anyone know how to get an Escrow Service license (fast) and how much such will cost? Apparently PayPal doesn't like me using them for my escrow service so they shut me down and let me hanging.....Not only one site are effected by this..9 sites are stuck cause of this PayPal crap. So my questions are: Should I get all the paper they ask for? Is it worth the effort? Or just use another payment gateway? If so, which one is most solid today? I heard e-gold got busted and EB killed his wife or something....or a real merchant account would be the way to go maybe? Warriors please advice.
e-mail from PayPal:
Dear Joakim Hansson,
Upon review of your PayPal Account, we have found that you are operating
or intend to operate as an Escrow Service.
PayPal is committed to complying with and meeting its regulatory
obligations. Part of our obligations is to ensure that our customer,
merchants, and partners are also in compliance with applicable laws and
regulations. As an escrow service you are required to obtain, maintain,
and have certain licenses and policies and procedures in place. As a
condition for operating as an escrow service on PayPal we require that
you adhere to the following:
#. Provide us with copies of your escrow agent license for all the
states where you operate or explain why you are not required to so
#. How do you ensure your escrow service business is not used for money
laundering and/or terrorist financing?
#. What systems or methods do you have in place to track customer funds
and how do you match the in flow with the out flow of funds by customer?
#. How do you monitor customer transactions for suspicious activity such
#. Copy of your Articles of Incorporation.
#. How do you disperse funds to your customers?
#. Please provide a copy of your bond for any jurisdiction that requires
your company to be bonded.
Once we have received and reviewed the aforementioned material, we may
have additional questions on your policies and procedures. We ask that
you please fax the requested documentation within # days to
#-###-###-#### ATTN: Compliance – Due Diligence. Please include the
email address listed on your PayPal account on all correspondence.
Send any questions to email@example.com.
Your assistance and expediency in this matter is appreciated.
PayPal Compliance Department
PayPal, an eBay Company
© #### PayPal Inc. All rights reserved. PayPal is located at #### N.
First St., San Jose, CA #####.