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I have an idea of developing internet payment gateway similar to PayPal or Webmoney. Since i'm only sophomore at Computer Science, and i've only taken intermediate programming classes, i've no idea where to search for general information about this topic. I do understand that this kind of project is CLEARLY too much to handle for sophomore. Since, it's forum for Pro Webmasters, and probably some of you can point direction of study.

  1. What book/source/article would you suggest to read to understand fundamentals of internet payment?
  2. What book/source/article would you suggest to read to understand fundamentals internet security?
  3. What language is most commonly used for developing payment security of website?

I appreciate any help. Thank you.

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You'd be better off asking this at stackoverflow.com IMO –  UpTheCreek Feb 7 '11 at 9:08
    
No, they would close this there. –  John Conde Feb 7 '11 at 12:48
    
@John: why would they close this on SO? And what does this have to do with webmasters? –  UpTheCreek Feb 7 '11 at 13:41
    
It's not a programming question. It's been asked there before and it is always closed quickly. It's debatable if this is appropriate here or not. I can't think of a better SE site for it so I haven't closed it. Of course others may disagree with me and vote to close it anyway. –  John Conde Feb 7 '11 at 14:21
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I voted to close since it's way too broad/vague and isn't answerable in its current format. He needs to talk to someone in the financial industry with experience in payment processing (not just users of payment processors). There's also no "Starting your own Payment Gateway for Dummies". This is something that takes teams of highly trained and well-funded people to accomplish. –  Lèse majesté Feb 7 '11 at 14:31
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1 Answer 1

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There are no books that cover this. This is a topic that goes way beyond what you can write in a book. The technical, security, and legal issues are huge. If you need a book to learn how to do this then you you shouldn't be attempting this. This is something a large team would be doing.

You'll need to use a high level language like C or C++ because speed is hugely important in financial transactions.

If you're going to have US customers use this service you're going to want to have servers located in the US for speed purposes which mean you will have PCI compliance issues to deal with. This isn't easy t do and would be expensive both up front and on an ongoing basis.

Fraud control. What do you know about it and what can you do about it That alone is a huge task that would require a team with lots of experience to tackle it. The largest and fastest growing part of any payment provider is the fraud department. Unless you can get a handle on that from day one you're not going anywhere.

Also, if you're just learning how to program then this is definitely way above your skill level. Even if you can work out the legal and security issues the programming is still above your head. Sorry to sound pessimistic but this isn't like building an ordinary website. This is a monumental task. I have a friend who is currently working on a huge financial project similar to this and just getting the necessary financial institutions on board has been a year long project.

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You could build your service on an existing platform like those provided by ACI Worldwide, but it's probably still far beyond the skill level of anyone who has to ask this type of question. And then there is the cost of these systems and of meeting regulatory and compliance requirements. –  Lèse majesté Feb 7 '11 at 13:10
    
In my experience of payment gateway APIs, they are often a mess and terribly implemented - so I don't think that they are some kind of technical gold standard. The bigger issues are going to be knowledge of banking systems and practices, and the legal and business aspects. –  UpTheCreek Feb 7 '11 at 13:44
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Payment gateway APIs and the backed of a payment provider are two very very different things. Comparing them is like comparing apples to spaghetti. –  John Conde Feb 7 '11 at 14:22
    
You have more faith than me then –  UpTheCreek Feb 7 '11 at 14:45
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