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Author Topic: Paypal for bitcoins....I'm gonna try and make THE site  (Read 3128 times)
TheBitMan
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June 13, 2011, 11:19:59 PM
 #21

I run a business using Paypal checkout. Initially they do a LOT of reviews of you to make sure you're legit. Until I had $10k+ sales I would get a call almost every time I withdrew to my account. Then they just sort of chill and let you do business. Unless you get a bunch of complaints, I don't think they really do much more reviewing.

My advice:

DON'T sell bitcoins directly through Paypal. Instead, sell GIFTCARD CODES to your site, which people can use to get site credit to then purchase bitcoins. Selling giftcards to your site is NOT going to violate Paypal's TOS, and if the item shows up as "Yoursite.com Giftcard" on the Paypal invoice,  it shouldn't raise any red flags. Honestly, Paypal usually doesn't spend much time looking at a merchant unless there are a bunch of fraud/complaint charges.

Try to start small, maybe limit the number of users initially. A rapid spike in sales will set off red flags. Instead going gradually from 1k-3k-10k-20k a month or so looks better.
good idea thank you
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TheBitMan
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June 13, 2011, 11:25:34 PM
 #22

I run a business using Paypal checkout. Initially they do a LOT of reviews of you to make sure you're legit. Until I had $10k+ sales I would get a call almost every time I withdrew to my account. Then they just sort of chill and let you do business. Unless you get a bunch of complaints, I don't think they really do much more reviewing.

My advice:

DON'T sell bitcoins directly through Paypal. Instead, sell GIFTCARD CODES to your site, which people can use to get site credit to then purchase bitcoins. Selling giftcards to your site is NOT going to violate Paypal's TOS, and if the item shows up as "Yoursite.com Giftcard" on the Paypal invoice,  it shouldn't raise any red flags. Honestly, Paypal usually doesn't spend much time looking at a merchant unless there are a bunch of fraud/complaint charges.

Try to start small, maybe limit the number of users initially. A rapid spike in sales will set off red flags. Instead going gradually from 1k-3k-10k-20k a month or so looks better.
what do i tell them im selling if they call lol
Alex Beckenham
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June 13, 2011, 11:50:52 PM
 #23

So, do you have any bitcoins yet? I'd like 10 please.

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June 14, 2011, 12:06:06 AM
 #24

You could however have people pay for one time use memberships(or giftcards), and there will be member denominations of $10, $20,$50, $100.
In return you service them bitcoins giftcard which is more like a comoddity then a currency exchange.
Id call paypal up and see if what i said will be acceptable within their terms of service. Just make sure your very clear that your selling giftcards and not straight up converting currency.

OR
You could start a service that hold their money for them for select peoird of time(to help those with gambling problems), and then you pay them in bitcoins at the end of the peroid scince gambling isnt a problem at this point in time with the bitcoin community in fact i read somewhere that gambling was decreasing.

Again. Call paypal get a written out autborizing and have them send you a copy and you will be fine
TheBitMan
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June 14, 2011, 12:45:49 AM
 #25

So, do you have any bitcoins yet? I'd like 10 please.

not yet I am trying I am willing to pay someone $50 Amazon and sell my psp for bitcoins no takers...
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June 14, 2011, 12:57:15 AM
 #26

well, one thing he has going for him is that paypal would assume nobody would be so dumb.
TheBitMan
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June 14, 2011, 12:59:23 AM
 #27

You could however have people pay for one time use memberships(or giftcards), and there will be member denominations of $10, $20,$50, $100.
In return you service them bitcoins giftcard which is more like a comoddity then a currency exchange.
Id call paypal up and see if what i said will be acceptable within their terms of service. Just make sure your very clear that your selling giftcards and not straight up converting currency.

OR
You could start a service that hold their money for them for select peoird of time(to help those with gambling problems), and then you pay them in bitcoins at the end of the peroid scince gambling isnt a problem at this point in time with the bitcoin community in fact i read somewhere that gambling was decreasing.

Again. Call paypal get a written out autborizing and have them send you a copy and you will be fine
So what ive done is if you become a PRO member I "reward" you with bitcoins depending on the "package" you get but I dont know how to keep the rates correct since its a fixed price, and why is everyone hating on me im risking a paypal account and im doing no harm to u guys am i? Im just trying to make it easier for people to get them,gez
Xenland
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June 14, 2011, 01:43:37 AM
 #28

You could however have people pay for one time use memberships(or giftcards), and there will be member denominations of $10, $20,$50, $100.
In return you service them bitcoins giftcard which is more like a comoddity then a currency exchange.
Id call paypal up and see if what i said will be acceptable within their terms of service. Just make sure your very clear that your selling giftcards and not straight up converting currency.

