Buying btc online with creit or debit cards

[haploid23]

Someone has tried this and used Square as the payment processor. He instantly got scammed, then shut down by Square haha. This absolutely will not work in the long run.

[1715628648]

1715628648

[mnmShadyBTC]

I want to make a site where people can buy btc online with credit or debit cards. No trading. What are the pros, the cons the risks? Is it even possible?

In my opinion, providing service to selling bitcoin via credit card is quite very challenging. It will invite many hackers use fraud credit card to buy your bitcoin. The real owner of credit card will do charge back and it will make you end up losing your bitcoin.

The above risks will greatly add to the risks to the seller, and will result in a higher price. If you are truly the account holder of the credit card then you are likely much better off by taking a cash advance on your credit card and using the money to buy bitcoin via LBC and/or an exchange.

[98problems]

Someone has tried this and used Square as the payment processor. He instantly got scammed, then shut down by Square haha. This absolutely will not work in the long run.

I don't think this problem would be unique to square. Any credit card processing company will likely close the account of anyone who receives as many fraud/chargeback claims that someone selling bitcon via credit cards would likely incur.

[gmx95]

Fraud and chargebacks would obviously be the main risk points. The credit card companies may cancel payments even in 3-6 months after it was made. By that time of course your bitcoins would be long gone.

[applesRyummy]

Fraud and chargebacks would obviously be the main risk points. The credit card companies may cancel payments even in 3-6 months after it was made. By that time of course your bitcoins would be long gone.

Ironically your signature is promoting a platform that allows you to fund via credit cards.

Any service would likely need to essentially make sure that the transaction is flagged as suspicious at the credit card company, have the CC company contact the customer and verify that it was in fact authorized. This would greatly increase the costs associated with not only accepting credit card payments but also doing business as every single transaction would need to be handled manually.