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Credit Line or Credits for WooCommerce Plugging #21

Open zaragraphics opened 2 years ago

zaragraphics commented 2 years ago

Hi.. Can you please include " Credit Line or Credits for WooCommerce " Plugging.. Please check and include in apps. Thanks

zaragraphics commented 2 years ago

Using this woocommerce Plugin we will provide " Buy Now Pay Later " Service to our customers. And his is trending in India. So I hope you will understand and you can done this definitely. Thanks

DrXripper commented 2 years ago

This won't work as it's a different plugin altogether, now even if the plugin is created India has a strict policy over holding funds or letting users buy on credit lines as it becomes an nonbanking financial. You have to go legally with stuff like this and it can cost you a fortune just to get the documentation done. That's why there are very less website wallets available these days and laws like KYC from each user are required.

DrXripper commented 2 years ago

Also, you need to get your company approved by RBI or NSDL to even run a KYC check as it's the only way to go it. If you go with Illegal way your company can face serious charges and implications, Have a good day.

zaragraphics commented 2 years ago

Ok.. thanks for this information.

On Thu, 24 Feb 2022, 12:58 pm DrXripper, @.***> wrote:

Also, you need to get your company approved by RBI or NSDL to even run a KYC check as it's the only way to go it. If you go with Illegal way your company can face serious charges and implications, Have a good day.

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tenslider commented 2 years ago

BS, different countries = different policies. the United forcing KYC after 911 has nothing to do with anyone doing business in their own countries. Having a wallet on your platform to credit customers like rewards, referral points, etc... doesn't have anything to do with regulations and KYC. Uber eats is not registered as a financial institution and have a wallet system on their platform. I can even go further Starbucks (the coffee shop) got more cash on hand than any banks in the U.S because of the wallet feature they have on their app, is Starbucks known as a financial institution? NO. The key is in the "WORDING"

DrXripper commented 2 years ago

BS, different countries = different policies. the United forcing KYC after 911 has nothing to do with anyone doing business in their own countries. Having a wallet on your platform to credit customers like rewards, referral points, etc... doesn't have anything to do with regulations and KYC. Uber eats is not registered as a financial institution and have a wallet system on their platform. I can even go further Starbucks (the coffee shop) got more cash on hand than any banks in the U.S because of the wallet feature they have on their app, is Starbucks known as a financial institution? NO. The key is in the "WORDING"

Not sure how your country works, but I'm currently working in a startup and it has been a hassle for us to even integrate a simple function like this in our system due to strict policies like this in place. Here in india there are many e-commerce platform allowed using wallet's since 2014, but since our country went through demonetization there were some laws placed to even load money in wallet, we have e-commerce companies like amazon, flipkart, swiggy(doordash/uber eats alternative), zomato and many more since than we have to legally register our company as an entity and then request to have wallet features now that has to be passed from nsdl or our reserve bank directly. That's the reason why paypal doesn't work as it's supposed to be in my country. So the wallet system is really a whole different concept in india, the reply i gave was specifically targeted for that indian developer not for other countries. We can still use the wallet system changing the name to maybe cashback or reward points but still we can't let a user add money without having their kyc approved.