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Title: Do multiple BitPay transactions add up towards the 3k limit for KYC? Post by: gentleman2019 on December 31, 2019, 08:39:32 PM Just made a BTC payment to a merchant which uses BitPay for processing and total amount was just lower than $3k. Have not been asked KYC.
I'm wondering if I use the same merchant again, will the next transaction add towards the $3k limit or can I keep doing multiple transactions without KYC? Title: Re: Do multiple BitPay transactions add up towards the 3k limit for KYC? Post by: squatter on December 31, 2019, 09:25:58 PM Just made a BTC payment to a merchant which uses BitPay for processing and total amount was just lower than $3k. Have not been asked KYC. I'm wondering if I use the same merchant again, will the next transaction add towards the $3k limit or can I keep doing multiple transactions without KYC? I've been trying to find this out since they rolled out their KYC procedure and haven't been able to get a concrete answer. I believe they are not aggregating transactions toward the threshold. Maybe you should just try another purchase (beyond $3K aggregated) and see what happens? You don't need to pay the invoice, of course... Title: Re: Do multiple BitPay transactions add up towards the 3k limit for KYC? Post by: o_e_l_e_o on December 31, 2019, 09:33:32 PM As far as I am aware, the KYC requirements currently only trigger for individual purchases over $3,000, so you should be able to make future purchases without issue. I've certainly not heard otherwise, and this quote from their website would seem to confirm it (emphasis mine):
If you're requesting a refund of $1,000+, receiving a payout from a business using BitPay's payouts API, or making a $3,000+ payment, you will notice one of these screens asking you to verify some details about your identity and location Having said that, I'm sure if you were abusing this to send $2,900 to someone 3 times a day, BitPay would pick up on it and shut down your account. Their Terms and Conditions already include a clause about bringing that limit down: These thresholds for high-value verified payments, refunds, and payouts are subject to change, and we will announce any changes to BitPay Dashboard users. I know as a consumer there is often not much you can do, but I have been actively switching away from any companies which are using BitPay. I don't want to support their shady business. BTCPay is a better alternative. Title: Re: Do multiple BitPay transactions add up towards the 3k limit for KYC? Post by: alyssa85 on January 01, 2020, 12:52:31 PM Just made a BTC payment to a merchant which uses BitPay for processing and total amount was just lower than $3k. Have not been asked KYC. I'm wondering if I use the same merchant again, will the next transaction add towards the $3k limit or can I keep doing multiple transactions without KYC? I think it's only for amounts over $3000 that you need KYC. See https://bitpay.com/blog/bitpay-dashboard-id/ Quote The one-time verification requirement is for people making BitPay merchant or prepaid payments of $3,000+, initiating refund requests for amounts of $1000+, or receiving BitPay payouts. Business users making purchases, etc. within these thresholds will also complete ID verification as individuals. Person-to-person payments with BitPay's BitPay and Copay apps aren't included and do not require ID verification. Title: Re: Do multiple BitPay transactions add up towards the 3k limit for KYC? Post by: OmegaStarScream on January 01, 2020, 05:33:23 PM If you read the link above, you'll see that even the payments over 1000$ can be risky as well. If your transaction fails for whatever reason, they'll have to "refund" it and that will trigger their new KYC policy. I'm not sure of which service you're using, but try to look at Coinsbee and Bitrefill to see if there are gift cards available, that could be better solution for you than paying directly with BTC.
Title: Re: Do multiple BitPay transactions add up towards the 3k limit for KYC? Post by: BitMaxz on January 01, 2020, 07:36:56 PM I think you can do multiple transactions if it is another invoice and another address where you need to send the payment but if you are going to pay on the same merchant with the same invoice or address maybe you will reach the $3k limit.
But the KYC will only trigger if you/buyers request a refund from $1k+ according to their article from here "Why do I need to sign up/log in when making a payment or requesting a refund? (https://support.bitpay.com/hc/en-us/articles/360031230772-Why-do-I-need-to-sign-up-log-in-when-making-a-payment-or-requesting-a-refund-)" Much better follow what OmegaStarScream suggested above if the merchant has alternative payment better to use it so that you are far from the risk. |