Use Paypal to sell VCC ?

priyakochin Banned

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#1

I am selling VCC in DP for paypal verification.And all my clients in DP are very nice.But now I am planning to do it by my site.

Is their any problem legally ?

Then if I am accepting the price via paypal will I get into trouble ?
I mean after the usage of card if they cancel the paypal amount ?

Then what is the transaction price of money bookers ?
Can I use them ?

priyakochin, May 18, 2007 IP

eddy2099 Peon

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#2

You might want to look at Paypal Accepted Usage Agreement

http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/ua/use/index_frame-outside&ed=moneytrans

In accordance with state, federal, and international law, all Money Service Businesses (MSBs) that utilize PayPal for transactions are required to receive authorization from PayPal before conducting such business. PayPal requires pre-approval to ensure the safety of PayPal users and the MSBâ€™s compliance with the regulatory and licensing requirements that apply to this industry. More information regarding regulation of MSBs can be found at www.msb.gov.

PayPal defines "Money Service Business" in accordance with Title 31 of the Code of Federal Regulations (31 CFR Ch. 1 Â§ 103.11(uu)). Thus, any of the following types of businesses must obtain prior authorization before using PayPal services:

Money Transmitters, defined as any person who engages as a business in accepting currency, or funds denominated in currency, and transmits the currency or funds, or the value of the currency or funds by any means.

Issuers or Sellers Of Travelerâ€™s Checks, Money Orders, or Stored Value, where "stored value" is defined as first-party issuance and sale of funds or monetary value represented in digital electronic format and stored or capable of storage on electronic media in such a way as to be retrievable and transferable electronically.

In addition, PayPal may not be used to operate a currency exchange, bureau de change or check cashing business

If you or your business requires MSB approval, please send contact information and a brief business summary to .
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and

http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/ua/use/index_frame-outside&ed=prepaid_debit

First-party issuance and sale of pre-paid debit and stored value cards is addressed in the "Money Service Businesses" Policy. PayPal defines "stored value cards" as funds or monetary value represented in digital electronic format and stored or capable of storage on electronic media in such a way as to be retrievable and transferable electronically.

You may not use PayPal to resell pre-paid debit or other stored value cards, unless they are associated with a single vendor. "Single vendor " is defined as any stored value card that can only be redeemed through purchases at one retailer. Examples: a gift certificate to a local retailer, a gift card to a department store that has locations throughout the country.
Click to expand...

From the looks of it, you cannot do so. However, if you have the license, contact Paypal and ask them directly.

eddy2099, May 18, 2007 IP

priyakochin Banned

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#3

I have the right to sell.So how can I ask paypal ?
Any other choice u recommend ?

But what u feel " If they cancel transaction after using VCC " ?
Can I use Money bookers ?
And what they charge of it !

priyakochin, May 18, 2007 IP

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Use Paypal to sell VCC ?

priyakochin Banned

eddy2099 Peon

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