Bad news for PayPal

[MarkA]

http://money.cnn.com/2002/04/19/news...ypal/index.htm

Will it affect Neteller as well?????

[Blowfish]

Boy, what did people do before those smileys were available on the forums????

This is just the beginning. Both MasterCard and Visa have been told to crackdown on merchant account issuances to high risk entities--and these high risk (use your imagination to define "high risk") entities then turned to the third party processors. The third party processors are going to be forced to get the same documentation from their clients who act as a business and accept credit card payments so that MasterCard and Visa can be sure who is processing credit cards.

I would think it would affect Neteller as well.

[Dragon]

I would think it would be more benficial for all involved to come up with a solution to the fraud and identity theft problem rather than just cust off the smaller merchants. Doesn't seem fair or profitable.

[Blowfish]

Dragon, I agree completely. If you're going to process credit cards, even through a third party you should have to provide enough documentation about yourself so that there is recourse should things go awry. But some gambling companies aren't set up correctly to provide the information (right down to sales projections certified by an accountant, etc.) that MasterCard and Visa want. I think they are doing it intentionally to rid themselves of the business.