191–200 of 272 posts
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Money launderers launder money from stolen credit cards. Chargebacks are filed a month or two later by owners of these stolen credit cards.
You are describing fraud. Money laundering is the redirection of the proceeds of illegal business to make it look like legitimate income.
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Banks already do ask for financials and corporate track record. You're required to stake your own credit when your financials are inadequate. You want that to be illegal? It's better than those companies not be able to obtain merchant accounts?
Banks already do ask for financials and corporate track record. You're required to stake your own credit when your financials are inadequate. As far as I can see, those providers who require personal guarantees usually do so as a standard condition for almost any new business. Effectively, they consider everyone's financials to be inadequate. You want that to be illegal? It's better than those companies not be able t…
Earlier quoted context omitted.
Banks already do ask for financials and corporate track record. You're required to stake your own credit when your financials are inadequate. You want that to be illegal? It's better than those companies not be able to obtain merchant accounts?
You're begging the false dichotomy here. Insisting on personal liability for a corporate account is equivalent to denying the account to the corporation. Bankers would prefer to have you sign away your first born children too (sounds like something out of Dickens). But we've made such practices illegal and there's no evidence that the money supply is suffering for it.
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Unfortunately for Elliot, myself and the countless other non-Americans in the software development world, Stripe is not available (yet) outside of the USA. Stripe have stated that they're working very hard on breaking out into other countries, but I suspect it must be an immense job, what with all of the various existing bureaucracies and regulations present in each country. Hopefully we'll get some good news in the…
http://www.braintreepayments.com/ just expanded into the EU and Canada! (Disclosure, I work for Braintree.)
Earlier quoted context omitted.
Banks already do ask for financials and corporate track record. You're required to stake your own credit when your financials are inadequate. As far as I can see, those providers who require personal guarantees usually do so as a standard condition for almost any new business. Effectively, they consider everyone's financials to be inadequate. You want that to be illegal? It's better than those companies not be able t…
If someone could make money by offering merchant services to businesses with no credit history, they'd already be doing it. No law requires banks to require personal credit checks for merchant accounts.
They are already doing it, every time a new business opens an account with them.
No law requires banks to require personal credit checks for merchant accounts.
I'm not talking about credit checks, I'm talking about a personal guarantee, of the "taking your house" variety.
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You're begging the false dichotomy here. Insisting on personal liability for a corporate account is equivalent to denying the account to the corporation. Bankers would prefer to have you sign away your first born children too (sounds like something out of Dickens). But we've made such practices illegal and there's no evidence that the money supply is suffering for it.
Help me understand. What you're suggesting is that, simply by having paid a couple hundred bucks to incorporate, regardless of my personal credit, I should be able to establish a merchant account?
You might reasonably do a credit check on the principals, since someone running a company who has a track record of bad debts is obviously a warning sign. Likewise you can check them against the databases of people who've been kicked off payment services before.
But in the end, you should be looking at whether a company has a credible business plan and people who are likely to execute it well. That's apparently good enough for other major financial transactions, including attracting investors and things like company credit cards for principals on the day you open a bank account. How come everyone else in the world can use common sense and make an informed judgement about risk, but merchant account providers can't?
Earlier quoted context omitted.
Unfortunately for Elliot, myself and the countless other non-Americans in the software development world, Stripe is not available (yet) outside of the USA. Stripe have stated that they're working very hard on breaking out into other countries, but I suspect it must be an immense job, what with all of the various existing bureaucracies and regulations present in each country. Hopefully we'll get some good news in the…
http://www.braintreepayments.com/ just expanded into the EU and Canada! (Disclosure, I work for Braintree.)
Can I safely assume at this point that our reply was "lost" and we should start over? Not exactly a promising start on the customer service front, but perhaps we can call it teething trouble. :-)
Earlier quoted context omitted.
You're begging the false dichotomy here. Insisting on personal liability for a corporate account is equivalent to denying the account to the corporation. Bankers would prefer to have you sign away your first born children too (sounds like something out of Dickens). But we've made such practices illegal and there's no evidence that the money supply is suffering for it.
Help me understand. What you're suggesting is that, simply by having paid a couple hundred bucks to incorporate, regardless of my personal credit, I should be able to establish a merchant account?
So maybe the bank is willing to issue the merchant account to the individual with the understanding that it may be used by a corporation. But let's not call it something it isn't.
Has anyone used it? Is there a catch? How do customers react?
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David, no dev out there is waiting at home thinking "oh my gosh paypal says something good is going to happen i can't wait". This only happens only to credible service from companies that are trusted by the community. No one cares about what is going to happen in the FUTURE, we care about NOW (i have ~35k dollars a month paid by pp and i can't change paypal's generic call to action template that i know from past a/b…
I agree. Want to fix your issue now. Shoot me an email david(at)paypal(dot)com, and let's figure it out.
What it would take to restore credibility in my view at this point is apologizing and making up for the antique violin incident and un-blacklisting Wikileaks.