cryptoproject (OP)
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Merit: 0
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March 11, 2017, 04:23:30 PM |
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hi,
which card merchant is most secure to accept payment for bitcoins on website? i am looking for a processor which first send a code to card/bank statement and ask to put code on site to verify the card.
please help
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Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC.
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n691309
Legendary
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March 11, 2017, 04:31:38 PM |
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hi,
which card merchant is most secure to accept payment for bitcoins on website? i am looking for a processor which first send a code to card/bank statement and ask to put code on site to verify the card.
please help
Are you looking for a automated system for this or verifying this manually? How this could work is to charge the card for $1/1€/£1 to check if the card is valid and has money there, then this could be charged as "*Code here - Your Company Name", then the user put this code in the website and go further on buying the bitcoin right? As far as I know BitPay hasn't such an option. |
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BuySomeBitcoins
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March 11, 2017, 04:37:53 PM |
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You think it will save you from disputes and losing charge backs ?
Let me tel you something, you are damn wrong.
As a merchant who sell bitcoin for credit card, we have to deal with gamblers, drug addicts, and so on, keeping your chargeback ratio below 1% is almost impossible.
The first issue is finding a merchant who will accept you.
Then, the processing rates will be high (7% to process payments)
Wait, we're just getting started, they will take 25 % of your processing and keep them for 6 months, you know in case somebody dispute a payment.
You will be assigned a high risk merchant category number, all banks will insta decline payments on your website.
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cryptoproject (OP)
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Activity: 27
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March 11, 2017, 04:47:44 PM |
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i was checking simplex dot com have solution but someone said they are expensive.
so how these bitcoin exchange companies like cex . io coinbase accepting card payments?
i understand the company will do the following before accepting card payments.
of course use a DSS PCI compliant server and then
1 - verify mobile
2 - verify id
3 - verify selfie with id holding
4 - verify selfie with card holding
5 - check for proxy/vpn
6 - send a code to card holder bank account statement to approve card before buying.
7 - give a per day limit to buy like 100 or 200 usd
8 - after all the checks if the payment is approved. wait for few min to several hours to deliver first order.
any comment?
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cryptoproject (OP)
Newbie
Offline
Activity: 27
Merit: 0
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March 11, 2017, 04:56:39 PM |
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You think it will save you from disputes and losing charge backs ?
Let me tel you something, you are damn wrong.
As a merchant who sell bitcoin for credit card, we have to deal with gamblers, drug addicts, and so on, keeping your chargeback ratio below 1% is almost impossible.
The first issue is finding a merchant who will accept you.
Then, the processing rates will be high (7% to process payments)
Wait, we're just getting started, they will take 25 % of your processing and keep them for 6 months, you know in case somebody dispute a payment.
You will be assigned a high risk merchant category number, all banks will insta decline payments on your website.
so you also doing it ? i just check your website and company : beta.companieshouse.gov.uk/company/10383794 |
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BuySomeBitcoins
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March 11, 2017, 05:00:30 PM |
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i was checking simplex dot com have solution but someone said they are expensive.
so how these bitcoin exchange companies like cex . io coinbase accepting card payments?
i understand the company will do the following before accepting card payments.
of course use a DSS PCI compliant server and then
1 - verify mobile
2 - verify id
3 - verify selfie with id holding
4 - verify selfie with card holding
5 - check for proxy/vpn
6 - send a code to card holder bank account statement to approve card before buying.
7 - give a per day limit to buy like 100 or 200 usd
8 - after all the checks if the payment is approved. wait for few min to several hours to deliver first order.
any comment?
yeah, one comment, you will still lose a chargeback if you get one and lose your merchant account as well. the PCI-Compliance have nothing to do with disputes. Mobile numbers can be hijacked Selfie and ID can not be used on chargeback dispute process Selfie and Card picture can not be used on chargeback process VPN / Proxy checking is pointless against cyber shoplifting and friendly fraud, besides you can not detect mobile socks5 or IPv6 Online / Mobile banking get hacked just like credit card numbers (either fishing or malware) Daily limits are useless if somebody can make multiple transactions with lots of accounts and stolen cc Wait to deliver ? wait for what ? a miracle ? Now ask yourself, with that much frictions, why would somebody buy from you, while he can buy from us, cheaper, faster, without verification ? |
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cryptoproject (OP)
Newbie
Offline
Activity: 27
Merit: 0
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March 11, 2017, 05:04:17 PM |
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i was checking simplex dot com have solution but someone said they are expensive.
