Creating a website similar to escrow.com
I want to create a website similar to escrow.com. To give a brief idea about the concept, the website basically acts as a third party between a buyer and seller. If for example a buyer wants to purchase an item from seller, he will submit the funds + transaction fees (decided mutually between them) to my website. On submitting the funds a notification will be issued to the seller that the amount is safely deposited with us and will be released to seller once the buyer is satisfied with the product. When the buyer notifies us on website that he is satisfied the money will be released to the seller's bank account minus the transaction fees.
This concept is new to my country and i would like to introduce it for the first time through my website. However i have a few questions
1) What are the prerequisites for such websites?
2) Can i as individual run such website or do i need a team for such a wesbite?
3) Are there any legal restrictions to such websites by the international laws/ national laws?
4) Do i have to register somewhere to provide such a service?
5) What sort of technique would i need to create such a system? (efg PHP, joomla, wordpress?)
6) Can I create such a website using templates available online?
I hope to get a detailed answer. Thanks in advance.