Bitcoin Forum

Press Release = https://mtgox.com/press_release_20120531b.html
Video = https://vimeo.com/43018430

TOKYO - JAPAN - May 31, 2012 - After the successful launch of our first e-Commerce API we are now proud to announce our first dual pricing checkout button for a fast and easy way for you to accept Bitcoins payments on any existing website or other online service accepting HTML or BB Code.

Available to all Mt.Gox account owners this new service is tailored for any one interested in reselling goods or any personal items online whenever they want!

Sell your products online now!
Accessible via the user account page through the Mt.Gox Checkout Button page, the Button Generator interface will guide you step by step through the process of creating a unique payment button that will fit perfectly on any web page whether personal or professional.

To create your first button, just enter a selling price in either USD, EUR, JPY or in Bitcoin, a unique description of what you are selling and you are done! Of course in order to get the best out of your Payment button we also included some optional basic features including email notification as well as a very handy Autosale mode that will automatically sell the Bitcoin you receive in your Mt.Gox account's default currency at market price.

Should you set your selling price in USD or any other traditional currency, the Checkout Button will automatically display in real time the actual value of the product you are selling in both Bitcoin and the selected currency. Please note that at this time the dual price feature is not fully supported by Internet Explorer 9.

Need to get more out of your Button?
Rest assured that advanced users have not been forgotten here as well! By choosing “Advanced Settings”, you can tweak your button's Return URL, Cancel URL, add Custom Datas as well as being able to add your IPN Address.

Dual Pricing, now a reality!
To help make the transition to Bitcoin easier for your customers, we added a unique “Dual Pricing” feature that will automatically show your price in both Bitcoin and in any other currency currently supported by Mt.Gox!


Regards,
Mt.Gox Co. Ltd Team.

Media Contacts
press@mtgox.com

Very nice work, lots of good press releases from Mt. Gox today.

One problem though, although I imagine it's by design - this button, & the Magneto plugin, only allow payment through Mt. Gox - there's no place to send Bitcoins directly.

Is this (centralization/"lock-in") the direction your product is heading? Do you want to be another PayPal (http://www.paypalisevil.com/)?

Or will you add an option to pay with Bitcoins directly, not through Mt. Gox?

What's the strategy here?

So far the system only works via Mt.Gox, which is why we can guarantee instant payment when both parties (Buyer and Seller) own a Mt.Gox account. This said. Buyers do not need to have an Mt.Gox account, only seller is required too. So you can accept any bitcoin customers regardless of where they store their bitcoins.

Our strategy here is to make sure that Bitcoin as a whole continue to grow. Any bitcoin transactions you do via our system is free of fees. A buyer pay in BTC, a seller recieve BTC. as simple as that. Now if the merchant want to change his/her BTC into USD, EUR... well the usual Mt.Gox fees apply with 0.6% at max when you "cash out". It is difficult to be more aggressive when it comes to payment online payment methods.

How does this work exactly?

Is there a demo store I can try?

I'm trying to login to Mt. Gox right now to test this, but my login doesn't work, and my Reset Password email either doesn't work or take a long time to get to me.

First contact the support for your password problem, just in case, better safe than sorry! Also as soon as you login use our new security center to use our new OTP system.

Now,


Watch this video http://vimeo.com/38342982 and it is explained at around 1 minutes 40 seconds. We have to come with a demo Store that will not "Charge you". I am going to check that can be done.

Is it possible to see/edit buttons after you've created them?

As for today there is now way for your to get an history of the created Buttons. This feature will be added soon.

Sounds great. So I can set up a product to be priced in USD, will the customer purchase the item in USD? If so how? Is there credit card processing or a bank transfer page?

The USD here is just for "Information Only". We made the dual pricing system in order to ease the transition from USD/EUR/YEN to BTC. A bit like what happened in Europe with the Euro when stores offered dual pricing in order to help people to get used to EUR.

Can you show that the price is X percent cheaper when you use Bitcoins?

This is a good thing that mtgox has launched such a service, prices are competitive too and likely will cause competitors to reconsider their pricing. Competition is a good thing.

As a merchant who would like to use such services I have some things to worry about with this mtgox's solution. Here are rumours and reports of mtgox being rather very slow parting with fiat money lately (i.e. fiat withdrawals are taking way too long).

Could please mtgox comment on how quickly and how reliably merchants can withdraw fiat from mtgox. Please describe a typical scenario and costs involved for a merchant that would like to convert 100% of sales into say GBP and sweep it to their bank account on daily or weekly basis.

How long would it take?
Which risks merchants run here?
Are there terms and conditions for merchants?
If someone pays with "tainted" coins to merchant, will merchant run risk of mtgox doing it's usual PI trick and freezing/confiscating merchants money?

