I am trying to set up a business to accept payments with credit cars. All I would be doing is to receive payment from a legitimate user overseas and give them cash minus a fee for my services.
Why would somebody pay me to get cash from me? Because in this country they have exchange control so, they are limited to use X amount of dollars in cash per year and X amount of dollars in a credit card per year. They can re-sell the unused dollars I would be paying them in cash for twice its nominal value. I would be getting an invoice from overseas to do so.
Is this Money Laundering in the US?

No this is a serious scam most likely stolen credit cards and after you pay them, the police demand you return all the money. This is or sounds like a play on the basic cashing the checks or money orders but this time using credit cards.

First there is no reason, since once the credit card is ran, it is automatically put into the dealers account

This is just a large scam, since they could easly accept credit cards anywhere in the world without using you at all.
Next if they wanted a company to do recievables, there are companies that are insured and bonded, that only charge about 3 percent at the most for this service for companies without an account recievable departmetn.

How did you find this job, by an email?

No, I did not get the idea over an e-mail. As I mentioned, the issue they have is the control exchange in country. I don't know of a company, insured or bonded, willing to pay cash against a credit card from overseas, which is the key to this whole thing.
Can you suggest a name of such company? I am curious.
Assuming the cards are not stolen (and they are not), is this money laundering in the US?
Thanks for your feedback.

I am with Fr. Chuck on this. If this were a reliable, honest venture, then whoever is needing the services would use the services in existence - the bonded, certified businesses. Not you. You are asking for some major problems and a visit from law enforcement someday if you pursue this.

How do you absolutely know the credit cards are not stolen? Did they tell you? It smells like money laundering. Do not do it.

It could be a form of money laundering, depending on the source of the funds that you'd be "exchanging." Either way, as Fr. Chuck has said, it's a big scam as there is no legitimate need or reason for such a "service." I think that whole "exchange control" story is just a lot of propaganda and part of the scam to suck you in to thinking that it is legitimate.

The trouble with the idea of money laundering, is that in those cases, they have to be spending the money somewhere so unless they are paying the bills of credit cards in cash, ( not likely) or the credit charges are in the 10's of thousands of dollars, I just don't see it, They do use various cash business, life insurance and other investments for it.

But as noted, almost every nation I know of takes mastercard and visa.
And they can accept cards form anywhere in the world.

There is just no legitimate way, many of these fraud companies list on monster till they are found, or other internet adverstising. And some even list in major news if possible.

Member charge backs on credit cards can happen at 60 and 90 days out.

Also what percentage are they offering, if it is over 2 or 3 percent the red flags have to fly

Quote:

---

Originally Posted by dvp007

As I mentioned, the issue they have is the control exchange in country.

---

Hello d:

Somebody is blowing a bunch of hooey up your butt. There ain't no such thing as "control exchange". It's a made up word to scam you out of your money. Listen to the Padre.

Believe me, you can spend your plastic ALL over the world, and everybody gets their money, like right now.

excon