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Author Topic: I'm considering starting a PayPal->Bitcoin business  (Read 995 times)
Minsc
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August 27, 2011, 11:05:45 PM
 #1

I could only do this for USA buyers because of how PayPal's seller protection policy works.

1) Someone sends me money via PayPal
2) I then ship to their confirmed address with delivery confirmation the cheapest first class way which costs a little over $2 with packing.  The post office must not screw up and must get delivery confirmation to the correct zip code, as sometimes they put the wrong zip code.  If they amount is over $250 then I need to ship signature confirmed, but I would prefer not to get large amounts in one transaction.  If the buyer is buying something else online and shipping starts after they sent the payment, then I can use that tracking # instead.
3) Then I subtract shipping cost (unless they supplied a tracking # for me) and PayPal fees from the amount.  I then take a small commission to cover my other expenses (which is mainly dealing with PayPal and all their verification processes and stalking, but also is the commision from buying bitcoins and then transferring it out to my walet).
4) Then with what's left over I buy bitcoins.  I then send the bitcoins to the buyer's bitcoin address and email them an invoice.



If people are interested, I could start this up.

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Ricochet
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August 27, 2011, 11:47:51 PM
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I'd say the risk of chargebacks is still way too risky.  Even with keeping delivery confirmation receipts, and showing clear proof that they're trying to scam you, PayPal will side with the buyer the VAST majority of the time. 

Minsc
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August 28, 2011, 12:26:56 AM
 #3

I was planning on PayPal to freeze my account at some point.  I just can't have it happen too often unless I can find a way to empty a PayPal account without withdrawing it to a bank account or requesting a check.

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logansryche
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August 28, 2011, 01:39:47 AM
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You could toss it to another paypal addy listed under another name/email/etc. that isn't tied to an account. I've gotten around bad buyers on Ebay that way.
Stefanie Andrea
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August 28, 2011, 02:15:21 AM
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You could toss it to another paypal addy listed under another name/email/etc. that isn't tied to an account. I've gotten around bad buyers on Ebay that way.

Paypal can disable that new account aswell.

They can follow the money.
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August 28, 2011, 03:04:15 AM
 #6

You could toss it to another paypal addy listed under another name/email/etc. that isn't tied to an account. I've gotten around bad buyers on Ebay that way.

Paypal can disable that new account aswell.

They can follow the money.

In addition to this PayPal can and likely will require that you keep a % of sales in the account.
 

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Minsc
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August 28, 2011, 04:30:57 AM
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You could toss it to another paypal addy listed under another name/email/etc. that isn't tied to an account. I've gotten around bad buyers on Ebay that way.

Paypal can disable that new account aswell.

They can follow the money.


There's ways to set up and go through lots of PayPal accounts without linking them and withdraw the money, but it's a lot of work and it would mean charging a high commision to buyers, which I'm not sure people would be okay with.


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logansryche
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August 28, 2011, 05:41:51 AM
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It's not hard to do at all. Paypal doesn't require an amount to be an account, and to them you paid someone for a service(you'd obviously mark what the transfer is). They can't charge back you or the other account for paying another account for a service. EBay can't either.

Seriously people, I'm surprised no one has thought to even try it(instead of sit there and say what 'might' happen). I've been with Paypal since they first opened up and switch between 2 accounts(the main and another). Neither account is verified so there's nothing to draw apon. The point of all this is that there are loopholes around paypal.
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August 28, 2011, 05:52:46 AM
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It's not hard to do at all. Paypal doesn't require an amount to be an account, and to them you paid someone for a service(you'd obviously mark what the transfer is). They can't charge back you or the other account for paying another account for a service. EBay can't either.

Seriously people, I'm surprised no one has thought to even try it(instead of sit there and say what 'might' happen). I've been with Paypal since they first opened up and switch between 2 accounts(the main and another). Neither account is verified so there's nothing to draw apon. The point of all this is that there are loopholes around paypal.

People actually implemented it and got actual money frozen. It's not that it's 100% impossible, it's that you'd have to charge a mark up so high people will be better off opening a dwolla or other account.

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logansryche
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August 28, 2011, 05:59:15 AM
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It's not hard to do at all. Paypal doesn't require an amount to be an account, and to them you paid someone for a service(you'd obviously mark what the transfer is). They can't charge back you or the other account for paying another account for a service. EBay can't either.

Seriously people, I'm surprised no one has thought to even try it(instead of sit there and say what 'might' happen). I've been with Paypal since they first opened up and switch between 2 accounts(the main and another). Neither account is verified so there's nothing to draw apon. The point of all this is that there are loopholes around paypal.

People actually implemented it and got actual money frozen. It's not that it's 100% impossible, it's that you'd have to charge a mark up so high people will be better off opening a dwolla or other account.

I don't see it, but ok.
Stefanie Andrea
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August 28, 2011, 06:01:43 AM
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It's not hard to do at all. Paypal doesn't require an amount to be an account, and to them you paid someone for a service(you'd obviously mark what the transfer is). They can't charge back you or the other account for paying another account for a service. EBay can't either.

Seriously people, I'm surprised no one has thought to even try it(instead of sit there and say what 'might' happen). I've been with Paypal since they first opened up and switch between 2 accounts(the main and another). Neither account is verified so there's nothing to draw apon. The point of all this is that there are loopholes around paypal.

Don't you need to be verified to send money to another PayPal?
logansryche
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August 28, 2011, 06:28:18 AM
 #12

Nope, just need their email address and a reason to send it.
miernik
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August 28, 2011, 07:10:36 AM
 #13

I could only do this for USA buyers because of how PayPal's seller protection policy works.

1) Someone sends me money via PayPal
2) I then ship to their confirmed address with delivery confirmation the cheapest first class way which costs a little over $2 with packing.

Why would anyone want to buy Bitcoins for Paypal so much, especially with such a wait, and probably high fees?

They can just withdraw to their bank account and send a transfer, makes things much simpler.

WiseOldOwl
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August 29, 2011, 02:25:47 PM
 #14

Or just deposit cash into our bank account anywhere and get bitcoin in under 24 hours.

http://cryptoswap.com
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