I do want to use mtgox's shopping cart solutions since the claimed top line pricing is attractive. However, I am worried about the mentioned above potential costs and risks enough to not jumping into it just yet.

Nice work!

holymoly, this is the bees knees.


only nitpick:

may we please have the option to use the BID or VWAP or LOW or w/e at will?
I'd love to use the VWAP for example as I trade large amounts of BTC and the VWAP is generally a better indicator of the price and also takes the possibility to manipulate the spread when placing an order.

looks good, what about a donation button as well?

+1

MtGox where is your SAS 70 / SSAE 16?  Until MtGox takes this seriously, I am afraid I am having a hard time taking MtGox seriously.

Mt.Gox - The PayPal of Bitcoin

make of that what you will...

have you seen paypal's fees?!

I think this is awesome

Mark my words. It is only a matter of time.

posted by Mt.Gox Support:

Best.  Feature.  Ever.   Displaying "fiat reference value" of transfers made a huge difference to digital gold currencies.  Hopefully this marks another milestone in BTC's uptake.


Frank

Hi Mike

You know that we are taking this seriously, remember our conversation during this fantastic dinner we had at CES? I am not sure if SAS 70 or SSAE 16 are relevant for us since we are not in the US and or a US Company, I will pass this to the person who's in-charge of that matter here to check it (He may probably already know about it). In the meantime, we are moving forward and Tibanne has already been audited here in Japan by TEIKOKU DATABANK http://www.tdb.co.jp/english/ and you can see Tibanne as a listed company that went through their audit http://cl.ly/3E0q0y2Q0R1r2N0Y1D3u.
Also, AYOAMA & PARTNERS our account, is also acting as a Financial Auditing company in our case and make sure that we are doing things right according to Japanese Law.

Like I said to you before, things are moving, maybe not as fast as we (you and I) would like to, but we are moving forward!

I believe that we have been pretty straight forward on this and we admitted, even here, that a few number of our customers are suffering from slow withdrawal when it comes to USD. SEPA (EUR) and GBP are however unaffected (as for today). We are working on a solution to solve this matter once and for all and restore previous transfer speed.
This said in your case GBP, you will not be affected.


GBP whtidrawal are made twice a week


I am not sure to understand your question.


Yes we do have them, I am not sure why they have not yet been uploaded, I will have to check this and make sure we are pushing them.


If your account is AML Verified or Truster you will not be affected by this.


I completely understand your point, and while I only have my words here, we are doing everything can to make sure that you will get a great experience using our payment services.

For that we will require more information on the product. This button is a simple "Checkout" or "Payment" button. If you want something more "powerful" please use our Magento Plugin (https://bitcointalk.org/index.php?topic=85520.0).

Please... Mt.Gox Support.  Stop with the lying.  You are unable to process large dollar transactions and many of us suspect it's because of insolvency and/or a setup to allow you to pass the blame off onto other entities when your system continues to fall apart.  This "announcement" smacks of BS.  You can't even handle minor fiat transactions NOW, why would anyone want to trust you with their business, possibly with large(r) volumes of fiat transactions?

Anyone signing up for your service is just asking to be run out of business when you can't/won't pay them the money you owe them.  Anyone considering this needs to be wary.  MTGox can't pay their bills now, what makes you think you'd be anywhere high on the priority list of getting paid when it all comes tumbling down?  The answer is, you won't.  Any funds you were due from them will magically go poof and/or be blamed on a third party entity.

Your recent experiences (along with hearing about arbitrary account holds from several other customers) have ensured I will never depend on Mt.Gox for any serious business endeavors. I think they will be forced to stop this nonsense if enough people take their business elsewhere...at least I hope they have the foresight to see this. I sincerely hope you're wrong about solvency problems. I think that would have a devastating effect on all of us, regardless of where we trade.

That's nice you are listed on a website... can I give you my e-mail and you send me the PDF report?  When you get a SAS 70 / SSAE 16, you get a lengthy 30-80 page report you can give to your clients to help them know what they need to know about your operation.  That's what I want to see!!!!!

I want to read an auditor's report attesting to their independent belief that you guys have the balances to back the funds you have on deposit, and that you have a reasonable set of controls in place to ensure business continuity and that they are substantially being followed.  I want to read an auditor's report attesting to the fact that you guys have an appropriate handle and procedures on what to do with funds that are unclaimed or that you are holding on others behalf pending them meeting your AML requirements.

We spoke at lunch in January, we've already gone through another whole audit ourselves in the meantime, getting an audit is as simple as picking up the phone, saying you want a SSAE 16 getting the list of what they'll want to see so you can prepare, and then inviting them out to Japan!

