Ability to buy BTC / LTC using Credit Card

[americandesi]

I have been brainstorming with assistance and help from Mod Benson on building a platform wherein users can fund their mtgox account or buy btc / ltc using their credit card through e-wallet services something similar to payza or MB.

Buying BTC / Funding Mtgox
Some of the things to remember here is that this will be similar to fund transfer and the transaction will not be in realtime. It will take anywhere from 2 - 4 working days for the funds / btc to reflect in your mtgox account. The delay in funding is due to the intensive fraud screening that will be incorporated to protect the merchant that is myself from chargebacks.

Secondly, you will be required to add and confirm you credit card / debit card to one of the e-wallet services like MB or payza.

Selling of BTC.
This will be through the payment gateway bitpay. You will receive the mtgox weighted average USD rate sent to your Indian account within 24 - 48 hours through xoom or moneygram money transfer. The exchange rate offered will be the prevailing rate on that particular day.
By using this method, we can totally eliminate NEFT / domestic fund transfer within India.

Let us know your thoughts on this idea. If you have any suggestions / feedback, then let me know.

[legendster]

I have been brainstorming with assistance and help from Mod Benson on building a platform wherein users can fund their mtgox account or buy btc / ltc using their credit card through e-wallet services something similar to payza or MB.

Buying BTC / Funding Mtgox
Some of the things to remember here is that this will be similar to fund transfer and the transaction will not be in realtime. It will take anywhere from 2 - 4 working days for the funds / btc to reflect in your mtgox account. The delay in funding is due to the intensive fraud screening that will be incorporated to protect the merchant that is myself from chargebacks.

Secondly, you will be required to add and confirm you credit card / debit card to one of the e-wallet services like MB or payza.

Selling of BTC.
This will be through the payment gateway bitpay. You will receive the mtgox weighted average USD rate sent to your Indian account within 24 - 48 hours through xoom or moneygram money transfer. The exchange rate offered will be the prevailing rate on that particular day.
By using this method, we can totally eliminate NEFT / domestic fund transfer within India.

Let us know your thoughts on this idea. If you have any suggestions / feedback, then let me know.

ONE scammer. A big Deal. ONE chargeback. ONE Post scammed Decision of shutting down.  And you will kill the hopes of 1000's of people like me who will be your regular customer.

[buysellbitcoin]

I have been brainstorming with assistance and help from Mod Benson on building a platform wherein users can fund their mtgox account or buy btc / ltc using their credit card through e-wallet services something similar to payza or MB.

Buying BTC / Funding Mtgox
Some of the things to remember here is that this will be similar to fund transfer and the transaction will not be in realtime. It will take anywhere from 2 - 4 working days for the funds / btc to reflect in your mtgox account. The delay in funding is due to the intensive fraud screening that will be incorporated to protect the merchant that is myself from chargebacks.

Secondly, you will be required to add and confirm you credit card / debit card to one of the e-wallet services like MB or payza.

Selling of BTC.
This will be through the payment gateway bitpay. You will receive the mtgox weighted average USD rate sent to your Indian account within 24 - 48 hours through xoom or moneygram money transfer. The exchange rate offered will be the prevailing rate on that particular day.
By using this method, we can totally eliminate NEFT / domestic fund transfer within India.

Let us know your thoughts on this idea. If you have any suggestions / feedback, then let me know.

Voted No, because simply it does not work that way. CC and Debit card is a big big deal to handle with currency like Bitcoin. I still believe in India, if it is going to work it will work using traditional and popular methods like cash deposits, NEFT, RTGS ( Not even Net Banking ).

But you can try it with a different approach. Make this service available to verified people only. This can not be used as instantaneous, anonymous buy sell service.

Cheers

[legendster]

I have been brainstorming with assistance and help from Mod Benson on building a platform wherein users can fund their mtgox account or buy btc / ltc using their credit card through e-wallet services something similar to payza or MB.

Buying BTC / Funding Mtgox
Some of the things to remember here is that this will be similar to fund transfer and the transaction will not be in realtime. It will take anywhere from 2 - 4 working days for the funds / btc to reflect in your mtgox account. The delay in funding is due to the intensive fraud screening that will be incorporated to protect the merchant that is myself from chargebacks.

Secondly, you will be required to add and confirm you credit card / debit card to one of the e-wallet services like MB or payza.

Selling of BTC.
This will be through the payment gateway bitpay. You will receive the mtgox weighted average USD rate sent to your Indian account within 24 - 48 hours through xoom or moneygram money transfer. The exchange rate offered will be the prevailing rate on that particular day.
By using this method, we can totally eliminate NEFT / domestic fund transfer within India.

