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Author Topic: BitPal - PayPal like payment processor  (Read 2826 times)
wobber
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April 12, 2011, 08:31:39 AM
 #1

I was thinking of making Bitcoin Payments easier for people who don't have time or knowledge to use exchangers, wallets and so on.
It should work like this:

I negotiate to the merchants to accept my service. This should be free for both.
The customer enters the website, sees some alpaca socks he likes and because he does not have any bitcoins he pays with bitpal.
The transaction is carried on like this:
Customers pays with his credit/debit card and fills in the data just like using PayPal OR, better, those credit card processors that you don't need an account with. Only thing is the site the client is in has to have registration. Then, once the payment is cleared, the system takes the bitcoins (from a pool of btc within BitPal) that are equal to the USD, EUR or whatever the customer payed with and transfers them to the sellers account. After that, BitPal should move the money to buy some more BTC and recirculate them.

The biggest issue here are the prices. How much a Bitcoin at BitPal should cost, so BitPal would be covered and maybe make some profit but to also make the client interested.

If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
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fetokun
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April 12, 2011, 08:50:44 AM
 #2

I was thinking of making Bitcoin Payments easier for people who don't have time or knowledge to use exchangers, wallets and so on.
It should work like this:

I negotiate to the merchants to accept my service. This should be free for both.
The customer enters the website, sees some alpaca socks he likes and because he does not have any bitcoins he pays with bitpal.
The transaction is carried on like this:
Customers pays with his credit/debit card and fills in the data just like using PayPal OR, better, those credit card processors that you don't need an account with. Only thing is the site the client is in has to have registration. Then, once the payment is cleared, the system takes the bitcoins (from a pool of btc within BitPal) that are equal to the USD, EUR or whatever the customer payed with and transfers them to the sellers account. After that, BitPal should move the money to buy some more BTC and recirculate them.

The biggest issue here are the prices. How much a Bitcoin at BitPal should cost, so BitPal would be covered and maybe make some profit but to also make the client interested.

ther is also the issue of chargebacks
bitv
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April 12, 2011, 11:58:18 AM
 #3

I'm working on a eWallet service. If anybody is interested in credit card payment processing and exchanging USD/EUR/whatever to BTC, it would easy to implement, just hit me up.
Ian Maxwell
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April 12, 2011, 03:59:23 PM
 #4

The chargeback problem can be solved the way it's usually solved, by collecting enough customer information to file a fraud suit if necessary. Amazon delivers hard physical products paid for by credit card, and they seem to be doing okay.

Admittedly, a lot of people like Bitcoin because it doesn't require anyone to give out this sort of personal information. Those people are free to keep handling their own finances and not use BitPal or whatever other service is out there.

Ian Maxwell
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April 12, 2011, 06:09:12 PM
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It is possible to withdraw cash from ATMs using credit cards.

That implies a different tier of chargeback security...

brokendash
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May 22, 2011, 06:41:24 PM
 #6

The idea sounds very much like a "Forward Contract" between the seller and the individual buyer. However on the merchant side between the seller and your business you could do a "Currency forward" and exchange the seller's accumulated bit coins every 30 days and settle out with the seller in cash.


Cheers
Brian
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