnect cardconnect.com #39,003
7-Eleven 7-eleven.com #64,937
STICPAY e-Wallet: transfer money online, business account, ewallet service provider sticpay.com #73,263

Pros & Cons

Pros Description
Flexibility You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Rewarding work Starting a merchant wallet account can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
Traffic to your website A merchant wallet account gives people a reason to visit your website and to keep coming back to you!
No overhead costs To get your merchant wallet account started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!
Cons Description
Crowded Space Competition is high when it comes to your merchant wallet account, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Motivation of employees If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
Longer Sales Process A merchant wallet account can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.
Security Issues With any Saas business, data loss and security issues may arise throughout your process of building your product. It's critical that you understand exactly what you're responsible for and how to avoid potential issues down the road.
Isolation Often times, as a merchant wallet account, you typically work alone and do not have much face-to-face interaction with other team members.
Taxes As a merchant wallet account, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

Marketing Ideas

  • 1

    Affiliate program

    Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.

    Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.

    The affiliate typically gets a unique link where clicks and conversions can be tracked.

  • 2

    Word of mouth

    The most tried and true way to grow a merchant wallet account is through word of mouth - some entrepreneurs would say it's more important than all social media.

  • 3

    Advertising on social media

    Social media advertising is one of the leading ways to get the word out when it comes to merchant wallet account.

    There are various different Social Media platforms available to you. Some may be more critical for your marketing efforts than others, however, it's important to have an understanding of what's out there and available to you.

    Learn more about advertising on social media ➜