When I see reports in the forums about people having their money kept by Gox with no recourse and a refusal to refund amounts as small as $100 back to their origin, and ever-escalating withdrawal delays... I am not impressed... Go look at my account "casascius" #991 - look at my balance - $0 USD, 0 BTC... I am quite frankly too scared to put any money there, I assume it could implode on a moment's notice just like Bitcoinica... and you and I both know that historically I have kept a balance in Gox that vastly exceeds the fee an American CPA would charge to fly to Japan and produce this report I've been asking for.

Would you like me to be your biggest fan or your critic?  Please man up and get your SSAE 16.  Call today.

Dear Inaba

As stated, we clearly said that a few people has been affected when it comes to Deposit/Withdraw in USD, we are working on it.

Regardless of what you think of us, Mt.Gox is still running, still moving forward and still innovates where many small and larger players collapsed and shutdown, we went through hell many times and we are still here. Are we perfect? No, but we are working like hell to improve things and make sure to bring something positive to Bitcoin and the community.

I will Frank your words.

Franked.

Well, we launched the merchant API in March ;-) https://mtgox.com/press_release_20120306.html and now all our merchant solutions are in one page https://mtgox.com/merchant

Sorry for not being clear, but yes you can create any buttons you want from our API. The "Button Creator" is for occasional merchants, the API is for professional like you who wants more. There is technically no differences between the Button and the API.

Cheers

so you could (via any old shopping cart system like magento or osCommerce) determine a €/$ price for your item and then have a corresponding mtgox checkout button configured?

Our technician sent me this link for you https://en.bitcoin.it/wiki/MtGox/API/HTTP/v1#Dynamic_Button, so basically the answer to your question is yes.

These kinds of vague answers are entirely unhelpful and destroy confidence. How many people? How much money? How long have they been waiting? When do you expect a resolution?

If it's 5 people, $100,000, nobody's been waiting more than a month, and you expect a resolution in a month, that's one thing. If it's 250 people, $5,000,000, people have been waiting three months, and you have no idea when there will be a solution, that's a completely different problem.

People are trying to decide whether to trust you with their fortunes and livelihoods. "Some people are having a problem we are working on" doesn't cut it.

I think the bigger concern, that I've not seen addressed, is that MtGox may be insolvent.

What is the cause of the problem affecting these "few people".  Is it that you don't have enough US dollars to pay them?



Well, is he?

I've cashed out a couple of 10k€ the past weeks and the longest it took was, indeed 5 business days.
the last 9k€ withdrawal took three business days.

seems okay to me.


dwolla withdrawals - now theres another thing.

Gonzague,

One suggestion I would make to help alleviate all the fuss and support tickets:  Have a small chart on the Withdrawals page with an ETA for each option.  If wires to USA take 4-5 days, say that up front.  If Dwolla takes 7-10 days, let people know up front.  It will save you lots of headaches later by properly setting the expectations in the beginning.

Also, if you could have a button on your site to Cancel a pending withdrawal, that would be nice too.  Maybe 4 days ago I decided to withdraw funds, but now I see a buying opportunity.  Giving people a way to cancel these themselves will help clear out your withdrawal queue without needing a support ticket each time.

Tony

+1 on the ability to cancel a withdrawal without contacting support.

As soon as someone starts using this feature to buy and sell Magic cards the circle will be complete.

QFT

Epic

thread has been won, close the internet.

does this only work when I have my balance at MtGox?

Feature request: The ability to view and delete buttons that have been created. Unless I missed something obvious, there is no way to see buttons that I have created once I have navigated away from the page where I make them.

+1 

A choice of different button sizes would be nice as well, particularly smaller ones. 

I suspect if it's large dollar transactions there is money-laundering issues. Anything over 1,000EUR generally has additional checks required, and anything right under 10,000 or lots of amounts around the same amount of time, has to be scrutinized for deliberate circumvention of money laundering rules.

You pretty clearly described exactly the situation when money laundering regulations, and the regulations regarding attempted circumvention of money laundering come into effect. MtGox would be in violation (I believe) of most money laundering regulations if suddenly a whole bunch of people withdrew USD with each transaction being a bit under 10,000USD.

As an EDIT: The sort of data you wish you had from MtGox might be secret for a variety of reasons. You could potentially figure out their financial situation, or if someone is really doing something nefarious divulging everything might tip them off, or one could learn scope out their safeguards.

Companies, especially financial ones have plenty of reasons to keep this sort of data secret. Sure they could be in trouble, but everyone knowing that lessens their ability to maybe rectify the situation.