2012-05-30 NORDIC EU BITCOIN BANKSTERS BLOCKADES

[PawShaker]

NORDIC EU BITCOIN BANKSTERS BLOCKADES

We don't have a quote from VISA / MasterCard themselves as we did not deal with them directly. We accepted their cards through eWire who sent the following message to us this morning:

"We have been contacted by our payment provider regarding Bitcoin Nordic. We have been required by VISA and Mastercard to shut down your payment solution because of a large risk of chargebacks in this business.

I am therefore forced to shut down your cooperation with Ewire. It is very unfortunate that this duopoly can force their requirements in this manner but we need to consider our entire business when we get a message like this because we can lose our payment service if we do not comply."

(My translation from Danish)

In the past two months since we started accepting card payments we have processed approximately $50,000 in credit card payments. To my knowledge there has only been one case of chargeback for about $200 and we covered this case out of our own pockets. Actually, this case didn't even involve a VISA or MasterCard but a DanKort.

http://www.occupythebanks.com/2012/05/nordic-eu-bitcoin-banksters-blockades.html
http://www.reddit.com/r/Bitcoin/comments/uaicw/bitcoinnordic_discontinues_credit_card_purchases/c4ttz8g

This is very short text. However, I think it is worth publicity and keeping it for record in public place.

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[Realpra]

Damn! I almost used that service and I kinda know the guy behind it.

Hopefully they can get around this through direct account transfers or something...

[rjk]

All together now kids...

FUCK VISA AND MASTERCARD

[niooron]

Isn't accepting credit cards for bitcoin just asking to be charge backed to banktruptcy? I think they were just lucky they only got one charge back.

[molecular]

Isn't accepting credit cards for bitcoin just asking to be charge backed to banktruptcy? I think they were just lucky they only got one charge back.

An interesting question. I figured as much until now, but what if you actually have proof of delivery which might well be the case? Will VISA just charge back anyway? How often can you chargeback until you're marked as fraudster and your account closed with VISA/Mastercard?

[FreeMoney]

Isn't accepting credit cards for bitcoin just asking to be charge backed to banktruptcy? I think they were just lucky they only got one charge back.

An interesting question. I figured as much until now, but what if you actually have proof of delivery which might well be the case? Will VISA just charge back anyway? How often can you chargeback until you're marked as fraudster and your account closed with VISA/Mastercard?

The person who's card you stole gets marked and you pull up the next card and go again.

It would be convenient if people could use Visa/MC to transition, but they kind of suck at committing to transfer value.