so how these bitcoin exchange companies like cex . io coinbase accepting card payments?
i understand the company will do the following before accepting card payments.
of course use a DSS PCI compliant server and then
1 - verify mobile
2 - verify id
3 - verify selfie with id holding
4 - verify selfie with card holding
5 - check for proxy/vpn
6 - send a code to card holder bank account statement to approve card before buying.
7 - give a per day limit to buy like 100 or 200 usd
8 - after all the checks if the payment is approved. wait for few min to several hours to deliver first order.
any comment?
yeah, one comment, you will still lose a chargeback if you get one and lose your merchant account as well. the PCI-Compliance have nothing to do with disputes. Mobile numbers can be hijacked Selfie and ID can not be used on chargeback dispute process Selfie and Card picture can not be used on chargeback process VPN / Proxy checking is pointless against cyber shoplifting and friendly fraud, besides you can not detect mobile socks5 or IPv6 Online / Mobile banking get hacked just like credit card numbers (either fishing or malware) Daily limits are useless if somebody can make multiple transactions with lots of accounts and stolen cc Wait to deliver ? wait for what ? a miracle ? Now ask yourself, with that much frictions, why would somebody buy from you, while he can buy from us, cheaper, faster, without verification ? So i just signup your website and stuck on verification process. so how you fight with your own above mentioned points ? |
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lukew
Jr. Member
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Activity: 81
Merit: 4
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March 11, 2017, 05:07:04 PM |
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I considered a Direct Debit type system where by if a user wants to buy Bitcoin, it's takes from the bank account as a DD on the understanding that Bitcoin will not be given to them for a set time to prevent an immediate chargeback. Still has issues with a user being able to go to the bank quite a while after payment has been made and get it back. The bank reverses the transaction, then investigates.
You can always ask for a deposit in BTC, they can get this from an ATM or buying in cash. The max amount they can ever pay for using your platform is the same as the deposit. That way if they pay, then make a chargeback claim when they get the Bitcoin, you take the deposit and ditch them as a customer. I guess from a legal point, if they make a chargeback after spending the Bitcoin they bought, they may have committed an offence in the form of stealing. I believe the UK has some guidance on Bitcoin, but nothing is law yet. A lawyer is the best place to go.
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Spark payment and crypto systems.
Current status - Pre-alpha
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cryptoproject (OP)
Newbie
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Activity: 27
Merit: 0
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March 11, 2017, 05:15:09 PM |
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what unique you are doing ? the user who bought bitcoin on youtube already have his account verified. and you wrote: How to buy bitcoin using debit/credit card - 2017 NO VERIFICATION *Working* *LEGIT* |
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cryptoproject (OP)
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Activity: 27
Merit: 0
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March 11, 2017, 05:23:18 PM |
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your company registered activities are: 63110 - Data processing, hosting and related activities so did u get processor from chase bank based on any other activity and not bitcoins ? |
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n691309
Legendary
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Activity: 1526
Merit: 1001
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March 11, 2017, 09:48:55 PM |
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The first issue is finding a merchant who will accept you.
Then, the processing rates will be high (7% to process payments)
Wait, we're just getting started, they will take 25 % of your processing and keep them for 6 months, you know in case somebody dispute a payment.
You will be assigned a high risk merchant category number, all banks will insta decline payments on your website. Why is the service charge fee 45%? Isn't this too much? Then verification reward +8%, loyalty reward +14%, this doesn't make sense seriously. The percentage is too much comparing with the other exchanges, maybe because it is a hard starting for such a service. @OP it is really hard to manage the chargebacks, I always wanted to start an exchange but with fiat it is really hard, altcoin exchange is much better to handle the chargebacks and disputes. |
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