Bitcoin Forum

deleted for google search result de-optimization.

Do you do escrow on Bitmit?

Yes.

Looks like a very low risk transaction at a great rate.  Nice!!!  :D

You can use your MoneyPaks to purchase Amazon gift codes and Green Dot will throw in a $5 bonus.

https://www.moneypak.com/Partner/Payment.aspx/AmazonGiftCard

I bought a moneypak from Tangible and the transaction went really well.  I love these rates!  :-*

Welcome to the market :)  It looks like you and I are direct competitors.  Hopefully everybody wins :)

Out of curiosity, are the MP codes provided instantly?  

No.  Bitmit has no mechanism for that.  Are goal is a custom portal ("cash 4 bitcoins") but in the meantime the forum and bitmit allows us to become better known and get some experience with the fund transfer delays.

Delivery times:
I try to keep 2 or 3 of the $100 to $300 denomination on hand (although keeping them in stock has been a challenge).

 If in stock funds code should be available in few minutes after bitmit confirms payment.   If not then it may take a couple hours.  The longest delay was roughly 5 hours.  The custom site should provide expectation on delivery time.  If anyone has any questions please feel free to contact me before ordering.

Thanks for the welcome.  I think fair competition makes all parties stronger.

 

Bitmint and BTCpak:

Got a few tough questions regarding MoneyPak and PayPal. Do you guys have any familiarity in that area?

There's no harm in asking; you should shoot!

So what is the question?  Reversibility?  Paypal freeze?  Inquiring minds want to know.

Yes. Pretty much.

Is there any way for a seller to know if the buyer's PayPal payment was funded by MoneyPak? If no, can the buyer prove their payment was sent with MoneyPak (Other than a screenshot)?

Will PayPal freeze my account if I load up to the $4000 limit every month using Money Paks bought from multiple people or do they care?

After loading my PayPal account, can I immediately withdraw it to my bank?

I've heard MoneyPak has about the same amount of protection as Western Union. Is that true? Have you heard of anyone recovering their MoneyPak funds after they've been spent claiming the pin number was stolen.

There is no way for the seller to know how the PayPal payment was funded.  

You are limited to how much you can load in to PayPal before they request additional verification information (SSN, etc).  However, after you verify, your limit is $4000 a month.  

You are able to withdraw immediately to your bank account, but I would not recommend making a habit of this.  PayPal has been known to send out notifications for people who abuse the MP -> Bank account route.  My suggestion is to send it to another account and then withdraw.  I have not had any issues with this method.

There have been isolated cases of MP fraud.  It is possible for the original purchaser to report the MP stolen.  In this case your account will then be flagged for review.  An additional level of protection is to ask for a receipt.  In any case, BTCPak.com has sold over 300 MPs, without any customer complaints.  Just be careful who you accept MPs from.

I hope this answers some of your questions.

Dan

No.  MoneyPak is simply a "pack of money".  Once it is loaded into either Paypal or a prepaid card it is no longer a money pack.  Paypal funds are paypal funds no matter their origin.  You can chargeback a paypal tx funded by debit card, credit card, MoneyPak, bank ACH, etc. How you funded the Paypal account is irrelevant.   All the normal Paypal rules, conditions, and caveats apply.  MoneyPak is simply a way to get funds into Paypal or a prepaid credit card.  

If you just want Paypal funds Tangible Cryptography will buy your BTC and pay your Paypal account directly faster and cheaper than using a MoneyPak.

https://bitcointalk.org/index.php?topic=85395.msg940627



Paypal won't have direct knowledge of the location the MoneyPak was purchased.  I have looked into getting a GreenDot merchant account so I can accept GreenDot moneypaks as payment and the API is limited.  The merchant accepting funds only knows the account#, the pin, the status, and the date it was funded.  GreenDot could freeze your MoneyPak if they suspect fraud.  Generally speaking keeping your purchases to a single provider or  allowing sufficient times between purchases is a good idea.   From GD perspective you buying a MoneyPak in VA isn't strange but "you" buying a MoneyPak in VA and CA simultaneously is probably a little "suspicious".

Sure.  However Paypal terms and conditions allow them to suspend an account anytime they suspect fraud.  If that happens (and I have never heard of case) we will gladly send you a scanned copy of the physical card and receipt (always purchased with cash not a debit card)  to assist you.


Once funds have been transfered they are irreversible.  Where MoneyPak fraud can occur is
a) buyer pays sells w/ MoneyPak
b) seller releases irreversible goods (Bitcoins, game codes, etc)
c) BEFORE BUYER deposits funds seller reports MoneyPak stolen and MoneyPak puts a freeze on the PIN.

MoneyPak will now ask for receipt and physical card for proof.  Something the seller has and the buyer doesn't.

There is an element of trust (less than say gift cards or credit cards though) so you should trade with someone you trust.  We hope to convince customers that our reputation is worth more than proceeds from one sale.     Our first tx on Bitmit was for $800.  If we wanted to just steal funds there is unlikely to be a better single target.  Still ultimately it comes down to trust.

One last comment.  I don't think that a PayPal transaction funded by a MP is any more secure than any other PayPal transaction.  I think that no matter what the funding method, the buyer is still capable of initiating a charge-back.

Dan

That's not correct. You can chargeback a debit card and credit card purchase but not a MoneyPak or bank. However, you can open a PayPal dispute on MoneyPak or bank payment. There's a huge difference and that is a common misconception among buyers and sellers here.

To the seller there is no difference.  Maybe using the term "charge back" was incorrect but most Paypal fraud doesn't involve a chargeback per se.  The buyer disputs the transaction in bad faith and the seller loses funds.  MoneyPak doesn't change that dynamic.  No seller accepting Paypal should consider Paypal funded by MoneyPak any more secure than PayPal funded by any other means. 

Sorry for using the term "chargeback" solely.   When people say "don't accept Paypal because it can be charged back" they aren't refering the CC they simply mean dispute the tx and if you sell digital goods/services Paypal offers the seller absolutely no protection.

You're right about most people referring to chargebacks including disputes, but I don't think it's fair to group those in. Are you sure about that statement about PayPal disputes not involving credit card chargebacks? I would think the majority are since the credit card company sides with the consumer 99% of the time in these cases. For those PayPal disputes, if you set  up correctly before they happen, you can win them. IMO, not having to deal with chargebacks is winning half the battle. Remember PayPal doesn't offer buyer protection for intangible goods either.

In my experience, PayPal will let the transaction stand as is regarding intangible goods if the dispute is "goods aren't described or not received" (Also mitigate risk by having buyer leave a message "intangibles were received. thanks" in payment message)

So that really only leaves the unauthorized dispute where you just need to do your best to make sure the person sending the payment is actually the owner of the PayPal account.

Now you factor all that in, scammers are really going to think twice about scamming you since they won't know for sure what the outcome will be.

Get $25 free from Amex when you would an Amex Prepaid card with a MoneyPak $200 or more (until 06/30).

www.americanexpress.com/prepaid