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Old 12-20-2010, 12:13 AM
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Default Is it safe to give moneybookers your ssn?

Is it safe to give moneybookers your ssn? and why do they need it?
Also does anyone have an thoughts about this?
thanks
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Old 12-20-2010, 08:53 AM
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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.
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Old 12-20-2010, 11:19 AM
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Ok but is it safe?
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Old 12-20-2010, 11:57 AM
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If you're afraid of them having personal info then don't. Safe with them, yes - they might share with eb if pushed though.
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Old 12-20-2010, 12:29 PM
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whats eb?......
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Old 12-20-2010, 01:26 PM
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That's like asking is it safe to give your SSN to your employer, safe to give it to pp, safe to give it to anyone... That is a decision you have to make!
Yes it's a good company, but that doesn't mean they can't do whatever they want with your SSN...



btw eb stands for ebay.
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Old 12-20-2010, 01:42 PM
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He's a junior member so i cut him some slack ha
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Old 12-21-2010, 12:48 AM
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eb is eBay
pp is payapl

Its just as safe as giving any other company your SSN.

They aren't going to put a car in you name if that's what you're worried about.
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Old 12-21-2010, 01:02 AM
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Have moneybookers account- gave ss# -never had any problems with them. But i hope you know that you have to wait 40 days to receive your money, which they deposit directly into your bank. That is 40 days from the completion of each and every transaction. Just wanted to be sure you know that before going ahead.
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Old 12-21-2010, 01:11 AM
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I'm just as skeptical as you are about supplying my ssn to any company, but if you must, and have to make ends meet, do what you have to do, just make sure you're not doing any funny business with merchant accounts, especially if you have your ssn attached.
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Old 12-22-2010, 12:28 AM
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Quote:
Originally Posted by smootsloot70 View Post
Have moneybookers account- gave ss# -never had any problems with them. But i hope you know that you have to wait 40 days to receive your money, which they deposit directly into your bank. That is 40 days from the completion of each and every transaction. Just wanted to be sure you know that before going ahead.
After a few months, you can ask them to do an account review, this will lower the 40 day requirement.
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Old 01-06-2011, 03:44 PM
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Quote:
Originally Posted by cardfelon View Post
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)??

Quote:
Originally Posted by xsv182 View Post
Is it safe to give moneybookers your ssn? and why do they need it?
Also does anyone have an thoughts about this?
thanks
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.
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