26 ms·
Seriously, I really need to know something about this. It's driving me mad to keep seeing promising payment services only to find out they won't deal with me.
by white_devil 15y ago
Seriously, I really need to know something about this. It's driving me mad to keep seeing promising payment services only to find out they won't deal with me.
Yours is the most compelling one I've seen.
- _delirium 15y agoOne major barrier is that in many countries it's difficult to set up a service like this in a way that doesn't require it to be a bona-fide "bank", and setting up a bona-fide bank is often not low-overhead.
- white_devil 15y agoDo they even need a presence in other countries to be able to work with companies in them?
- maaku 15y agoThe Patriot Act.
- jules 15y agoWhile this reply is short it is right. The Patriot Act is the reason why these nice things generally aren't available to non US citizens. Patriot Act Section 312: http://ithandbook.ffiec.gov/media/resources/3356/con-usa_patriot_act_section_312.pdf http://ithandbook.ffiec.gov/media/resources/3356/con-usa_pat... As you can see if you want to provide this service to a foreigner then you need to do checks on this person and his bank. This costs such much that most will decide that it is not cost effective to do so.
- white_devil 15y agoThis costs such much that most will decide that it is not cost effective to do so. Well, why do their representatives insist it's a "top priority" then?
- jules 15y agoPresumably they will set up a company in Europe instead of handling it from the US company, but this takes extra time and effort so most companies start in the US (and empirically they stay that way until they become very big).