I realize that most of us aren't lawyers here but in case someone has faced a similar issue before I would really appreciate some advice.
I'm almost ready to launch my product, Thankbox - it's a web app intended to replace the paper card + office money collection for teams. E.g. a manager would pay to set up a Thankbox for one of their team members who is leaving and the rest of the team can add their messages, images and optionally contribute some cash towards a pot. The recipient can then claim that cash as either an Amazon voucher or donate it to charity.
I am being held up by the legalities of how the contributed money is treated.
Some people I've talked to say it should be treated as client money - something I really want to avoid, as it would mean adhering to extra regulation, having a separate bank account for it, etc... This was all intended for protecting large sums of money, not the small ones my service will be collecting.
Another way I've been told I can look at this - and one I would prefer - is to treat the contributions as effectively a gift card purchase for services redeemable on my website.
I have asked a lawyer about this - he was pretty stumped but is investigating. It's annoying to have to wait but I really don't want to launch a business with a dodgy business model.
If anyone can advise me on this or knows of a service that is similar enough I would really appreciate it.