OR
You could start a service that hold their money for them for select peoird of time(to help those with gambling problems), and then you pay them in bitcoins at the end of the peroid scince gambling isnt a problem at this point in time with the bitcoin community in fact i read somewhere that gambling was decreasing.

Again. Call paypal get a written out autborizing and have them send you a copy and you will be fine
So what ive done is if you become a PRO member I "reward" you with bitcoins depending on the "package" you get but I dont know how to keep the rates correct since its a fixed price, and why is everyone hating on me im risking a paypal account and im doing no harm to u guys am i? Im just trying to make it easier for people to get them,gez
This is just my theory, but nobody wants bitcoins to look like a scam not to say your creating a scam far from it actually. What can possibly happen is that alot of other peoples money get locked into a paypal account that no one can touch, that means anyone not knowing that this could happen(n00bs) will tend to believe they got ripped of thinking that everything was legit. The pissed off customers go about saying how bitcoins are a scam because they lost tons of money. The moral is that is just looks bad for a legit currency to start off in its youth and no body wants history to repeat it self.
Again just a theory, i don't speak for all of the bitcoin users here
tymothy
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June 14, 2011, 01:49:50 AM
 #29

I run a business using Paypal checkout. Initially they do a LOT of reviews of you to make sure you're legit. Until I had $10k+ sales I would get a call almost every time I withdrew to my account. Then they just sort of chill and let you do business. Unless you get a bunch of complaints, I don't think they really do much more reviewing.

My advice:

DON'T sell bitcoins directly through Paypal. Instead, sell GIFTCARD CODES to your site, which people can use to get site credit to then purchase bitcoins. Selling giftcards to your site is NOT going to violate Paypal's TOS, and if the item shows up as "Yoursite.com Giftcard" on the Paypal invoice,  it shouldn't raise any red flags. Honestly, Paypal usually doesn't spend much time looking at a merchant unless there are a bunch of fraud/complaint charges.

Try to start small, maybe limit the number of users initially. A rapid spike in sales will set off red flags. Instead going gradually from 1k-3k-10k-20k a month or so looks better.
what do i tell them im selling if they call lol

Say you're selling collector coins. It's right...technically, right?
TheBitMan
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June 14, 2011, 01:54:35 AM
 #30

I run a business using Paypal checkout. Initially they do a LOT of reviews of you to make sure you're legit. Until I had $10k+ sales I would get a call almost every time I withdrew to my account. Then they just sort of chill and let you do business. Unless you get a bunch of complaints, I don't think they really do much more reviewing.

My advice:

DON'T sell bitcoins directly through Paypal. Instead, sell GIFTCARD CODES to your site, which people can use to get site credit to then purchase bitcoins. Selling giftcards to your site is NOT going to violate Paypal's TOS, and if the item shows up as "Yoursite.com Giftcard" on the Paypal invoice,  it shouldn't raise any red flags. Honestly, Paypal usually doesn't spend much time looking at a merchant unless there are a bunch of fraud/complaint charges.

Try to start small, maybe limit the number of users initially. A rapid spike in sales will set off red flags. Instead going gradually from 1k-3k-10k-20k a month or so looks better.
what do i tell them im selling if they call lol

Say you're selling collector coins. It's right...technically, right?
In a way lol
Anonymous
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June 14, 2011, 01:56:47 AM
 #31

You don't even have a business plan. You people suck as entrepreneurs.
TheBitMan
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June 14, 2011, 01:58:43 AM
 #32

You don't even have a business plan. You people suck as entrepreneurs.
I just thought of this a couple of hours ago...
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June 14, 2011, 02:05:48 AM
 #33

You don't even have a business plan. You people suck as entrepreneurs.

hey Atlas, thank you for removing that banner from your signature, it was cool at first, but then it was a bit too much
TheBitMan
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June 14, 2011, 02:31:39 AM
 #34

I have an idea all set out I will set up the pages tomorrow... great idea! To long to do now though nite!
tehcodez
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June 14, 2011, 02:34:31 AM
 #35

Desperate much?
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