FastCash4Bitcoins Support Thread

[TwinTurbo]

Anyone happen to know roughly how long it takes for PayPal to show funds in your account after FastCash has finished payment? My transaction completed hours ago, but PayPal still shows a zero balance. To note: I've been a verified business member on PayPal for years.

I thought I should post a follow-up; I just called PayPal and they say that no transactions have entered my account today, nor are there any pending. The amount was close to $1,000. So, I am not sure if the problem is on the FastCash end or the PayPal end, but you should proceed with caution if you are using this payout method. I will post a follow up to this post and explanation as soon as the issue has been resolved.


Edit: Just so there's no confusion, this was a precautionary hold by PayPal. The volume of transactions by Tangible Cryptography triggered the fraud team's system to halt payments. This yet again proves that FastCash is a top-notch service deemed worthy by many customers!

[TangibleCryptography]

TwinTurbo PM sent.  This is the first we have heard of a non-payment.

[TwinTurbo]

TwinTurbo PM sent.  This is the first we have heard of a non-payment.

Hopefully just a PayPal issue. I've high confidence in your service and haven't had a problem yet. Once again, you guys prove to be top-notch in staying on top of support! My bet is on PayPal being the issue.

[TangibleCryptography]

Payment was held by PayPal fraud team because of our "high number of transaction in prior 24 hours".   I apologize for the delay.  PayPal sent the only notification by phone which is why I missed it.  Stupidly their payment notification system shows your payment as paid   I confirmed the tx and it should post to your account within 10 minutes.

[TwinTurbo]

Payment was held by PayPal fraud team because of our "high number of transaction in prior 24 hours".   I apologize for the delay.  PayPal sent the only notification by phone which is why I missed it.  Stupidly their payment notification system shows your payment as paid   I confirmed the tx and it should post to your account within 10 minutes.

No problem. Glad it freed up a couple others as well. I never doubted you guys for a moment. I just wanted the forum to be aware that there might have been some PayPal issues. I'm going to edit my earlier post as well so that others who read it don't have any doubts about your service.

You guys are great!

[TangibleCryptography]

Thanks for your understanding.  We have advised PayPal that the transaction volume for prior 24 hours (both in number of transactions & dollar amount) while high is not atypical.  The PayPal rep assures us that the hold limits will be raised based on activity so this shouldn't happen again but I don't put a lot of stock in that.

Tangible Cryptography

[runlinux]

wait... who said you could run out of money?! 

[DeathAndTaxes]

wait... who said you could run out of money?! 

You don't really realize how unbelievably slow the fiat banking world is until you try to run a business which combines Bitcoin (nearly instantaneous transactions) with "old world" banking (hardly instantaneous transactions). 

On Thursday when the price spiked we did awesome business.  The bad news is we were buying coins far faster than we can get funds back into those funding accounts.  The flip side of that day is this day.  Trust me I hate seeing the "red" as much as you guys do.   When I see all that red I see lost sales.

[dank]

When will cash deposits with WF be available again?  Is there a way I can pay now and have it processed today when you have more funds?

[DeathAndTaxes]

When will cash deposits with WF be available again?  Is there a way I can pay now and have it processed today when you have more funds?

If not today then probably tomorrow we are waiting on some wires to clear.  At this point we don't want to accept orders we can't pay.  That is a slippery slope.  We are working with a new partner which should hopefully improve our cashflow and make these "red days" less common.

[TangibleCryptography]

Hi, It seem that all exchanges get trouble with paypal ... hope this will not be the case with your service.

As indicated up thread we believe we are protected from any PayPal issues.  We do limit the amount of funds we have on PayPal and PayPal now represents little over 12% of our daily volume.  If PayPal were to freeze our accounts we have the ability to pay users by alternative methods.

[Stephen Gornick]

At this point we don't want to accept orders we can't pay.  That is a slippery slope.

Wait, what?

You have buyers wishing to deposit cash and you simultaneously have sellers wanting cash out but you cannot serve them?

Couldn't you use trusted third party intermediary to accept advance deposit of bitcoins from the seller and complete the cash trade with the buyer (which gives you cash to complete the trade with the seller?)  There would be essentially no risk of not getting the bitcoins because the escrow has the coins and you'ld be the party that authorizes distribution.

I suppose you are right about that being a slippery slope.   For a brief amount of time, you have a cash deposit without the bitcoins in inventory, thus classifying you as a depository, even if for just a very short period of time.

