Topic: FastCash4Bitcoins Support Thread - page 52. (Read 94604 times)
xioustic that is correct. We use a cold wallet and manually verify sales. The processing/verification combined with Paypal fees makes smaller tx unprofitable. While we understand the fear of a buyer "cutting and running" we purchased over 8,000 BTC in the first three days of the website going live. That would have been the easiest and most profitable time to "cut and run". If someone is still suspicious of our intent, only time will calm that fear. I would point out our average tx size is ~ 87 BTC. A $100 min really has no significance on the amount we could steal. We have lowered the minimum to $50 on PayPal & Dwolla. As demand already outstrips our supply I don't anticipate the minimum being lowered further but we will react to market conditions.
The minimum on PayPal transactions has always been $100 however an error in the code validating orders allowed sub $100 transactions. We notice that your order was under the minimum but since it was our fault honored the sales request anyways. We will consider a lower the minimum transaction amount. On edit: we have lowered the minimum for PayPal and Dwolla to $50.00.
Someone on reddit is asking the following (they're stuck as a Newbie on this forum so they can't post themselves):
Quote from: jesset77
I am interested what purpose the minimum payment serves. I'm willing to pay X% fee in exchange for getting a small BTC->Paypal transaction cleared in a timely fashion. I don't understand what risk or cost they are carrying that would encourage a flat minimum. But I do fear services with minimum transactions like that, since it increases how much is in the hopper if the provider decides to cut and run. :/
I answered:
Quote from: xioustic
Here's my guesses: FC4B foots the PayPal fee on their end (unlike SpendBitcoins who pass it on to you), so to mitigate that they require a minimum.
The PayPal fees, for record, are 2.9% + .30. But seriously, .30 cents isn't really a huge reason to require $50. Maybe $20, but not $50 or $100...
Maybe it's to lower the amount of manually transactions they have to do to amounts that are not trivial so they are not wasting their time?
The PayPal fees, for record, are 2.9% + .30. But seriously, .30 cents isn't really a huge reason to require $50. Maybe $20, but not $50 or $100...
Maybe it's to lower the amount of manually transactions they have to do to amounts that are not trivial so they are not wasting their time?
can your check be cashed @ a reg. check cashing spot?
Update: cash based (ACH, cashier's check, company check, etc) based payout options are enabled.
The minimum on PayPal transactions has always been $100 however an error in the code validating orders allowed sub $100 transactions. We notice that your order was under the minimum but since it was our fault honored the sales request anyways. We will consider a lower the minimum transaction amount. On edit: we have lowered the minimum for PayPal and Dwolla to $50.00.
So I did a test on converting BTC to cash and used your service as one of the test subjects. However, now I'm getting inquiries from readers and I wanted to rehash them to get an answer from you: Why is the minimum amount on PayPal $100?
My tests are all done in $20 increments, so apparently on 6/29 your minimum was not $100. It being raised to $100 now rules you out future tests... Is this temporary?
$100 is not a trivial amount and dealing BTC->PayPal is a risky venture for the seller, which is why I'm trying to stick to ~$20 tests.
Thanks.
My tests are all done in $20 increments, so apparently on 6/29 your minimum was not $100. It being raised to $100 now rules you out future tests... Is this temporary?
$100 is not a trivial amount and dealing BTC->PayPal is a risky venture for the seller, which is why I'm trying to stick to ~$20 tests.
Thanks.
Hmm, what kind of volume are you handling? Just out of curiosity.
In the first three days since website went live we have purchased over 8,000 BTC.
It has been very encouraging and we want to thank the sellers who made that possible. The next couple days likely will be slower due to some funding delays from exchanges and the coming bank holiday. This will reduce quantity of coins we can purchase but we are going to use that time to further enhance the service.
Tangible Cryptography
Do you make local bank branch transfers on Saturday?
No. Cash deposits are only available Monday - Friday (excluding any bank holidays). Sales being paid out by cash deposit that settle after 2PM EST will be paid the next bank business day.. Settlement happens after 6 confirmations and delays in confirmation are beyond our control. To ensure fast payouts we strongly encourage sellers to include a tx fee of 0.001 BTC when depositing funds. This will improve the priority of the transaction, and greatly increase the probability of the transaction being in the next block.
Update:
Fixed a layout bug affecting Firefox users. You may need to do a refresh to bypass the browser's cache.
Fixed a layout bug affecting Firefox users. You may need to do a refresh to bypass the browser's cache.
Whoah ... what happened? The pull-down selection for Payment Method only shows PayPal and Dwolla.
What happened to the other methods?
What happened to the other methods?
We are low on funds in our cash account until some bank wire's clear.
The cash based funding options should be restored by Monday at the latest.
An improved version of site should indicate that in a more user friendly manner.
Whoah ... what happened? The pull-down selection for Payment Method only shows PayPal and Dwolla.
What happened to the other methods?
What happened to the other methods?
Do you make local bank branch transfers on Saturday?
Hmm, what kind of volume are you handling? Just out of curiosity.
Oh, it's no problem. I was under the impression that it was supposed to go through by the end of the next business day. That must be one of your other options.
I sold you 20 BTC early Thursday morning and asked for ACH. I have yet to receive the funds in my checking account. I don't have an order number, but I don't remember seeing one. I thought I gave you my email address, but I didn't receive any kind of confirmation email from you.
ACH is 3-5 business day.
We don't send out any routine confirmations for privacy reasons.
All status updates are available on the secure status page. I sent you a PM. I am sure we can get this resolved.
I sold you 20 BTC early Thursday morning and asked for ACH. I have yet to receive the funds in my checking account. I don't have an order number, but I don't remember seeing one. I thought I gave you my email address, but I didn't receive any kind of confirmation email from you.
We only have roughly $600 left in the "no fee" promotion on PayPal payouts. Act fast and get 1% more for your coins.
I wonder if 7-11 will only be doing Netspend refills now ... for refilling PayPal prepaid cards, for instance.
I don't know. Maybe they are just switching to new version of the cards or something like that but it made for a long day.
For those waiting on MP; I am fulfilling the orders now. I was delayed because all the local 7-11 pulled MoneyPaks from their stores. Not sure if it is a contract dispute or what. They had no cards on the shelves at the first 7-11 so I thought they had just sold out. The second 7-11 had cards but they wouldn't ring up and then one cashiers said to the other "I told you we were suppose to take all the greendots down".
I wonder if 7-11 will only be doing Netspend refills now ... for refilling PayPal prepaid cards, for instance.
- https://www.thepaypalblog.com/2012/06/the-paypal-prepaid-mastercard-now-available-at-a-7-eleven-near-you-3/
For those waiting on MP; I am fulfilling the orders now. I was delayed because all the local 7-11 pulled MoneyPaks from their stores. Not sure if it is a contract dispute or what. They had no cards on the shelves at the first 7-11 so I thought they had just sold out. The second 7-11 had cards but they wouldn't ring up and then one cashiers said to the other "I told you we were suppose to take all the greendots down".
Jump to: