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Author Topic: BitFORCE SC - Bankwire Instructions Delay Policy  (Read 1728 times)
BFL-Engineer
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June 26, 2012, 01:19:17 PM
 #1

We have an announcement to make regarding all our customers who chose bank-wire as payment method for our SC series. Based on our policy, the order date is locked in when the actual funds arrive in our bank account. In this process, however, we will not count the days it took us to send wire info to the customer. In other words, if you have ordered on 15th of the month, and received wire instruction on 21st and finally the money arrives in our account on 23rd, your official order date will be 17th (15th + 2 days delay between receiving the wire info from us and funds arrival).

Clients who still have not received wire info should not be concerned, as we only count the delay it took them to wire the funds from the day wire instruction was sent to them.

Please let us know if you have any questions in this regard.


Regards,
BF Labs Inc.

BF Labs Inc.  www.butterflylabs.com   -  Bitcoin Mining Hardware
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Morblias
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June 26, 2012, 01:22:40 PM
 #2

Thank you for the info, it is much appreciated. Do you have a policy for the emails we sent about switching our say 2 single orders for 1 SC + cash? Since it is taking ~4 days for emails to be answered, could we maybe be placed in queue when the email was sent + however long it takes to get the extra cash after we get instructions on where to send the extra cash?

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June 26, 2012, 01:43:33 PM
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thanks, now I can stop checking my emails every 10 minutes

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June 26, 2012, 02:19:20 PM
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Thanks.  No need to stress out about this now.  Smiley
wogaut
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June 26, 2012, 02:31:27 PM
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Thanks, BFL.
That info helps.


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June 26, 2012, 08:47:05 PM
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Thanks BFL - very reasonable policy.
fuxianhui888
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June 26, 2012, 09:48:28 PM
 #7

does this mean if I  ordered in the first 5 mins after your announcement,the order date will still count 2 days later?(assume my money will arrive 2 days later)
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June 26, 2012, 10:54:08 PM
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does this mean if I  ordered in the first 5 mins after your announcement,the order date will still count 2 days later?(assume my money will arrive 2 days later)

If the transaction is completed using BitPay, then no. However, if it's bank wire, then we'll count the day money arrives in our account
(however will ignore the time you had to wait to receive wire instructions from us).


Regards,
BF Labs Inc.

BF Labs Inc.  www.butterflylabs.com   -  Bitcoin Mining Hardware
fuxianhui888
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June 26, 2012, 11:21:42 PM
 #9

does this mean if I  ordered in the first 5 mins after your announcement,the order date will still count 2 days later?(assume my money will arrive 2 days later)

If the transaction is completed using BitPay, then no. However, if it's bank wire, then we'll count the day money arrives in our account
(however will ignore the time you had to wait to receive wire instructions from us).


Regards,
BF Labs Inc.

I have  waited whole day for your pre-order announcement,and got the position in first 30,and you tell me , you  will count  the day when money arrives,you just waste my time Huh Huh
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June 26, 2012, 11:34:03 PM
 #10

does this mean if I  ordered in the first 5 mins after your announcement,the order date will still count 2 days later?(assume my money will arrive 2 days later)

If the transaction is completed using BitPay, then no. However, if it's bank wire, then we'll count the day money arrives in our account
(however will ignore the time you had to wait to receive wire instructions from us).


Regards,
BF Labs Inc.

I have  waited whole day for your pre-order announcement,and got the position in first 30,and you tell me , you  will count  the day when money arrives,you just waste my time Huh Huh

"Please be aware that your order date is set at the time payment is received, so we recommend Bit-Pay due to it’s faster processing time as compared to bank wire transfer." - from the pre order form

If you had read the pre order form, this shouldn't have been a surprise.
fuxianhui888
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June 26, 2012, 11:49:03 PM
 #11

does this mean if I  ordered in the first 5 mins after your announcement,the order date will still count 2 days later?(assume my money will arrive 2 days later)

If the transaction is completed using BitPay, then no. However, if it's bank wire, then we'll count the day money arrives in our account
(however will ignore the time you had to wait to receive wire instructions from us).


Regards,
BF Labs Inc.

I have  waited whole day for your pre-order announcement,and got the position in first 30,and you tell me , you  will count  the day when money arrives,you just waste my time Huh Huh

"Please be aware that your order date is set at the time payment is received, so we recommend Bit-Pay due to it’s faster processing time as compared to bank wire transfer." - from the pre order form

If you had read the pre order form, this shouldn't have been a surprise.

damn, Sad,I don't expect receive my order in October now
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June 27, 2012, 12:31:36 AM
 #12

We have an announcement to make regarding all our customers who chose bank-wire as payment method for our SC series. Based on our policy, the order date is locked in when the actual funds arrive in our bank account. In this process, however, we will not count the days it took us to send wire info to the customer. In other words, if you have ordered on 15th of the month, and received wire instruction on 21st and finally the money arrives in our account on 23rd, your official order date will be 17th (15th + 2 days delay between receiving the wire info from us and funds arrival).

