Anyone know what, if any, legal hoops one has to jump through to start an escrow service?
Such a service, similar to how it works on Rentacoder et al, would be a core feature of a new project I have planned.
Does one need a "license" or permission slip from someone wearing a suitably pointy hat or can I just go ahead and offer such a service?
By 'escrow' I mean the simple act of holding onto a buyer's money until they are satisfied they've got value from the seller, at which point the money is released, minus an admin fee for costs)
I suggest getting an attorney involved. Escrowing needs an agreement signed off for each customer and having that agreement worded correctly would be good. There may be rules around providing interest on funds being held so have appropriate research done prior to offering the service.