Have you considered how much money you could loose to credit card chargebacks and similar fraud?
How will you stop a flood of scammers trying to use your service to pay a 'freelancer' that is actually an accomplice in Nigeria by paying with a credit card then calling the card company and saying they never did that, or using stolen cards?
Have you seen the recent news stories about North Korea using fake identities and proxies to get North Korean workers remote jobs?
You will need to verify the identities of people you are sending money to.
This sounds like a cryptocurrency exchange with extra steps. Cryptocurrency exchanges have found it very difficult to avoid having their bank accounts closed as soon as the flood of fraud claims starts. Expect most banks to refuse to give you a business account as soon as you mention cryptocurrency.
There are lots of laws around this such as international sanctions, money transfer laws, money laundering regulation, the US Patriot Act, and the requirement for a payment processor to submit form 1099-K to the IRS for anyone receiving over $600.
The entity that is paying will, in many cases, be required to withhold 30% and give it to the IRS, so it will not be as simple as them just paying you with a credit card. "Withholding tax" can be complicated.
How will you stop a flood of scammers trying to use your service to pay a 'freelancer' that is actually an accomplice in Nigeria by paying with a credit card then calling the card company and saying they never did that, or using stolen cards?
Have you seen the recent news stories about North Korea using fake identities and proxies to get North Korean workers remote jobs?
You will need to verify the identities of people you are sending money to.
This sounds like a cryptocurrency exchange with extra steps. Cryptocurrency exchanges have found it very difficult to avoid having their bank accounts closed as soon as the flood of fraud claims starts. Expect most banks to refuse to give you a business account as soon as you mention cryptocurrency.
There are lots of laws around this such as international sanctions, money transfer laws, money laundering regulation, the US Patriot Act, and the requirement for a payment processor to submit form 1099-K to the IRS for anyone receiving over $600.
The entity that is paying will, in many cases, be required to withhold 30% and give it to the IRS, so it will not be as simple as them just paying you with a credit card. "Withholding tax" can be complicated.
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