[TangibleCryptography]

It certainly is something that Tangible Cryptography could offer however I think the appeal of our service has been the simplicity.  You deposit coins, we buy them on the spot and you get paid the same day*.  Delivery of your funds may take anywhere from a few hours (PayPal) to a few days (check in the mail by first class) but we disburse the funds the same day.    As soon as we move to a model where that isn't true we become similar to the exchanges.  Now maybe we will be better (shorter delays, better transparency) but I don't think that is good enough.  

* Occasional technical issues aside

You have buyers wishing to deposit cash and you simultaneously have sellers wanting cash out but you cannot serve them?

The constraint is always in the seller side.  We could handle more buyers easily.  We generally are long about 1,000 BTC (and are considering floating a bond on GBLSE to free up that capital).   We are in talks with a partner which should make it easier for clients to buy from us.  The goal is that will make the two sides of the business more balanced and enable us to use the exchanges even less.  Less use of exchanges means less delays.  The faster we can turn around capital the more volume we can handle.

[Stephen Gornick]

We have never had to turn a buyer away.

Oh, my mistake.    I saw the following:

When will cash deposits with WF be available again?  Is there a way I can pay now and have it processed today when you have more funds?

And so I thought that was an attempt to deposit cash in order to buy bitcoins.   It was the opposite (to sell bitcoins to FastCash4Bitcoins who then deposits the cash proceeds into the seller's WF account).

Ok, good to hear that you aren't turning away cash buyers who are willing and able.  And with the current price being better than Mt. Gox even, that makes it worth making the trip to a BofA.

[Buckwheet]

We have never had to turn a buyer away.

Oh, my mistake.    I saw the following:

When will cash deposits with WF be available again?  Is there a way I can pay now and have it processed today when you have more funds?

And so I thought that was an attempt to deposit cash in order to buy bitcoins.   It was the opposite (to sell bitcoins to FastCash4Bitcoins who then deposits the cash proceeds into the seller's WF account).

Ok, good to hear that you aren't turning away cash buyers who are willing and able.  And with the current price being better than Mt. Gox even, that makes it worth making the trip to a BofA.

As far I know, deposting money to them at Wells Fargo has never been an option. I asked for it a while ago, and there was some paperwork problem on WF's end.

[Stephen Gornick]

We have never had to turn a buyer away.

Oh, my mistake.    I saw the following:

When will cash deposits with WF be available again?  Is there a way I can pay now and have it processed today when you have more funds?

And so I thought that was an attempt to deposit cash in order to buy bitcoins.   It was the opposite (to sell bitcoins to FastCash4Bitcoins who then deposits the cash proceeds into the seller's WF account).

Ok, good to hear that you aren't turning away cash buyers who are willing and able.  And with the current price being better than Mt. Gox even, that makes it worth making the trip to a BofA.

As far I know, deposting money to them at Wells Fargo has never been an option. I asked for it a while ago, and there was some paperwork problem on WF's end.

Just to make sure I didn't cause any confusion.  Directly from Tangible Cryptography (operator of FastCash4Bitcoins) you can buy "bulk" amounts of bitcoins.  One of the payment methods available to you for buying from them is to deposit cash at only one bank - Bank of America.  [Edit: For now.  Other bank options may be coming soon, according to a later post.]

This thread is primarily for the topic of selling your bitcoins (cashing out) to FastCash4Bitcoins.    One of the methods for cashing out involves them (FastCash4Bitcoins) depositing cash into your account at either Bank of America or Wells Fargo.

[DeathAndTaxes]

As far I know, deposting money to them at Wells Fargo has never been an option. I asked for it a while ago, and there was some paperwork problem on WF's end.

Which should be resolved this week, "by Wednesday" the bank manager says.  I am not holding my breath but hopefully soon.

[Buckwheet]

As far I know, deposting money to them at Wells Fargo has never been an option. I asked for it a while ago, and there was some paperwork problem on WF's end.

Which should be resolved this week, "by Wednesday" the bank manager says.  I am not holding my breath but hopefully soon.

Yeah good luck with that. WF doesn't seem to be very customer friendly.

[J.Socal]

looks like your getting a heck of BTC traders..Been trying to unload for a few days now,lol.

[zanik]

Hi! I'm looking to use your service after spendbitcoins cut their US support. I was just wondering, on your site it says the fee for paypal withdrawals 1%. Is that the total fee, including anything paypal takes? I thought they charged 2.9%? Would my total fee be 3.9%?