[ANN] Selling online never been easier thanks to Mt.Gox's new “Pay Now” button!

[Mt.Gox Support]

As a merchant who would like to use such services I have some things to worry about with this mtgox's solution. Here are rumours and reports of mtgox being rather very slow parting with fiat money lately (i.e. fiat withdrawals are taking way too long).

...

If someone pays with "tainted" coins to merchant, will merchant run risk of mtgox doing it's usual PI trick and freezing/confiscating merchants money?

+1

MtGox where is your SAS 70 / SSAE 16?  Until MtGox takes this seriously, I am afraid I am having a hard time taking MtGox seriously.

Hi Mike

You know that we are taking this seriously, remember our conversation during this fantastic dinner we had at CES? I am not sure if SAS 70 or SSAE 16 are relevant for us since we are not in the US and or a US Company, I will pass this to the person who's in-charge of that matter here to check it (He may probably already know about it). In the meantime, we are moving forward and Tibanne has already been audited here in Japan by TEIKOKU DATABANK http://www.tdb.co.jp/english/ and you can see Tibanne as a listed company that went through their audit http://cl.ly/3E0q0y2Q0R1r2N0Y1D3u.
Also, AYOAMA & PARTNERS our account, is also acting as a Financial Auditing company in our case and make sure that we are doing things right according to Japanese Law.

Like I said to you before, things are moving, maybe not as fast as we (you and I) would like to, but we are moving forward!

[Mt.Gox Support]

This is a good thing that mtgox has launched such a service, prices are competitive too and likely will cause competitors to reconsider their pricing. Competition is a good thing.

As a merchant who would like to use such services I have some things to worry about with this mtgox's solution. Here are rumours and reports of mtgox being rather very slow parting with fiat money lately (i.e. fiat withdrawals are taking way too long).

Could please mtgox comment on how quickly and how reliably merchants can withdraw fiat from mtgox. Please describe a typical scenario and costs involved for a merchant that would like to convert 100% of sales into say GBP and sweep it to their bank account on daily or weekly basis.

I believe that we have been pretty straight forward on this and we admitted, even here, that a few number of our customers are suffering from slow withdrawal when it comes to USD. SEPA (EUR) and GBP are however unaffected (as for today). We are working on a solution to solve this matter once and for all and restore previous transfer speed.
This said in your case GBP, you will not be affected.

How long would it take?

GBP whtidrawal are made twice a week

Which risks merchants run here?

I am not sure to understand your question.

Are there terms and conditions for merchants?

Yes we do have them, I am not sure why they have not yet been uploaded, I will have to check this and make sure we are pushing them.

If someone pays with "tainted" coins to merchant, will merchant run risk of mtgox doing it's usual PI trick and freezing/confiscating merchants money?

If your account is AML Verified or Truster you will not be affected by this.

I do want to use mtgox's shopping cart solutions since the claimed top line pricing is attractive. However, I am worried about the mentioned above potential costs and risks enough to not jumping into it just yet.

I completely understand your point, and while I only have my words here, we are doing everything can to make sure that you will get a great experience using our payment services.

[Mt.Gox Support]

Can you show that the price is X percent cheaper when you use Bitcoins?

For that we will require more information on the product. This button is a simple "Checkout" or "Payment" button. If you want something more "powerful" please use our Magento Plugin (https://bitcointalk.org/index.php?topic=85520.0).

[Inaba]

Please... Mt.Gox Support.  Stop with the lying.  You are unable to process large dollar transactions and many of us suspect it's because of insolvency and/or a setup to allow you to pass the blame off onto other entities when your system continues to fall apart.  This "announcement" smacks of BS.  You can't even handle minor fiat transactions NOW, why would anyone want to trust you with their business, possibly with large(r) volumes of fiat transactions?

Anyone signing up for your service is just asking to be run out of business when you can't/won't pay them the money you owe them.  Anyone considering this needs to be wary.  MTGox can't pay their bills now, what makes you think you'd be anywhere high on the priority list of getting paid when it all comes tumbling down?  The answer is, you won't.  Any funds you were due from them will magically go poof and/or be blamed on a third party entity.

[jwzguy]

Please... Mt.Gox Support.  Stop with the lying.  You are unable to process large dollar transactions and many of us suspect it's because of insolvency and/or a setup to allow you to pass the blame off onto other entities when your system continues to fall apart.  This "announcement" smacks of BS.  You can't even handle minor fiat transactions NOW, why would anyone want to trust you with their business, possibly with large(r) volumes of fiat transactions?