Clients who still have not received wire info should not be concerned, as we only count the delay it took them to wire the funds from the day wire instruction was sent to them.

Please let us know if you have any questions in this regard.


Regards,
BF Labs Inc.

Why promote bit-pay over bankwire anyway? What if McDonalds put customers with visa cards ahead of those with dollars in their pocket? I'm not sure how this promotion of another company's service is value added to BFL or the customer. What am I missing?
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June 27, 2012, 12:35:17 AM
 #13

Why does BFL not allow Dwolla and Paypal anymore?
aqrulesms
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June 27, 2012, 01:19:23 AM
 #14

Why does BFL not allow Dwolla and Paypal anymore?
So they can keep the bitcoins which are non reversible instead of Paypal and Dwolla where you can charge back in the face of total failure and run with peoples' money.
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June 27, 2012, 02:36:33 AM
 #15

We have an announcement to make regarding all our customers who chose bank-wire as payment method for our SC series. Based on our policy, the order date is locked in when the actual funds arrive in our bank account. In this process, however, we will not count the days it took us to send wire info to the customer. In other words, if you have ordered on 15th of the month, and received wire instruction on 21st and finally the money arrives in our account on 23rd, your official order date will be 17th (15th + 2 days delay between receiving the wire info from us and funds arrival).

Clients who still have not received wire info should not be concerned, as we only count the delay it took them to wire the funds from the day wire instruction was sent to them.

Please let us know if you have any questions in this regard.


Regards,
BF Labs Inc.

Why promote bit-pay over bankwire anyway? What if McDonalds put customers with visa cards ahead of those with dollars in their pocket? I'm not sure how this promotion of another company's service is value added to BFL or the customer. What am I missing?


BFL's statement was that initially btc would the only method of payment accepted and that, "this may give miners an edge [in order priority]."

My gut feeling is that sentiment is a gimmick and that they just wanted to protect significant sales volume from reversible payments as the months stretch on and the customer's get weary.

BFL has given themselves 6 full months before committing to btc refunds.
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June 27, 2012, 03:09:31 AM
 #16

Are people really complaining that a Bitcoin-centric product is favoring payment in Bitcoin over payment in fiat?

As to the person who used a McDonalds analogy, when have you ever been able to use a payment method which takes two days in McDonalds? Have McDonalds ever allowed you to take product without paying for it in advance?

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June 27, 2012, 03:19:40 AM
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Why does BFL not allow Dwolla and Paypal anymore?
So they can keep the bitcoins which are non reversible instead of Paypal and Dwolla where you can charge back in the face of total failure and run with peoples' money.

That is what I am hinting at but I want to hear the official answer of course.  Because not including those options doesn't make sense.

Are people really complaining that a Bitcoin-centric product is favoring payment in Bitcoin over payment in fiat?

Yes we are.  Do you trust everyone you meet right away?  Jody was set to not refund anyone with BTC until that person made a stink about it publicly here.
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June 27, 2012, 03:29:17 AM
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Are people really complaining that a Bitcoin-centric product is favoring payment in Bitcoin over payment in fiat?

As to the person who used a McDonalds analogy, when have you ever been able to use a payment method which takes two days in McDonalds? Have McDonalds ever allowed you to take product without paying for it in advance?


Reality is that most people, particularly people are relatively new to bitcoin, are not very liquid in BTC or cash, but have lines of credit.  So, for a vendor to not just favor, but only accept BTC for an indeterminate period is a little out of touch with the reality.  That's why I say it's most likely a gimmick.

It's clear that many are playing the mining game with hoards of disposable income.  Quite a few are also attempting to play with lines of credit that are not easily convertible to cash for bankwire or BTC payment.  This is especially true for those that have depleted their liquidity by recently purchasing mining gear.

This man, figured us all out, he has. ;p

Oh, and you can bet with this announcement BFL will make sure all wire instructions reach you Friday at 5PM. enjoy. =)

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
dave3
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June 27, 2012, 05:47:53 AM
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Why does BFL not allow Dwolla and Paypal anymore?
So they can keep the bitcoins which are non reversible instead of Paypal and Dwolla where you can charge back in the face of total failure and run with peoples' money.

That is what I am hinting at but I want to hear the official answer of course.  Because not including those options doesn't make sense.

They mentioned it in this other thread:

That's correct.  We wanted to give existing miners a bit of an edge through this release as another way to ease the transition from GPU to ASIC.  PayPal and Dwolla will be added relatively soon.  However, for the moment... the additional exposure for Bit-Pay and their excellent platform is worthy of the spotlight.  They've really worked hard to bring a top notch solution to market and we're proud to help them showcase their wares.  Altruism aside, the benefits for a merchant like us are significant as well.  You get payment certainty, instant transactions and a significant reduction in risk complexity as compared to other payment methods (rolling reserve etc).

Having said that, I know many customers are asking for PayPal / Dwolla and we'll open up the payment methods soon to accommodate.

I'm pretty sure they've said the same thing earlier as well.
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June 27, 2012, 05:55:11 AM
 #20

Good to know

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