Let us know your thoughts on this idea. If you have any suggestions / feedback, then let me know.

Voted No, because simply it does not work that way. CC and Debit card is a big big deal to handle with currency like Bitcoin. I still believe in India, if it is going to work it will work using traditional and popular methods like cash deposits, NEFT, RTGS ( Not even Net Banking ).

But you can try it with a different approach. Make this service available to verified people only. This can not be used as instantaneous, anonymous buy sell service.

Cheers

+1 to that cuz it will kill the prospects of active exchanges like you and *probable* future exchange owner like me :/ harsh but true.

[buysellbitcoin]

I have been brainstorming with assistance and help from Mod Benson on building a platform wherein users can fund their mtgox account or buy btc / ltc using their credit card through e-wallet services something similar to payza or MB.

Buying BTC / Funding Mtgox
Some of the things to remember here is that this will be similar to fund transfer and the transaction will not be in realtime. It will take anywhere from 2 - 4 working days for the funds / btc to reflect in your mtgox account. The delay in funding is due to the intensive fraud screening that will be incorporated to protect the merchant that is myself from chargebacks.

Secondly, you will be required to add and confirm you credit card / debit card to one of the e-wallet services like MB or payza.

Selling of BTC.
This will be through the payment gateway bitpay. You will receive the mtgox weighted average USD rate sent to your Indian account within 24 - 48 hours through xoom or moneygram money transfer. The exchange rate offered will be the prevailing rate on that particular day.
By using this method, we can totally eliminate NEFT / domestic fund transfer within India.

Let us know your thoughts on this idea. If you have any suggestions / feedback, then let me know.

Voted No, because simply it does not work that way. CC and Debit card is a big big deal to handle with currency like Bitcoin. I still believe in India, if it is going to work it will work using traditional and popular methods like cash deposits, NEFT, RTGS ( Not even Net Banking ).

But you can try it with a different approach. Make this service available to verified people only. This can not be used as instantaneous, anonymous buy sell service.

Cheers

+1 to that cuz it will kill the prospects of active exchanges like you and *probable* future exchange owner like me :/ harsh but true.

Actually if it works than trust me its biggest thing one has achieved after Bitcoin. We will simply add them as payment method in our services. There is lot of scope available in India and I don't think Indian market is crowded enough to think about competition at the moment.

Seriously if they can do it +1000 and my all support with them.

Cheers

[legendster]

I have been brainstorming with assistance and help from Mod Benson on building a platform wherein users can fund their mtgox account or buy btc / ltc using their credit card through e-wallet services something similar to payza or MB.

Buying BTC / Funding Mtgox
Some of the things to remember here is that this will be similar to fund transfer and the transaction will not be in realtime. It will take anywhere from 2 - 4 working days for the funds / btc to reflect in your mtgox account. The delay in funding is due to the intensive fraud screening that will be incorporated to protect the merchant that is myself from chargebacks.

Secondly, you will be required to add and confirm you credit card / debit card to one of the e-wallet services like MB or payza.

Selling of BTC.
This will be through the payment gateway bitpay. You will receive the mtgox weighted average USD rate sent to your Indian account within 24 - 48 hours through xoom or moneygram money transfer. The exchange rate offered will be the prevailing rate on that particular day.
By using this method, we can totally eliminate NEFT / domestic fund transfer within India.

Let us know your thoughts on this idea. If you have any suggestions / feedback, then let me know.

Voted No, because simply it does not work that way. CC and Debit card is a big big deal to handle with currency like Bitcoin. I still believe in India, if it is going to work it will work using traditional and popular methods like cash deposits, NEFT, RTGS ( Not even Net Banking ).

But you can try it with a different approach. Make this service available to verified people only. This can not be used as instantaneous, anonymous buy sell service.

Cheers

+1 to that cuz it will kill the prospects of active exchanges like you and *probable* future exchange owner like me :/ harsh but true.

Actually if it works than trust me its biggest thing one has achieved after Bitcoin. We will simply add them as payment method in our services. There is lot of scope available in India and I don't think Indian market is crowded enough to think about competition at the moment.

Seriously if they can do it +1000 and my all support with them.

Cheers

Well if you say so ^_^

[americandesi]

I have been brainstorming with assistance and help from Mod Benson on building a platform wherein users can fund their mtgox account or buy btc / ltc using their credit card through e-wallet services something similar to payza or MB.

Buying BTC / Funding Mtgox
Some of the things to remember here is that this will be similar to fund transfer and the transaction will not be in realtime. It will take anywhere from 2 - 4 working days for the funds / btc to reflect in your mtgox account. The delay in funding is due to the intensive fraud screening that will be incorporated to protect the merchant that is myself from chargebacks.

