If I'm setting up a system where people can sell stuff online. I'm planning on having my own merchant account and setting up my own payment system.
The problem I ran into is how to I send money from my merchant account to others. The only thing I have used so far is paypal to receive money, what other ways are there to receive money online? Can people use their local bank accounts? Savings accounts? Should I worry that my merchant gateway API wont support certain banks? Am I going to need to store my user's bank account information?
There are three ways you might want to consider, and possibly use them all.
If you use Paypal only, you won't need to store the customer's financial info. This releases you from a lot of security worries and liability. You can also avoid storing the customer data by making them re-enter it every time, but this goes against the philosophy of satisfying the customer.