Reserve Proposes Customers to Use Their Business Zelle Accounts to Process Payments – Bitcoin News

Reserve, a fintech and cryptocurrency-related exchange and payment processing app, sent an email yesterday to its customers asking for their help in processing payments by leveraging their personal Zelle accounts to do so. This raised certain alarms in the community, that are now wary of a third-party company using their accounts to do its payments on its behalf.

Reserve Proposes Customers to Use Their Zelle Accounts for Payment Processing

Yesterday, lots of customers were surprised by an email sent by Reserve (a fintech/ cryptocurrency exchange and payment processing company backed by the creator of the Petro, Gabriel Jimenez) asking to lend their business Zelle accounts to use them for processing payments. The surprising email mentioned giving rewards for this in an informal way, offering ‘thousands’ for helping the company by the use of these business Zelle accounts.

Many users were alarmed by this proposal and took it to social media to protest and alert against the risks of lending their Zelle accounts to third-party businesses. In fact, the Zelle User Service Agreement explicitly states:

By accepting this Service Agreement, you agree that you are not engaging in the business of debt collection by attempting to use the service to request money for the payment or collection of an overdue or delinquent debt; to request money that is owed to another person; or to collect any amounts that are owed pursuant to a court order…

It seems to be letting debt collecting for third parties out of its scope or use.

However, this all shows that the company has grown immensely since the time of its introduction to Venezuela, and that is currently facing hardships to cope with the volume of Zelle transactions that are being done using its payment services. Zelle is a powerful tool in Venezuela, accepted informally in most retailers in the country, and used commonly; this is why it’s so important for Reserve to maintain an important…

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