i was checking simplex dot com have solution but someone said they are expensive.
so how these bitcoin exchange companies like cex . io coinbase accepting card payments?
i understand the company will do the following before accepting card payments.
of course use a DSS PCI compliant server and then
1 - verify mobile
2 - verify id
3 - verify selfie with id holding
4 - verify selfie with card holding
5 - check for proxy/vpn
6 - send a code to card holder bank account statement to approve card before buying.
7 - give a per day limit to buy like 100 or 200 usd
8 - after all the checks if the payment is approved. wait for few min to several hours to deliver first order.
any comment?
yeah, one comment, you will still lose a chargeback if you get one and lose your merchant account as well.
the PCI-Compliance have nothing to do with disputes.
Mobile numbers can be hijacked
Selfie and ID can not be used on chargeback dispute process
Selfie and Card picture can not be used on chargeback process
VPN / Proxy checking is pointless against cyber shoplifting and friendly fraud, besides you can not detect mobile socks5 or IPv6
Online / Mobile banking get hacked just like credit card numbers (either fishing or malware)
Daily limits are useless if somebody can make multiple transactions with lots of accounts and stolen cc
Wait to deliver ? wait for what ? a miracle ?
Now ask yourself, with that much frictions, why would somebody buy from you, while he can buy from us, cheaper, faster, without verification ?