Anyone signing up for your service is just asking to be run out of business when you can't/won't pay them the money you owe them.  Anyone considering this needs to be wary.  MTGox can't pay their bills now, what makes you think you'd be anywhere high on the priority list of getting paid when it all comes tumbling down?  The answer is, you won't.  Any funds you were due from them will magically go poof and/or be blamed on a third party entity.

Your recent experiences (along with hearing about arbitrary account holds from several other customers) have ensured I will never depend on Mt.Gox for any serious business endeavors. I think they will be forced to stop this nonsense if enough people take their business elsewhere...at least I hope they have the foresight to see this. I sincerely hope you're wrong about solvency problems. I think that would have a devastating effect on all of us, regardless of where we trade.

[casascius]

Hi Mike

You know that we are taking this seriously, remember our conversation during this fantastic dinner we had at CES? I am not sure if SAS 70 or SSAE 16 are relevant for us since we are not in the US and or a US Company, I will pass this to the person who's in-charge of that matter here to check it (He may probably already know about it). In the meantime, we are moving forward and Tibanne has already been audited here in Japan by TEIKOKU DATABANK http://www.tdb.co.jp/english/ and you can see Tibanne as a listed company that went through their audit http://cl.ly/3E0q0y2Q0R1r2N0Y1D3u.
Also, AYOAMA & PARTNERS our account, is also acting as a Financial Auditing company in our case and make sure that we are doing things right according to Japanese Law.

Like I said to you before, things are moving, maybe not as fast as we (you and I) would like to, but we are moving forward!

That's nice you are listed on a website... can I give you my e-mail and you send me the PDF report?  When you get a SAS 70 / SSAE 16, you get a lengthy 30-80 page report you can give to your clients to help them know what they need to know about your operation.  That's what I want to see!!!!!

I want to read an auditor's report attesting to their independent belief that you guys have the balances to back the funds you have on deposit, and that you have a reasonable set of controls in place to ensure business continuity and that they are substantially being followed.  I want to read an auditor's report attesting to the fact that you guys have an appropriate handle and procedures on what to do with funds that are unclaimed or that you are holding on others behalf pending them meeting your AML requirements.

We spoke at lunch in January, we've already gone through another whole audit ourselves in the meantime, getting an audit is as simple as picking up the phone, saying you want a SSAE 16 getting the list of what they'll want to see so you can prepare, and then inviting them out to Japan!

When I see reports in the forums about people having their money kept by Gox with no recourse and a refusal to refund amounts as small as $100 back to their origin, and ever-escalating withdrawal delays... I am not impressed... Go look at my account "casascius" #991 - look at my balance - $0 USD, 0 BTC... I am quite frankly too scared to put any money there, I assume it could implode on a moment's notice just like Bitcoinica... and you and I both know that historically I have kept a balance in Gox that vastly exceeds the fee an American CPA would charge to fly to Japan and produce this report I've been asking for.

Would you like me to be your biggest fan or your critic?  Please man up and get your SSAE 16.  Call today.

[Mt.Gox Support]

Please... Mt.Gox Support.  Stop with the lying.  You are unable to process large dollar transactions and many of us suspect it's because of insolvency and/or a setup to allow you to pass the blame off onto other entities when your system continues to fall apart.  This "announcement" smacks of BS.  You can't even handle minor fiat transactions NOW, why would anyone want to trust you with their business, possibly with large(r) volumes of fiat transactions?

Anyone signing up for your service is just asking to be run out of business when you can't/won't pay them the money you owe them.  Anyone considering this needs to be wary.  MTGox can't pay their bills now, what makes you think you'd be anywhere high on the priority list of getting paid when it all comes tumbling down?  The answer is, you won't.  Any funds you were due from them will magically go poof and/or be blamed on a third party entity.

Dear Inaba

As stated, we clearly said that a few people has been affected when it comes to Deposit/Withdraw in USD, we are working on it.

Regardless of what you think of us, Mt.Gox is still running, still moving forward and still innovates where many small and larger players collapsed and shutdown, we went through hell many times and we are still here. Are we perfect? No, but we are working like hell to improve things and make sure to bring something positive to Bitcoin and the community.

[Hexadecibel]

have you seen paypal's fees?!

I think this is awesome

Mark my words. It is only a matter of time.

I will Frank your words.

Franked.

[Mt.Gox Support]

In other words ... API ?

Well, we launched the merchant API in March ;-) https://mtgox.com/press_release_20120306.html and now all our merchant solutions are in one page https://mtgox.com/merchant

[Mt.Gox Support]

In other words ... API ?

Well, we launched the merchant API in March ;-) https://mtgox.com/press_release_20120306.html and now all our merchant solutions are in one page https://mtgox.com/merchant

Let me make explicit what I thought was obviously implied in my question:

Can I *create* a button via the merchant API or do I have to manually
create 2000 buttons ?

