2013-09-18: CoinTerra now accepting Cedit Card and Paypal Payment

deepceleron

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Quote from: dragonkid on September 18, 2013, 03:17:15 AM

It was announced today that CoinTerra now accept Credit card and Paypal Payment via mailing list.

Can we now trust CoinTerra?

I don't see how that's going to work out well for them... You have to take payment somehow if you have a business, but:

Quote from: PayPal Acceptable Use Agreement

Prohibited Activities

You may not use the PayPal service for activities that:

...

relate to transactions that (a) show the personal information of third parties in violation of applicable law, (b) support pyramid or ponzi schemes, matrix programs, other "get rich quick" schemes or certain multi-level marketing programs, (c) are associated with purchases of annuities or lottery contracts, lay-away systems, off-shore banking or transactions to finance or refinance debts funded by a credit card, (d) are for the sale of certain items before the seller has control or possession of the item, (e) are by payment processors to collect payments on behalf of merchants, (f), are associated with the sale of traveler's checks or money orders, (h) involve currency exchanges or check cashing businesses, or (i) involve certain credit repair, debt settlement services, credit transactions or insurance activities.

dave111223

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Quote from: Foxpup on September 19, 2013, 08:07:02 AM

Quote from: kjlimo on September 19, 2013, 07:40:13 AM

I'm mainly just confused why escrow seems to be universally accepted as a safe thing. We're bringing in a third party that we have to trust as well.

You don't trust escrow as well, you trust them instead of the person on the other side of the trade. Big difference. Ultimately, you always have to trust someone (except, perhaps, for purely digital contracts, though that's still a ways off); escrow just gives you a choice of who to trust (presumably, people trust escrow more or they wouldn't pay extra for it). Of course, escrow is not necessary when dealing with reputable merchants, or at leasts ones that can be held legally accountable if things go wrong.

Hopefully the escrow functionality will be built into the standard bitcoin clients soon so that you can easily send escrow payments without having to use an "escrow services". Basically just a transaction where 2 out of 3 parties have to agree the final coin destination (whether the coins go to the recipient or back to the sender). That way you don't have to "trust" the escrow party, you only have trust that the escrow and recipient won't collude to rip you off...which is much more unlikely than a single party ripping you off.

Foxpup

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Vile Vixen and Miss Bitcointalk 2021-2023

Quote from: kjlimo on September 19, 2013, 07:40:13 AM

I'm mainly just confused why escrow seems to be universally accepted as a safe thing. We're bringing in a third party that we have to trust as well.

You don't trust escrow as well, you trust them instead of the person on the other side of the trade. Big difference. Ultimately, you always have to trust someone (except, perhaps, for purely digital contracts, though that's still a ways off); escrow just gives you a choice of who to trust (presumably, people trust escrow more or they wouldn't pay extra for it). Of course, escrow is not necessary when dealing with reputable merchants, or at leasts ones that can be held legally accountable if things go wrong.

davout

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Quote from: kjlimo on September 19, 2013, 07:40:13 AM

Quote from: dave111223 on September 19, 2013, 07:31:19 AM

Quote from: Itcher on September 19, 2013, 03:03:56 AM

ridiculous. To earn bitcoiners trust a company has to accept fiat.

Or keep pre-order bitcoin payments in escrow...but don't see too many of them offering that...

I'm currently in a debate with other people about escrow. Why do we trust escrow so much?

At a high level, if we charge 1.5% for escrow, and 1% for Bitpay transaction fees, how is this different from a 2.5% credit card transaction fee?

Perhaps we're saying the escrow could be 1% and/or the credit cards are higher than 2.5% so there's still savings, but is that the only argument?

I guess there's still the identify theft issues; however, there's also consumer protections, so they are competitors, but I don't think it's a slam dunk.

I'm mainly just confused why escrow seems to be universally accepted as a safe thing. We're bringing in a third party that we have to trust as well. However, I haven't tried escrow... perhaps it's awesome and amazing, but I would think it's just another cost and/or party risk.

