Thursday, September 24, 2009

SolidTrustPay New Regulation Requirements

In order to comply with federal regulations concerning payment processors in our jurisdiction (Canada), new maximum transfer levels between members have been implemented.

Members may receive one $9999 payment from any member in a 24 hour period. Members may send one $9999 payment to another member in a 24 hour period. This only applies to the “Transfer Money” option, and NOT when purchasing a product or service from a verified Merchant’s website.

NOTE – members are welcome to send or receive $9999 to/from as many members as they wish daily, just not more than once to/from the SAME member.

Example #1: you wish to send $15,000 to the same person as an instant Transfer Money transaction from the Transfer Money area of your STPay account. You will need to send one transfer of $9999 one day, and the balance the next day. NOTE - you are NOT clicking on a Buy Now button at a merchant’s website. There is NO limit on the amount you may spend when at a merchant’s website.

Example #2: you are expecting a $15,000 payment from another STPay member. You cannot receive more than $9999 per day, so the member will need to split your payment request into two separate amounts and send one per day.

Example #3: You wish to purchase a product or service at a Verified Merchant’s website for $15000. Click their PAY NOW button or other provided similar method, and your entire purchase amount will go through instantly.
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