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Author Topic: why no exchanger implements 3D secure-Verified by Visa / MC SecureCode  (Read 2119 times)
bccasino
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February 09, 2012, 03:26:51 PM
 #1

Hi

I can't understand why none of the big exchanger implemented Visa 3D Secure and MasterCard SecureCode to process credit cards without any chargeback risks.

Accepting credit cards charges for bitcoins is one of the most request/needed/looked for service in the bitcoin economy!

Thanks for any comments

 

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February 09, 2012, 03:29:31 PM
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If companies like APMEX will sell $5000 worth of gold on credit cards using this system, I agree, its something that can be implemented.  APMEX charges a small premium over cash/wire, but they do it all the time.

http://www.apmex.com/Category/290/Gold_Eagles___1_oz_2012__Prior.aspx

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zer0
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February 09, 2012, 03:45:45 PM
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There always is chargeback risk even in person buying with Chip+Pin Visa/MC cards. If somebody enterprising wanted to do Visa->Bitcoin they would have to:

Get chargeback insurance protection
http://www.cashrun.com/prodsolutions/cashshield

Sell Bitcoin as a commodity/good instead of 'currency' so Visa/Mc don't blacklist you

Keep $10k in liquid funds lying around to instantly buy coins while waiting the 3-7 days for the payment gateway to settle funds to your bank, or have a ton of coins you're willing to speculate on and hope they don't drop in price to $2/ea again

Cap it at $40 or something per transactions

Use a service like this to dropship a registered code in the mail for further protection, if taking over $40 or so, or ship 'paper coins' to them, or something you think up like a printed login to get coins out of an online wallet
http://www.send-certified-mail.com/

You would have to charge at least 10% to make any profit from this, and no doubt gamblers would make your life hell constantly charging back, claiming their kids bought the coins or some other lies to screw you.

If you live in Ukraine/CIS you can use Liqpay.com to sell Bitcoin (if you advertise it as gaming commodity) but lately even a $60 charge from any card that isn't issued in CIS they take forever to authorize. The gold companies selling up to $5k in gold have plenty of insurance, and they're also ripping the customer off so they make extra money.. look up Glen Beck's old touted company that was shilling supposedly rare gold coins at 4x the price before the feds seized it.

Bitinstant is such a good service credit cards no longer needed. Now somebody needs to clone their system in Europe/Asia/Uk

Also DGC companies in Canada sell LR for Amex/Discover at a decent price, but Visa/MC is 22% and up


bccasino
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February 09, 2012, 06:05:24 PM
 #4

There always is chargeback risk even in person buying with Chip+Pin Visa/MC cards. If somebody enterprising wanted to do Visa->Bitcoin they would have to:

Get chargeback insurance protection
http://www.cashrun.com/prodsolutions/cashshield

Sell Bitcoin as a commodity/good instead of 'currency' so Visa/Mc don't blacklist you

Keep $10k in liquid funds lying around to instantly buy coins while waiting the 3-7 days for the payment gateway to settle funds to your bank, or have a ton of coins you're willing to speculate on and hope they don't drop in price to $2/ea again

Cap it at $40 or something per transactions

Use a service like this to dropship a registered code in the mail for further protection, if taking over $40 or so, or ship 'paper coins' to them, or something you think up like a printed login to get coins out of an online wallet
http://www.send-certified-mail.com/

You would have to charge at least 10% to make any profit from this, and no doubt gamblers would make your life hell constantly charging back, claiming their kids bought the coins or some other lies to screw you.

If you live in Ukraine/CIS you can use Liqpay.com to sell Bitcoin (if you advertise it as gaming commodity) but lately even a $60 charge from any card that isn't issued in CIS they take forever to authorize. The gold companies selling up to $5k in gold have plenty of insurance, and they're also ripping the customer off so they make extra money.. look up Glen Beck's old touted company that was shilling supposedly rare gold coins at 4x the price before the feds seized it.

Bitinstant is such a good service credit cards no longer needed. Now somebody needs to clone their system in Europe/Asia/Uk

Also DGC companies in Canada sell LR for Amex/Discover at a decent price, but Visa/MC is 22% and up

Are you sure that 3D secure visa transactions can still be charged back?

From here http://en.wikipedia.org/wiki/3-D_Secure in the merchant section it says "The advantage for merchants is the reduction of "unauthorized transaction" chargebacks." Ok reduction still leave charge backs open Sad

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phantomcircuit
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February 10, 2012, 03:49:05 AM
 #5

Are you sure that 3D secure visa transactions can still be charged back?

From here http://en.wikipedia.org/wiki/3-D_Secure in the merchant section it says "The advantage for merchants is the reduction of "unauthorized transaction" chargebacks." Ok reduction still leave charge backs open Sad

Any and all credit card charges can be charged back upto 90 days (or is it 60 days? immaterial) after the transaction BY LAW.

No system which visa or mastercard operates can change this.

They can offer insurance against chargebacks, but lets be real the premium on something as risky to sell as bitcoins are would be several thousand percent.

Well outside their risk envelope.
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