What industry would you categorize my business to be in? Is my business eligible to accept payments?

MythicIO — Sun, 25 Jul 2021 02:23:13 GMT

I'm starting a business accepting unwanted Visa/Mastercard's gift cards in exchange for a payout to my customer's PayPal account. I have many anti-money laundering protocols in place to prevent fraudulent cards being used on my site. Including photo verification of the physical card, ID verification, and proof of purchase of the gift card. My business works similar to prepaid2cash.com, giftcash.com, and cardcash.com a PayPal partnered company.

I don't know if I need any licenses to conduct business and I can't find any regulations regarding exchanging gift card value for a cash payout to customers. What industry would you categorize my business model as? Is my business model against the terms of service of payment processors like Square, Stripe, PayPal, Wave, etc.? Is my business model high risk?

Re: What industry would you categorize my business to be in? Is my business eligible to accept pa...

ashc — Sun, 25 Jul 2021 17:58:10 GMT

Hi @MythicIO,

This business type would actually be against our Terms of Service so you wouldn't be able to use Square for it.

We do not allow the processing of prepaid/gift cards on our platform. You can read our Terms of Service here from Google.

thread Re: What industry would you categorize my business to be in? Is my business eligible to accept pa... in Your Square Account Information

What industry would you categorize my business to be in? Is my business eligible to accept payments?

Re: What industry would you categorize my business to be in? Is my business eligible to accept pa...