| 2:11 pm on Jun 15, 2010 (gmt 0)|
I know that there is legislation about emoney processing in the EU and there may be in other countries as well.
Take care to check that what you want to do fits within your local regulatory framework before cutting any code.
| 3:59 pm on Jun 15, 2010 (gmt 0)|
You will need to partner with a bank on this, there is no way you will be able to do what you are describing legally without one. You would basically be acting as an online bank and would be in violation of a number of laws... We're talking federal prison here if you even try it, not to me tion seven figure fines.
| 5:24 pm on Jun 15, 2010 (gmt 0)|
i dont need 'dont do it' advices. of course i will be going to use legal path...
i need someone who can help with that - someone who knows how to get the contract signed, not someone who heard something [like myself]
| 8:33 pm on Jun 15, 2010 (gmt 0)|
A while ago, Elavon kept calling us, they seemed real hungry for business. They are US based but don't know much about them.
| 8:51 pm on Jun 15, 2010 (gmt 0)|
You might want to talk to Moneris. I know they don't require you to ship physical goods and you wouldn't be acting as a competitor to them.
If I were you I would look at framing your business model as a "digital goods" service.
Explain that people buy credits from you. Word your workflow so that it outlines that users will receive digital credits which they can trade with other users and redeem for cash.
This way you are selling digital goods much like online game sites like Warcraft, or Yoville, Farmville, and other sites that just sell digital books, PDFs, audio files and so on. Except you are selling credits.
Stay away from wording that makes it seem like people are storing money with you. Make it clear they aren't storing money they are buying credits. Which can be traded for goods or money.
| 12:33 pm on Jun 16, 2010 (gmt 0)|
Friday, I'm speaking as someone who HAS done it. You need to be partnered with a bank. No way around it.
| 6:59 pm on Jun 16, 2010 (gmt 0)|
very helpful, Demaestro, thanks! ill keep that in mind.