united-states contract-law
Business who asks customers to pay from credit
<p>What laws apply to having credit for customers?</p>
<p>A business asks customers to put in money to get credit, and then customers use this credit to buy from the company. The credit can remain indefinitely in the business, and customers can withdraw it at any time.</p>
<p>There is probably better terminology to describe this case. Please tell me what laws apply to this business in the US</p>

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<p>Customers can withdraw it at any time.</p>
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<p>This is present interest enough (Crummey doctrine). The merchant account transfer is subject to neither the income nor gift tax until the grantor and testator spends it toward any beneficiary's present interest and material purpose.</p>
<p>Otherwise, there should be a 5 year minimum to gift cards.</p>
<blockquote>
<p>Expiration dates for funds underlying gift cards must be at least five years after the date of issuance, or five years after the date when funds were last loaded. (Board of Governors of the Federal Reserve System Press Release, <em>Federal Reserve announces final rules to restrict fees and expiration dates on gift cards</em>, March 23, 2010)</p>
</blockquote>
