Hi there -- hoping this community can help.
We are starting a business that provides e-commerce services to small businesses. The businesses we are targeting are extremely small and have little to no online savvy.
Most shopping carts online require small businesses to register for a merchant account and a payment gateway to transact. We are considering offering individual shopping carts to these merchants, but just using our merchant account and payment gateway to transact on behalf of the small business.
Then, on a regular schedule (weekly or biweekly), we would transfer the accumulated value of the transaction into the individual small business' bank account, minus our transaction fees.
Couple of questions about this:
1. Are there legal or tax implications to making transactions on behalf of small businesses like this?
2. Is there a software package or API out there that makes it easy to automate transferring money between accounts, en masse, on a semi-regular basis?
Thanks so much for any help you can provide!