Percentage fees are a thing of the past.
They won't last much longer, because when you think about it, in a truly open and competitive market they make no sense at all.

kjlimo

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Quote from: dave111223 on September 19, 2013, 07:31:19 AM

Quote from: Itcher on September 19, 2013, 03:03:56 AM

ridiculous. To earn bitcoiners trust a company has to accept fiat.

Or keep pre-order bitcoin payments in escrow...but don't see too many of them offering that...

I'm currently in a debate with other people about escrow. Why do we trust escrow so much?

At a high level, if we charge 1.5% for escrow, and 1% for Bitpay transaction fees, how is this different from a 2.5% credit card transaction fee?

Perhaps we're saying the escrow could be 1% and/or the credit cards are higher than 2.5% so there's still savings, but is that the only argument?

I guess there's still the identify theft issues; however, there's also consumer protections, so they are competitors, but I don't think it's a slam dunk.

I'm mainly just confused why escrow seems to be universally accepted as a safe thing. We're bringing in a third party that we have to trust as well. However, I haven't tried escrow... perhaps it's awesome and amazing, but I would think it's just another cost and/or party risk.

dave111223

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Quote from: Itcher on September 19, 2013, 03:03:56 AM

ridiculous. To earn bitcoiners trust a company has to accept fiat.

Or keep pre-order bitcoin payments in escrow...but don't see too many of them offering that...

kjlimo

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Quote from: Itcher on September 19, 2013, 03:03:56 AM

ridiculous. To earn bitcoiners trust a company has to accept fiat.

Heh, I don't think that large online transactions is where bitcoin shines. I think people generally enjoy the consumer protections that come from using credit cards/paypal for large online transactions.

This is something that bitcoin will need to compete with.

I think there are enough small transactions to keep bitcoin relevant though...

Itcher

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ridiculous. To earn bitcoiners trust a company has to accept fiat.

davout

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Quote from: hennessyhemp on September 18, 2013, 10:43:51 AM

Any idea how that works if you have your paypal connected to your bank account info, not via credit card? Seems like you might be subject to shorter terms.

You're probably right. Didn't think about that.

kjlimo

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Credit card payment forced me to make a Paypal account, which I didn't want to do, so I canceled my order...

Anyone have success using credit card without using Paypal???

StarfishPrime

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Don't mean to rain on their parade, but there's no way Paypal will be okay with payments for "pre-orders". This probably won't last too long.

hennessyhemp

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Quote from: davout on September 18, 2013, 08:57:12 AM

Quote from: brox on September 18, 2013, 08:55:28 AM

As I understand, paypal protection works within 45 days after payment, and cointerra is not going to ship in that period. Am I wrong?

Nah, much longer than that, CC payments can be charged back for 13 months AFAIK. Since PP charges your CC it can't be shorter.

Any idea how that works if you have your paypal connected to your bank account info, not via credit card? Seems like you might be subject to shorter terms.

dragonkid

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Quote from: davout on September 18, 2013, 08:57:12 AM

Quote from: brox on September 18, 2013, 08:55:28 AM

As I understand, paypal protection works within 45 days after payment, and cointerra is not going to ship in that period. Am I wrong?

Nah, much longer than that, CC payments can be charged back for 13 months AFAIK. Since PP charges your CC it can't be shorter.

Cool, so it is pretty safe now. I think I am going to place order in a few days time. Need to wait till pay day. Sad

davout

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Quote from: brox on September 18, 2013, 08:55:28 AM

As I understand, paypal protection works within 45 days after payment, and cointerra is not going to ship in that period. Am I wrong?

Nah, much longer than that, CC payments can be charged back for 13 months AFAIK. Since PP charges your CC it can't be shorter.

brox

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As I understand, paypal protection works within 45 days after payment, and cointerra is not going to ship in that period. Am I wrong?

dragonkid

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Activity: 84

Merit: 10

It was announced today that CoinTerra now accept Credit card and Paypal Payment via mailing list.

Can we now trust CoinTerra?

Topic: 2013-09-18: CoinTerra now accepting Cedit Card and Paypal Payment (Read 1342 times)