Sorry for not being clear, but yes you can create any buttons you want from our API. The "Button Creator" is for occasional merchants, the API is for professional like you who wants more. There is technically no differences between the Button and the API.

Cheers

[2weiX]

In other words ... API ?

Well, we launched the merchant API in March ;-) https://mtgox.com/press_release_20120306.html and now all our merchant solutions are in one page https://mtgox.com/merchant

Let me make explicit what I thought was obviously implied in my question:

Can I *create* a button via the merchant API or do I have to manually
create 2000 buttons ?

Sorry for not being clear, but yes you can create any buttons you want from our API. The "Button Creator" is for occasional merchants, the API is for professional like you who wants more. There technically no differences between the Button and the API.

Cheers

so you could (via any old shopping cart system like magento or osCommerce) determine a €/$ price for your item and then have a corresponding mtgox checkout button configured?

[Mt.Gox Support]

In other words ... API ?

Well, we launched the merchant API in March ;-) https://mtgox.com/press_release_20120306.html and now all our merchant solutions are in one page https://mtgox.com/merchant

Let me make explicit what I thought was obviously implied in my question:

Can I *create* a button via the merchant API or do I have to manually
create 2000 buttons ?

Sorry for not being clear, but yes you can create any buttons you want from our API. The "Button Creator" is for occasional merchants, the API is for professional like you who wants more. There technically no differences between the Button and the API.

Cheers

so you could (via any old shopping cart system like magento or osCommerce) determine a €/$ price for your item and then have a corresponding mtgox checkout button configured?

Our technician sent me this link for you https://en.bitcoin.it/wiki/MtGox/API/HTTP/v1#Dynamic_Button, so basically the answer to your question is yes.

[JoelKatz]

As stated, we clearly said that a few people has been affected when it comes to Deposit/Withdraw in USD, we are working on it.

These kinds of vague answers are entirely unhelpful and destroy confidence. How many people? How much money? How long have they been waiting? When do you expect a resolution?

If it's 5 people, $100,000, nobody's been waiting more than a month, and you expect a resolution in a month, that's one thing. If it's 250 people, $5,000,000, people have been waiting three months, and you have no idea when there will be a solution, that's a completely different problem.

People are trying to decide whether to trust you with their fortunes and livelihoods. "Some people are having a problem we are working on" doesn't cut it.

[Bitcoin Oz]

He added that since most Bitcoin transactions flowed through Mt Gox, it was "much easier to see how the funds were cashed out, and locate the final target if there was need.

[dooglus]

How many people? How much money? How long have they been waiting? When do you expect a resolution?

I think the bigger concern, that I've not seen addressed, is that MtGox may be insolvent.

What is the cause of the problem affecting these "few people".  Is it that you don't have enough US dollars to pay them?

You are unable to process large dollar transactions and many of us suspect it's because of insolvency

I sincerely hope you're wrong about solvency problems.

Well, is he?

[2weiX]

I've cashed out a couple of 10k€ the past weeks and the longest it took was, indeed 5 business days.
the last 9k€ withdrawal took three business days.

seems okay to me.


dwolla withdrawals - now theres another thing.

[BitPay Business Solutions]

Gonzague,

One suggestion I would make to help alleviate all the fuss and support tickets:  Have a small chart on the Withdrawals page with an ETA for each option.  If wires to USA take 4-5 days, say that up front.  If Dwolla takes 7-10 days, let people know up front.  It will save you lots of headaches later by properly setting the expectations in the beginning.

Also, if you could have a button on your site to Cancel a pending withdrawal, that would be nice too.  Maybe 4 days ago I decided to withdraw funds, but now I see a buying opportunity.  Giving people a way to cancel these themselves will help clear out your withdrawal queue without needing a support ticket each time.

Tony

[epetroel]

Gonzague,

One suggestion I would make to help alleviate all the fuss and support tickets:  Have a small chart on the Withdrawals page with an ETA for each option.  If wires to USA take 4-5 days, say that up front.  If Dwolla takes 7-10 days, let people know up front.  It will save you lots of headaches later by properly setting the expectations in the beginning.

Also, if you could have a button on your site to Cancel a pending withdrawal, that would be nice too.  Maybe 4 days ago I decided to withdraw funds, but now I see a buying opportunity.  Giving people a way to cancel these themselves will help clear out your withdrawal queue without needing a support ticket each time.

Tony

+1 on the ability to cancel a withdrawal without contacting support.

[justusranvier]

As soon as someone starts using this feature to buy and sell Magic cards the circle will be complete.

[Inaba]

As soon as someone starts using this feature to buy and sell Magic cards the circle will be complete.

QFT

Epic