Secondly, you will be required to add and confirm you credit card / debit card to one of the e-wallet services like MB or payza.

Selling of BTC.
This will be through the payment gateway bitpay. You will receive the mtgox weighted average USD rate sent to your Indian account within 24 - 48 hours through xoom or moneygram money transfer. The exchange rate offered will be the prevailing rate on that particular day.
By using this method, we can totally eliminate NEFT / domestic fund transfer within India.

Let us know your thoughts on this idea. If you have any suggestions / feedback, then let me know.

Voted No, because simply it does not work that way. CC and Debit card is a big big deal to handle with currency like Bitcoin. I still believe in India, if it is going to work it will work using traditional and popular methods like cash deposits, NEFT, RTGS ( Not even Net Banking ).

But you can try it with a different approach. Make this service available to verified people only. This can not be used as instantaneous, anonymous buy sell service.

Cheers

this is exactly what i had discussed with mod. It will be only for the verified people of bitcointalk forum members. It will be more of a premium club extended to only to forum members to begin with. Probably with low number of transactions.
If you see the statistics, when and how the chargeback occurs. It is when a merchant cannot prove the delivery of the service or product (which is in case of btc).

But how about you offer a product or a service along with btc so when there is a chargeback, you can show the product / service delivery to the payment processor at which point the customer looses the chargeback petition.

[subvolatil]

Wow you  guys  really think  mastercard and visa is  so stupid.
First  do know  the history behind  Visa  and mastercard. they are all owned and operated  by a  group of banks. including  American  express.

Bank  love to keep money . there for  they  dont  want  any  thing to  take their money  from them . hense  they  dislike bitcoin . period.  try as you may to open a CC  gateway  it  will work  for may be  3 - 5 months but  once their  filter  catches  the word  bitcoin  in their  system  it  will  notify  the HQ and the cc gateway  will be canceled  for  some  strange  reason.  trust me this  happens , i have  worked  in  Banks. they  dont like the  idea  of  bitcoin, and their  filtering   mechanistic catches  bitcoin. Look  what they made paypal  do.

[buysellbitcoin]

I have been brainstorming with assistance and help from Mod Benson on building a platform wherein users can fund their mtgox account or buy btc / ltc using their credit card through e-wallet services something similar to payza or MB.

Buying BTC / Funding Mtgox
Some of the things to remember here is that this will be similar to fund transfer and the transaction will not be in realtime. It will take anywhere from 2 - 4 working days for the funds / btc to reflect in your mtgox account. The delay in funding is due to the intensive fraud screening that will be incorporated to protect the merchant that is myself from chargebacks.

Secondly, you will be required to add and confirm you credit card / debit card to one of the e-wallet services like MB or payza.

Selling of BTC.
This will be through the payment gateway bitpay. You will receive the mtgox weighted average USD rate sent to your Indian account within 24 - 48 hours through xoom or moneygram money transfer. The exchange rate offered will be the prevailing rate on that particular day.
By using this method, we can totally eliminate NEFT / domestic fund transfer within India.

Let us know your thoughts on this idea. If you have any suggestions / feedback, then let me know.

Voted No, because simply it does not work that way. CC and Debit card is a big big deal to handle with currency like Bitcoin. I still believe in India, if it is going to work it will work using traditional and popular methods like cash deposits, NEFT, RTGS ( Not even Net Banking ).

But you can try it with a different approach. Make this service available to verified people only. This can not be used as instantaneous, anonymous buy sell service.

Cheers

this is exactly what i had discussed with mod. It will be only for the verified people of bitcointalk forum members. It will be more of a premium club extended to only to forum members to begin with. Probably with low number of transactions.
If you see the statistics, when and how the chargeback occurs. It is when a merchant cannot prove the delivery of the service or product (which is in case of btc).

But how about you offer a product or a service along with btc so when there is a chargeback, you can show the product / service delivery to the payment processor at which point the customer looses the chargeback petition.

The case example below is if you are giving this service to all ( Non verified people too )

Lets say I want to kill your business. All I need to do is buy 5 CC from black market or skrill or payza accounts, complete purchase and charge back. Trust me even if you prove you have delivered products processor will think about your subscription now. Make it 10 and you have a very good chance of getting your account blocked, in some cases you will loose access to YOUR money for 180 days

To prevent all this, you will have to setup a good verification system and that will cost you. You will have to add all this costs to the margin which will make your service less attractive to people. Also as you are adding shipping in it, it will cost more. CC processors and others will charge around 3.5% minimum and that's crazy. You must also factor in the time cost of sending money to your base service providers and getting money back from them to your accounts.

