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Originally Posted by Webby
whiteknight:
OK! If you are still around whitenight... First.. this is a nice concept!
Can we get the basics outta the way first? :-) You have UK Customs and Excise on your back as "Money Service Business". What does that mean?
The second cred is you are licensed as a Electronic Money Issuer by the FSA - which is a good start when the "big" third party processors, mainly in the US, have nada cred from any oversight body (apart from a fraud sqaud), and allowed to rip the world off as they see fit.
Next bits!
Is there any prospect of that $2 max level of a click being increased?
And last bit, I may have missed this on your website, but how is payment to merchants completed?
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Hi Webby,
Thanks for the positive words!
The Money Service Business just means we are registered with customs and excise as a business that moves money from one place to another. We're subject to various regulations similar to the Patriot Act in the US.
The Financial Services Authority regulations are much tougher and more relevant. They dictate how we handle clients' money, and put us under similar reporting and conduct requirements to a high street bank. For example, we hold all client funds in an escrow account so they are protected from any and all eventualities.
Up until now, payments have been made using moneybookers.com. That's a UK based paypal-like service, but very adult-friendly. They are also licensed by the FSA. We will continue paying "offshore" webmasters with moneybookers, but for US based merchants we can now pay directly into your bank account.
Regards,
Danny
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