Originally Posted by cardfelon
Moneybookers and all online payment processors are required in 2011 to report to the IRS if you take in more than $20,000 in sales and 200 transactions. So if you want a account with them you will need to supply them with whatever information they are asking from you.
Are you 100% sure that Moneybookers will have to report to USA government for 2011. I have personally contacted Moneybookers regarding this months ago and doesn't seem like they even know or understand. They keep saying they will have their specialist get back with me about it. Its been months since I heard anything from their specialist with concerns on this issue. So, I don't think they even understand it fully.
Now I can understand Amaz0n, G00gleCheckout, and P4YPal having to conform to this provision. Since there are US companies. President Bush on July 30, 2008 made this economic recover Act to help stabilize the US economy (P.L. 110-289).
It contains new information return reporting requirements related to the settlement of reportable transactions involving payment card (e.g., credit and debit cards) and third-party network transactions. This is the confusing part - who is considered third-party networks? Would Moneybookers be placed in that family.
Moneybookers is registered as a HM Revenue and Customs in the United Kingdom, and is licenced to operate within the EU. Moneybookers is regulated by the Financial Services Authority of the United Kingdom. So therefore is Moneybookers included in the settlement of any credit or debit card sales and internet transactions through a third-party network (Sec. 6050W)??
Originally Posted by xsv182
Is it safe to give moneybookers your ssn? and why do they need it?
Also does anyone have an thoughts about this?
Sorry to jump on your question with my own, concerns - so let me address your question - All payment providers will be required to obtain this information at some point in time. Since this will become common it should lighten your concerns. I have been with moneybooker for about 8 years and I have never had an issue with them. They transfer money fast and securely - almost better than P4YPal, but be warned customers are reluctant to sign up for it. That may slow sales.
Also keep in mind, if you are doing business then you shouldn't be involved in funny business any way (like Ninja said so eloquently)...
If someone can please help me with my concerns on this matter, I would be happily appreciative.