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Author Topic: Real money to Bitcoin payment processor  (Read 1796 times)
giantdragon
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September 27, 2012, 01:07:49 AM
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I am looking for a payment processor who will accept real money payments (credit cards, PayPal, WebMoney) and fund my account in Bitcoins.

We have plans to start accepting non-Bitcoin customers in the CoinURL, but keep Bitcoin as base currency.
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September 27, 2012, 01:42:23 AM
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I am looking for a payment processor who will accept real money payments (credit cards, PayPal, WebMoney) and fund my account in Bitcoins.

We have plans to start accepting non-Bitcoin customers in the CoinURL, but keep Bitcoin as base currency.

Good luck with that.  Transactions via those methods are reversible and you will end up taking a huge loss from fraud.
Your best bet is to do what bitinstant has been doing and have folks make a deposit in cash at their local bank.

1. Go to Chase or Bank of America and register an account.
2. Sign up for a service that will give you an sms to email gateway.
3. Setup sms alerts for your account and point them at the sms to email gateway number.
4. Setup some software that can calculate a unique deposit amount with a few extra (or less cents) and put that into a "pending queue", letting the customer know where to deposit and how much.

Now when the bank sends an sms alert to you notifying you of a deposit, process the transaction from the queue.

If you're interested let me know, I can write it for 50 BTC.

 

Interested in OpenPay?
https://github.com/openpay
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Stephen Gornick
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September 27, 2012, 02:02:34 AM
 #3

I am looking for a payment processor who will accept real money payments (credit cards, PayPal, WebMoney) and fund my account in Bitcoins.


Is this for online/e-commerce or retail point-of-sale?  Also what country is the merchant in and where are the customers from?


For online/e-commerce, you might consider OKPay.  [Edit: Oops, they no longer accept credit card.]

 - https://www.okpay.com/en/services/accept-payments/index.html


Funds from OK Pay can be deposited with Mt. Gox, BTC-e, Bitcoins Direct and numerous others.


If you accept Amazon Payments, those funds can be sent to another Amazon Payments user who would trade for bitcoins, for instance.


Also, be careful using the term "real money".   Bitcoin is a lot more "real" than that fiat stuff that Ben and company create out of thin air.

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giantdragon
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September 27, 2012, 02:18:19 AM
 #4

Is this for online/e-commerce or retail point-of-sale?  Also what country is the merchant in and where are the customers from?
It is an advertising network. I am in Latvia, customers are from entire world.

For online/e-commerce, you might consider OKPay.  [Edit: Oops, they no longer accept credit card.]

Funds from OK Pay can be deposited with Mt. Gox, BTC-e, Bitcoins Direct and numerous others.
Recently I have received many requests from advertisers who wished to use PayPal or credit cards. What options exist?

Also, be careful using the term "real money".   Bitcoin is a lot more "real" than that fiat stuff that Ben and company create out of thin air.
Oh sorry, more correctly would be "government-issued currency".
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September 27, 2012, 02:19:48 AM
 #5

Transactions via those methods are reversible and you will end up taking a huge loss from fraud.
As I understand, they sell services with low self-cost. Deposited money cannot be spent or withdrawn quickly. Still, one could deposit enough money, run a large advertizement company for like a month, then initiate a reversal. But, I guess, it happens rather rarely. So, losses should be sustainable.
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September 27, 2012, 02:33:20 AM
 #6

Recently I have received many requests from advertisers who wished to use PayPal or credit cards.
I would stay away from PayPal. As far as I know, they freeze accounts at will.

What options exist?
Something based on Bitcoin exchanges' redeemable codes. BitInstant and AurumXchange sell them for cash and wire transfers.
Stephen Gornick
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September 27, 2012, 02:38:56 AM
 #7

I am looking for a payment processor who will accept real money payments (credit cards, PayPal, WebMoney) and fund my account in Bitcoins.


Is this for online/e-commerce or retail point-of-sale?  Also what country is the merchant in and where are the customers from?

I just edited that post as I just looked again and see that they don't process credit card payments.

One of the challenges to a merchant processor considering offering what you are asking is that they no longer have that link to the banking system.  So currently, if the are lots of chargebacks (either fraudulent or legitimate) they always can follow the money.  With Bitcoin, the buck stops right there (or, at least the trail does.)  So they'ld likely want to keep a reserve, or maybe require some type of bond to protect against fraud.

