Popular online payment processors not legally allowed to do business with Iran

Posted on March 1, 2012


World-wide known online payment processor 2CO does not work with Iran, due to U.S. law, 2CO Senior account executive Frank Deck said.

2CO is an online credit card processor, which enables people doing business online, accept credit card payments on a website with simple integration and secure transactions with all major credit cards.

There are a number of ways for an internet businessman to be able to receive payments online. Some of them are through wire transfer, Western Union transactions, bank transfers, checks, and online payment processors such as 2Checkout or Paypal.

“The United States Office of Foreign Asset Control (OFAC) maintains a list of countries currently under United States sanction.  As such, we are not legally allowed to do business with sellers or buyers located in Iran,” Deck said.

President Barack Obama on Dec. 31 signed into law the harshest in a series of U.S. sanctions on Tehran over its nuclear program, targeting foreign financial institutions that do business with Iran’s central bank or other blacklisted Iranian financial entities.

The sanctions spread to online business as well, as far as Iran goes.

“People would be unable to have any paying customers from Iran,” Deck told Trend.

Same can be said of Paypal, which is being used by a majority of people online for receiving payments. Paypal is considered a global leader in online payment solutions with more than 153 million accounts worldwide.

Available in 190 markets and 24 currencies around the world, PayPal enables global ecommerce by making payments possible across different locations, currencies, and languages.

Paypal has a list of countries, where company’s services work. Some countries are allowed to both pay and get paid, other are only allowed to pay, while are unable to receive any payments. In case with Iran, the country is not on any of the lists available on the website.