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Comment by Abishek_Muthian | Hacker News Reader

Congratulations on the launch Decentro team!

I've been looking for a solution for transferring money from one bank account to another at scale for an upcoming product as introducing payment gateway in this is not commercially viable for a side project.

I hope the API pricing & compliance is accommodating to side project i.e. shouldn't expect company incorporation for the API; e.g. Stripe India requires company incorporation for international payments ¯\_(ツ)_/¯ even though Paypal doesn't require one (I understand that Decentro is not a PG).

There's an extraordinarily large need gap in the ecosystem for enabling commercial viability of side projects in India. Can't validate ideas for commercial acceptance, if one has to undergo numerous compliances to get access to basic financial instruments.

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Thanks Abhishek!

Happy to have you explore and try out our APIs, however for real money movement, the regulations do require a company formation. As others mentioned on the thread, a one person company or llp is very easy to form and hardly takes a couple of days in today's environment in India.

I would suggest to form that since you would anyways want to do it at some point of time, plus you don't want any financial liability to affect your personal assets. Happy to help you walk though our product and answer any queries around the same or even company formation - https://calendly.com/raunak_dembla/introduction-to-decentro?...

As for Razorpay, yes, they are more like Stripe for India both in their product and roadmap. Razorpay X is a new neo-bank in the country.

Cheers!

Thanks for returning my query, unfortunately the experience of incorporating even OPC/LLC varies widely between a Tier 1 city and Tier 2/3 cities or lower in India. I ran my previous startup as Pvt. Ltd. company for 5 years and much of my effort was spent on being complaint (partly because of the introduction of new Company laws, GST etc.), So you understand my apprehension, But things must have more or less settled now.

Thanks for invite, I will definitely reach out to you soon for the API.

Sure. Anytime!

I have been using Cashfree.com (another YC grad) for handling API based payouts and collections for our marketplace. Pretty stable.

There are a lot of large businesses like Cred, Zomato, Mi etc. that use cashfree for real time API based payouts from virtual or owned bank accounts.

The key to this product is success rate of payouts. Every failed payout cost about Rs.200-300 of human effort in support and reconciliation costs.

PS: I am also a minor stake holder in this company.

> shouldn't expect company incorporation

You probably already explored this in greater detail but couldn't you go with a One Person Company to run your side projects? From what I can tell, it's quite inexpensive and the compliance overhead is minimal.

That is a recommended route, but unfortunately experience of incorporation including OPC/LLP is vastly different from Tier1 city or in Tier2/Tier3 cities even though on paper even Pvt. Ltd. company can be launched by an individual without any middlemen through MCA.