If the reason you are looking for this (direct to bitoins) method is to shorten the amount of time between the funds can be spent by you, there is one solution to consider, described here:

Using the banking system, the fastest approach would be to use something that can sweep your funds once they reach your bank into a Bitcoin exchange as quick as possible.  

Dwolla's FiSync would do this For example, a transfer from a Veridian credit union to Dwolla is nearly instant (hours), then to a Bitcoin exchange is just a short while as well.

So for that, you simply have your merchant processor send the proceeds to your bank account at Veridian (most merchant processors in the U.S. do this with an ACH push), and then from the moment those funds are credited in your bank account at Veridian it could be just a matter of minutes (e.g., within an hour) before those funds would sitting at your exchange in the form of bitcoins waiting for withdrawal.


If instead you are looking for a way to protect against the scenario where a person pays in USDs, but by the time you receive the USD funds the BTC exchange rate has moved against you, that is addressed here:

If all you want to do is protect against the exchange rate fluctuations, you could have a USD account at an exchange, and then make a trade that matches each card transaction [to lock in the USD funds at the current market rate], but that takes having a full days revenues sitting at the exchange each day to be able to accommodate this approach.   (i.e., cash management becomes a pain).


If you want this merchant processor to do the conversion to bitcoins so that you don't use a bank account at all, that's probably going to be a long way off yet.  We already know that VISA and Mastercard are aware of Bitcoin and their intentions are fairly clear.   Remember the "original credit transaction" offerent through AurumXChange back in May?   That lasted about 48 hours before the credit card companies put the kibosh on that.
 - http://www.forbes.com/sites/jonmatonis/2012/05/07/bitcoin-funded-debit-cards/



If that does come, it will likely be with an offshore merchant account provider that somehow figures out the right combination to allow it.  

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giantdragon
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September 27, 2012, 03:53:44 AM
 #8

Exchange rate fluctuations are not a big concern for me if I will be able to transfer funds to the exchange within few days. The main problem is possible chargebacks, because if some advertiser will buy ads on some tangible amount and make chargeback, I will be unable to cover my liabilities to the publishers.
markm
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September 27, 2012, 04:07:39 AM
 #9

Exchange rate fluctuations are not a big concern for me if I will be able to transfer funds to the exchange within few days. The main problem is possible chargebacks, because if some advertiser will buy ads on some tangible amount and make chargeback, I will be unable to cover my liabilities to the publishers.

Well maybe explain that to your users and let them use paypal if they want to knowing you will wait the 180 days to be sure they cannot charge back before running their campaign, and recommend if they prefer to start the campaign sooner they look into obtaining some bitcoins? Smiley

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Stephen Gornick
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September 27, 2012, 10:10:50 AM
 #10

The main problem is possible chargebacks, because if some advertiser will buy ads on some tangible amount and make chargeback, I will be unable to cover my liabilities to the publishers.

Well, there's this new digital currency they can use called Bitcoin.  No chargebacks.  Maybe you've heard of it?    Cheesy

So you likely will have to make a tradeoff.  The more convenient methods (credit card, PayPal) have chargeback risk  The more secure methods (Bitcoin, UKash, Liberty Reserve) aren't that convenient for your customers.

But there are cash payment methods that might be a good middle ground.  UKash vouchers and CashU cards are sold in much of the world.  Thus if you have a CashU account, you can receive funds from other CashU users who have funded their accounts using cash (Ukash, CashU card, etc.) just like PayPal's person-to-person payments works.

You can then use those CashU funds to purchase bitcoins if you want (or withdraw to your bank.)

 - http://en.bitcoin.it/wiki/UKash
 - http://en.bitcoin.it/wiki/Payment_methods
 - https://bitcoinnordic.com/cashu/index.php

Also LiqPay is another method and they do accept credit card.   LiqPay then apparently can be used with OKPay, and then used for purchase of bitcoins.

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giantdragon
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September 27, 2012, 01:43:48 PM
 #11

Does OKPay accept now credit cards? I haven't found info on its site.
Stephen Gornick
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September 28, 2012, 03:14:16 PM
 #12

Does OKPay accept now credit cards? I haven't found info on its site.

Sorry, no they don't anymore.   I edited that post.

you might consider OKPay.  [Edit: Oops, they no longer accept credit card.]


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