Legal Question in Business Law in Massachusetts

Re: Facilitate online payments between buyer and seller

this is not enough information. You need to set up an agreement and an accounting system to insure that what you promise will be delivered, and you may even seek to be bonded or insured.

Re: Facilitate online payments between buyer and seller

Your question does not provide sufficient information for an attorney to give you a well thought out answer.

However, what you propose opens you up for lawsuits and claims from both buyer and seller. You need to do a number of things to provide escrow services not the least of which is to insulate the funds from the claims of both your creditors and your business's creditors as well as the creditors of the buyer and the seller.

At a minimum you will need some sort of bond or insurance. You will need a comprehensive escrow agreement and a limitation on liability to both the seller and the buyer.

Please feel free to contact me if you have additional questions.

Re: Facilitate online payments between buyer and seller

It sounds like you need a well drafted, comprehensive agreement which protects you from liability from both buyer and seller (possible dual agency). Please feel free to contact my office direct for a free initial consult based upon the facts of your specific situation;))

Re: Facilitate online payments between buyer and seller

No, you don't need special licenses to do what you contemplate. As long as you have a proper escrow agreement (which obliges the seller to protect, defend, and indemnify you), this should work. Yes, an online agreement is legally sufficient (although I would generally ask for an original signed copy along with payment).

Cheerio!

LDWG