The online Payday business is actually a lot more involved than the retail sector of the business. Its all about keeping your costs down on lead gen, and retaining the customers you find through funding your leads. Theres a good bit of technology involved behind it, and its whats going to drive your ENTIRE business. Pick your software application carefully - it can make or break your business.

In a sense what you are asking is how am I going to start a call center from scratch, and how do I build a collections team to collect receivables. You'll need more money starting a call center operation than retail. The difference between 60k (retail startup) and 400k (small call center startup).

I can't lay out the entire startup map, but if you ask me specific questions I can do my best to answer them. Or point you towards the right people who can answer them!

Like I said, its not nearly simple as you had thought out. Heres some basic calculations:

1. A small payday call center funds about 30 loans a week at an average volume of 300 dollars per loan.
2. To figure out which leads you are funding, you typically underwrite 3:1 meaning out of the leads you purchase, your only funding 30% of them
3. When you purchase, your scrubbing typically 10:1 - your running credit checks on ten leads before purchasing one.

So the order of operations look like this:

Leads Scrubbed > Leads Purchased > Leads Funded

Bringing your total to: 900 leads scrubbed. 90 leads purchased, 30 leads funded

As far as the subject of software - Theres plenty of solutions out there! Few really know the business behind the software their writing. I myself run a small software company focusing on online payday lending - if you want, I can give you a short demo. As far as the other guys, take a look at: trandotcom, Answers etc, and eCheckTrac.

I wrote an article based on picking software for new entrance customers. You might want to read this!
http://www.synapticdatabase.com/IndustryJournal/software-solutions-for-beginners/

Mo Cheng, I would like to see your short demo. Once again thanks for all you help.