starting escrow service in my country
Hi there, I am new to this forum so greetings to all.
I wanted to start escrow service in my country as internet purchasing and selling is increasing day by day over. To give an idea of what escrow service is here is a brief concept.
Escrow service is a service provided by a website that allows the buyer ans seller to have a safe transaction over the internet. The buyer when meets the seller they ultimately decide upon a price and to ensure that buyer is able to pay that price the seller will ask him to deposit the funds at our website where a notification will be sent to the seller that buyer has deposited the funds. Once when the buyer receives the item and he informs us that he is satisfeid with the purchase then we release the money to the sellers bank account. Such a service is known as escrow service.
Following are few questions:
However i wanted to know what are the legal implications to this website?
are there any international rules that apply on such service?
how are the legal terms and conditions set?
can i start this service in my country as an individual?
is there any tax on such websites?