In the case of verified people all of above is applied but with less probability.

Biggest drawback, this thing can not scale as the overhead mechanism to sell actual product is going to eat lot of margin and resources.


Cheers

[legendster]

I have been brainstorming with assistance and help from Mod Benson on building a platform wherein users can fund their mtgox account or buy btc / ltc using their credit card through e-wallet services something similar to payza or MB.

Buying BTC / Funding Mtgox
Some of the things to remember here is that this will be similar to fund transfer and the transaction will not be in realtime. It will take anywhere from 2 - 4 working days for the funds / btc to reflect in your mtgox account. The delay in funding is due to the intensive fraud screening that will be incorporated to protect the merchant that is myself from chargebacks.

Secondly, you will be required to add and confirm you credit card / debit card to one of the e-wallet services like MB or payza.

Selling of BTC.
This will be through the payment gateway bitpay. You will receive the mtgox weighted average USD rate sent to your Indian account within 24 - 48 hours through xoom or moneygram money transfer. The exchange rate offered will be the prevailing rate on that particular day.
By using this method, we can totally eliminate NEFT / domestic fund transfer within India.

Let us know your thoughts on this idea. If you have any suggestions / feedback, then let me know.

Voted No, because simply it does not work that way. CC and Debit card is a big big deal to handle with currency like Bitcoin. I still believe in India, if it is going to work it will work using traditional and popular methods like cash deposits, NEFT, RTGS ( Not even Net Banking ).

But you can try it with a different approach. Make this service available to verified people only. This can not be used as instantaneous, anonymous buy sell service.

Cheers

this is exactly what i had discussed with mod. It will be only for the verified people of bitcointalk forum members. It will be more of a premium club extended to only to forum members to begin with. Probably with low number of transactions.
If you see the statistics, when and how the chargeback occurs. It is when a merchant cannot prove the delivery of the service or product (which is in case of btc).

But how about you offer a product or a service along with btc so when there is a chargeback, you can show the product / service delivery to the payment processor at which point the customer looses the chargeback petition.

The way it might back fire : Many banks and even Mastercard guys kinda get annoyed at/with Bitcoins.

[Benson Samuel]

I have been brainstorming with assistance and help from Mod Benson on building a platform wherein users can fund their mtgox account or buy btc / ltc using their credit card through e-wallet services something similar to payza or MB.

Buying BTC / Funding Mtgox
Some of the things to remember here is that this will be similar to fund transfer and the transaction will not be in realtime. It will take anywhere from 2 - 4 working days for the funds / btc to reflect in your mtgox account. The delay in funding is due to the intensive fraud screening that will be incorporated to protect the merchant that is myself from chargebacks.

Secondly, you will be required to add and confirm you credit card / debit card to one of the e-wallet services like MB or payza.

Selling of BTC.
This will be through the payment gateway bitpay. You will receive the mtgox weighted average USD rate sent to your Indian account within 24 - 48 hours through xoom or moneygram money transfer. The exchange rate offered will be the prevailing rate on that particular day.
By using this method, we can totally eliminate NEFT / domestic fund transfer within India.

Let us know your thoughts on this idea. If you have any suggestions / feedback, then let me know.

Voted No, because simply it does not work that way. CC and Debit card is a big big deal to handle with currency like Bitcoin. I still believe in India, if it is going to work it will work using traditional and popular methods like cash deposits, NEFT, RTGS ( Not even Net Banking ).

But you can try it with a different approach. Make this service available to verified people only. This can not be used as instantaneous, anonymous buy sell service.

Cheers

this is exactly what i had discussed with mod. It will be only for the verified people of bitcointalk forum members. It will be more of a premium club extended to only to forum members to begin with. Probably with low number of transactions.
If you see the statistics, when and how the chargeback occurs. It is when a merchant cannot prove the delivery of the service or product (which is in case of btc).

But how about you offer a product or a service along with btc so when there is a chargeback, you can show the product / service delivery to the payment processor at which point the customer looses the chargeback petition.

The case example below is if you are giving this service to all ( Non verified people too )

Lets say I want to kill your business. All I need to do is buy 5 CC from black market or skrill or payza accounts, complete purchase and charge back. Trust me even if you prove you have delivered products processor will think about your subscription now. Make it 10 and you have a very good chance of getting your account blocked, in some cases you will loose access to YOUR money for 180 days

To prevent all this, you will have to setup a good verification system and that will cost you. You will have to add all this costs to the margin which will make your service less attractive to people. Also as you are adding shipping in it, it will cost more. CC processors and others will charge around 3.5% minimum and that's crazy. You must also factor in the time cost of sending money to your base service providers and getting money back from them to your accounts.

