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Author Topic: NEED Payment Processor sending and receiving Bitcoin payment  (Read 526 times)
Smack That Ace
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May 14, 2014, 09:26:52 AM
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Hello
I am in need of a payment processor like bitmerch, coinbase or coinpayment that can not only receieve payments but also send payments in bitcoins to my customers. The payment should be recieved in USD or EUR but converted into bitcoin according to the market price.
There are many merchant services that are offering this other than the ones mentioned above but most of them are only doing this for customers sending payments and not sending bitcoin back to the customers.
For example someone send me a 100 usd converted into bitcoin ofcourse for investing into a project and then if i want to send them 110 or 300 usd back i need a processor who has an option to do this.
Please let me know if there is any merchant service provider who is doing this at the moment or someone who can set something like this up.
Thankyou in advance

Regards
Duke

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rjcesq
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May 14, 2014, 09:42:26 PM
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I'm going to make a few assumptions here

1) You're not talking about refunds. Most payment processors, like bitpay, offer some form of refunds.
2) You're not talking about sending someone BTC because you could do that as long as you know their public wallet address. Clearly you can do this from within coinbase.

What it seems you want is to initiate a transaction in BTC and have it delivered to someone is USD. Correct?

The problem is that is not a payment processor but a money transmitter, ala Western Union. Payment processors avoid doing this because they have to register as MSBs, at least in the US. I believe Coinbase has their MSB license and you can certainly send BTC to a user's Coinbase account and they can cash it out in USD.
XCoinMoney
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May 20, 2014, 08:00:36 AM
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Hello, i will recommend you to use https://www.xcoinmoney.com/
You can both receive and send bitcoins, litecoins, primecoin, dogecoin and Dollars.

You can sell products or services in Bitcoins or Litecoins and get dollars on your account. In other words buyers pay in Bitcoins or Litecoins and you get Dollars.
Smack That Ace
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May 20, 2014, 11:04:29 AM
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Hello,

I am actually in conversation with xcoinmoney regarding this processing option.
I have actually not worded my earlier post clearly so will repost it to make more sense and figure out a better processing module for our website.

Objective:
We need a processor that receives bitcoin, litecoin or other crypto currency. The rates of our items should be in real time value of these currency. The Customer should make the payment in bitcoin or litecoin,etc and will receive their payment back in the same way they sent it but the amount they send should be a Dollar amount that is verified according to the current market price of the currency.
I know it sounds a bit confusing but i am going to try to make it more simplified with an example.

Example
Lets say a customer comes to our website and wants to buy a 100usd worth of our product. Once he/she has chosen the amount, the USD price will be converted to bitcoin/litecoin/etc and the customer can transfer funds according to the market rate. So lets say the market rate is 1btc=450 usd. If the customer buys a 100usd package he would send 0.2098 BTC to our address and we will transfer him 100usd worth of product.
Lets say the customer wants 200usd back. He opts for 200 usd in bitcoin or the same currency he sent, we transfer 0.4295 BTC to his address.

I know it sounds a bit confusing but i have been trying to come up with something where people are shown rates in USD or EUR but the payment is always made in Bitcoin or Litecoin. For us sending the payment to our customers the same rule applies. They ask for payments in USD or EUR and we send them Bitcoin or Litecoin for the amount equalling the Fiat value.

Please let me know if anyone can help me Simplify this process.

Regards

Duke

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May 20, 2014, 01:43:00 PM
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Hello,

I am actually in conversation with xcoinmoney regarding this processing option.
I have actually not worded my earlier post clearly so will repost it to make more sense and figure out a better processing module for our website.

Objective:
We need a processor that receives bitcoin, litecoin or other crypto currency. The rates of our items should be in real time value of these currency. The Customer should make the payment in bitcoin or litecoin,etc and will receive their payment back in the same way they sent it but the amount they send should be a Dollar amount that is verified according to the current market price of the currency.
I know it sounds a bit confusing but i am going to try to make it more simplified with an example.

Example
Lets say a customer comes to our website and wants to buy a 100usd worth of our product. Once he/she has chosen the amount, the USD price will be converted to bitcoin/litecoin/etc and the customer can transfer funds according to the market rate. So lets say the market rate is 1btc=450 usd. If the customer buys a 100usd package he would send 0.2098 BTC to our address and we will transfer him 100usd worth of product.
Lets say the customer wants 200usd back. He opts for 200 usd in bitcoin or the same currency he sent, we transfer 0.4295 BTC to his address.

I know it sounds a bit confusing but i have been trying to come up with something where people are shown rates in USD or EUR but the payment is always made in Bitcoin or Litecoin. For us sending the payment to our customers the same rule applies. They ask for payments in USD or EUR and we send them Bitcoin or Litecoin for the amount equalling the Fiat value.

Please let me know if anyone can help me Simplify this process.

Regards

Duke

I think your requirement does not need a payment processor. Simply use some exchange's API to convert price from USD to Bitcoin and ask customer to pay it. On the other hand, use the same API to calculate the bitcoin equivalent of the USD amount customer wants back and send it to customer's address in Bitcoin.

Smack That Ace
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May 20, 2014, 09:40:11 PM
 #6

Very true NewIndia.

I am trying to figure out the most efficient way to do this. If you have any exchanges in mind please do let me know. I have compiled a small list to help others who have come across the same issue or might be in the near future. I hope it helps them with their integration otherwise they can contact me and i can guide them towards some info if not the solution.
I am not sure which sites are currently active or which are not working so please use at your own risk. This is just a guideline to where you can start in need of a processor.

https://coinbase.com
https://www.xcoinmoney.com
https://bips.me
https://blockchain.info/api
https://www.btcmerch.com
www.coinpayment.net
Bit-Tastic.net
https://www.coinbeam.org

http://estore.snowcron.com/index.html - This is a cheap application and very easy to install


Goodluck!!

Duke

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