The concept is simple…
People with money in their PayPal account, may want to pay for something with their Moneybooker’s account, and people with funds in their E-Gold account may want to pay for an item using PayPal. The solution? MoneySwitch.org.
This “middleman” website is up for grabs, and we don’t see it lasting for long. The seller just wanted to see if it could be done and now that’s it’s complete it’s on the selling block:
http://www.sitepoint.com/marketplace/auction/20768
This is definitely a site worth going for. You make money on the reduced fees you charge for the exchange. And, although we don’t go for .org’s often, with the technology in place, it’s easy to land it at a new domain. With a BIN of only $6K, we think that this sale is a real bargain.
July 25th, 2008 at 4:43 pm
There are a few issues with this though, namely the T&Cs of PayPal and MoneyBookers (see below) If they close your account then you are in trouble, so if you buy this how long can you run it before they close your account? Note the PayPal piece on proof of licence or registration with the applicable country-specific regulatory bodies and their anti-money laundering policies and procedures. This is not easy to achieve.
PayPal
PayPal defines a money transmitter as any business that accepts and transmits currency or funds, or the value of the currency or funds, by any means.
PayPal defines stored value cards as funds or monetary value represented in a digital electronic format. They can be stored on electronic media, and retrieved and transferred electronically. PayPal prohibits reselling pre-paid debit or other stored value cards unless they are associated with a single vendor.
Merchants must seek prior approval if they intend to use PayPal as a money transmitter or for first-party issuance and sale of pre-paid debit and stored value cards associated with a single vendor.
To be approved, merchants must provide proof of licence or registration with the applicable country-specific regulatory bodies and their anti-money laundering policies and procedures. Merchants can inquire about approval in accordance with this policy by sending contact details, business URL and a brief business summary to compliance@paypal.com.
Money Bookers
12.2. Moneybookers requires pre-approval for the use of the Moneybookers Service for or in connection with any money changing or transmitting business, including but not limited to bureaus de change, currency exchanges, purchase of travel money. Moneybookers reserves the right in its sole discretion to decide if a customer will be approved or not. If the Moneybookers service is used without the required pre-approval, Moneybookers reserves the right to apply at its sole discretion prevention and detection procedures and suspend or freeze accounts or refuse the execution of transactions if there are reasonable grounds to suspect that an account is being or may be used for such purposes. A handling fee of up to EUR 150 per transaction can be applied at Moneybookers’ sole discretion in stopping and/or reversing said transactions.