In the case of verified people all of above is applied but with less probability.

Biggest drawback, this thing can not scale as the overhead mechanism to sell actual product is going to eat lot of margin and resources.


Cheers

OP's plan revolves around a reputation system as well.
He is also willing to undertake the costs involved in the sales model.
This has my vote if it is executed. Would love to see this work as it comes very close to skirting regulations.

[americandesi]

I have been brainstorming with assistance and help from Mod Benson on building a platform wherein users can fund their mtgox account or buy btc / ltc using their credit card through e-wallet services something similar to payza or MB.

Buying BTC / Funding Mtgox
Some of the things to remember here is that this will be similar to fund transfer and the transaction will not be in realtime. It will take anywhere from 2 - 4 working days for the funds / btc to reflect in your mtgox account. The delay in funding is due to the intensive fraud screening that will be incorporated to protect the merchant that is myself from chargebacks.

Secondly, you will be required to add and confirm you credit card / debit card to one of the e-wallet services like MB or payza.

Selling of BTC.
This will be through the payment gateway bitpay. You will receive the mtgox weighted average USD rate sent to your Indian account within 24 - 48 hours through xoom or moneygram money transfer. The exchange rate offered will be the prevailing rate on that particular day.
By using this method, we can totally eliminate NEFT / domestic fund transfer within India.

Let us know your thoughts on this idea. If you have any suggestions / feedback, then let me know.

Voted No, because simply it does not work that way. CC and Debit card is a big big deal to handle with currency like Bitcoin. I still believe in India, if it is going to work it will work using traditional and popular methods like cash deposits, NEFT, RTGS ( Not even Net Banking ).

But you can try it with a different approach. Make this service available to verified people only. This can not be used as instantaneous, anonymous buy sell service.

Cheers

this is exactly what i had discussed with mod. It will be only for the verified people of bitcointalk forum members. It will be more of a premium club extended to only to forum members to begin with. Probably with low number of transactions.
If you see the statistics, when and how the chargeback occurs. It is when a merchant cannot prove the delivery of the service or product (which is in case of btc).

But how about you offer a product or a service along with btc so when there is a chargeback, you can show the product / service delivery to the payment processor at which point the customer looses the chargeback petition.

The case example below is if you are giving this service to all ( Non verified people too )

Lets say I want to kill your business. All I need to do is buy 5 CC from black market or skrill or payza accounts, complete purchase and charge back. Trust me even if you prove you have delivered products processor will think about your subscription now. Make it 10 and you have a very good chance of getting your account blocked, in some cases you will loose access to YOUR money for 180 days

To prevent all this, you will have to setup a good verification system and that will cost you. You will have to add all this costs to the margin which will make your service less attractive to people. Also as you are adding shipping in it, it will cost more. CC processors and others will charge around 3.5% minimum and that's crazy. You must also factor in the time cost of sending money to your base service providers and getting money back from them to your accounts.

In the case of verified people all of above is applied but with less probability.

Biggest drawback, this thing can not scale as the overhead mechanism to sell actual product is going to eat lot of margin and resources.


Cheers

OP's plan revolves around a reputation system as well.
He is also willing to undertake the costs involved in the sales model.
This has my vote if it is executed. Would love to see this work as it comes very close to skirting regulations.

Yes. I have been selling online since 2003. I have seen number of chargebacks.. nasty ones too. If this gets executed, it will be more of a B2B with stringent verification methods. All orders will go through Fraud Verification system something similar to maxmind or on the same lines. And moreover, bitcoin will be sent to the email associated with mb or pz upon email verification, so the scammer will not receive the btc.

Coming to the scaling issue, as i said am not too concerned. I don't want to be the only provider of BTC to Indian traders. I just want to make it easier for genuine and verified buyers to buy in bulk and probably sell it to their local customers in India. I already trade BTC / LTC on a daily basis locally and make enough out of it.

At the moment, am looking at ways to overcome the tax issue. If i open a MB / PZ / PP account as a U S resident, i will have to pay taxes on the entire transaction amount. So let me see if i can work it out. If it does, then a pilot invite only program will be launched shortly.

[bitcoinisbest]

Voted yes, because the range of alternative payment methods should extend.
Nowadays, one can even book a flight using Bitcon, so why not use credit cards to buy BTC?
I meet many payment providers that accept BTC as one of their alternative payment methods  (Ikajo International, for ex.) and I find it great, really!

It cannot happen in India because govt has clearly told that they cannot consider it as a legal tender. Thus you will find that no merchant will be accepting the btc as a payment mode. Thus unless govt legalizes it you cannot use the crypto for the daily use purpose.