Wallet system like odesk [closed]

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Hello guys I am currently developing an auction website with the yii framework and I am planning on implementing a wallet system for my users like in odesk..however I am not so sure about the security.. my questions is:

• What are the risks for this wallet system?
• Are there any extensions out there for this system?

Thanks..Sorry for my bad english.

Answer 1

The main risk that such a system will expose you to has nothing to do with programming, but is worth mentioning anyway: operating such a system will cause your web site to be classified by many governments as a money transmitter, which will impose a number of complex legal requirements on you. It will also make it very difficult for you to move money in and out of the system, as most of the normal providers (e.g, credit card processors and PayPal) do not permit the operation of money transmitters.

Consult a lawyer for details. This stuff is very complicated, and the details will depend on what countries you intend to do business in.