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Payment Processors Object to 'Stored Value'


bsmither

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I stumbled across an issue posted on "WebHosting Talk" concerning "new banking regulations" and specifically events where 2Checkout is abruptly closing merchant accounts where they have determined the merchant is selling credit against unspecified future activity/product.

That is, payment up front is fine for defined services to be performed for a specific time frame -- web hosting (sometimes not even then, until challenged), bespoke products, etc -- but not Gift Cards or store credit that is not allocated to specific products and/or doesn't have an expiration date.

Has anyone had to respond to said "new banking regulations"?

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