Topic: Looking lines of credit. (Read 2573 times)

Was that reply to me?

Failure is not doing something... maybe in your book but not mine.

Sorry to burst your bubble, but it has indeed been done before. BitcoinNordic did it. But they don't do it anymore. Wanna guess why?

What's next? You found the perfect method to sell BTC for paypal? lol

How do you know what I'm doing and what my cost are lol? If you do not like the idea fine do not use the service and go away already, if anyone is actually interested I will be happy to talk with you in private about profit margins and things of that nature. Everything has a first just cause it has not been done yet does not mean it can not.

The problem with your business model is that you have to do too much shit for too little profit.

Believe me I am working on a system if it was ready go I would have already Released it.
New system addon's
1. Must be a member with Phone Verification for transactions over 50 dollars a week.
2. Once 300 dollars in business "per 24 hours" is done from the site all purchases are manually reviewed subject to change up or down.
3. A shipping address is required for member ship you will be sent a code to your CC mailing address. If addresses do no match no membership sorry. Your I.P. will be blocked.
4.  AVS and CCV must match for membership
5. X amount of purchase a hour will cause a manual review of all purchases.
6. Purchase over X amount will be held for manual review.
7.Your I.P. does not match your shipping address region, held for review expect a call.
Working on more with the Fraud protection agency I'm Using and the processor.

Please my friend do a quick search into online credit card fraud before you risk any money on this! Different than game sellers... you are giving bitcoin which is gone and untraceable the second you send. IP addresses? Investigate? Holy smokes, I hope this is sarcasm.

You can only do that so many times before they catch on, Not only that when you buy it records the I.P. of purchase so they will investigate. If it was that easy all major online game sellers would be out of business. I'm not saying it can not be done dude but get real if it was that easy all of use would have everything we want for free.

Lol, all the customer has got to do is throw away his card after purchase, go to the bank and say it was stolen.

I looked into cash advances and there are tons of regulations and cost that go along with it. It would be non-profitable unless you were a medium size corp. But on that note my merchant account person hooked me up with http://merchantlifeline.com/ .

Exactly. Anyone who sticks their neck out at all on reversible payments of any serious amounts will get hit by real pros including organized gangs pretty fast... even if you could identify them and had legal recourse (which you can't, and you don't), they'd hit you so often that you wouldn't even have enough time to fill all the paperwork.

Make sure you are rock solid before you risk any real BTC.

I foresee this ending up with massive chargebacks, and the low volume of use wont allow the profits necessary to sue or even pay for arbitration. Any real criminal will not be giving you the information necessary to track down their true identity.

Maybe I am missing something, but have you answered the cash advance question? I'm not clear how you are going to prevent against large scale credit card fraud. You do realize that you can buy stolen CC numbers on the tor network right? CC fraud is massive in scale, and if you are vulnerable to it in any way you will be bankrupted by fraud. Hope you have a way around that, if you do I will certainly try out your service.

Wish you the best of luck finding your line of credit and growing your service!

I was actually looking to implement a subscription  typed system so users can buy more if the meet X reqs. This would allow honest users to use our service for a 1 time fee with higher limits and less risk on my side.

So user bob pays a 1 time fee of X dollars. He is then checked will determine latter what check will be done. After he is check his limit is raised for purchases.

I already have a subscription option in my software built in so it would be very easy.

You can have a verification button that reads:

Please answer the following:

What is the fraud/false chargeback fee found in the TOS(link here)
"number here"

That way every person has to go to it only once.

By the way to the user above about chargeback time frames, you can actually chargeback up to 2 years.

That is very scary but the scammers will not even bother to read it.  I honestly do hope this works out for you.

Since you are talking to the credit card processor can you ask about the idea of getting Bitcoins charged as a cash advance and if that would totally eliminate the chargebacks?  Also what happens to cash advances if the credit card is stolen?

Let me show you how the trace works,
#0000301315Created2012-10-14 12:55:47
 PMBuyerConrade (this is a real user order will not display [email protected]) (change)
Product BTCconquer
StateFreeLicense Keys Sorry not a winner!
Download URLhttps://www.digitaldeliveryapp.com/orders/301315/download/70973d4348836a96d32afb4d18ea9958Sale
Price$0.00Order
Email SentYes(resend)
Downloadable until 2012-10-15 12:56:53 PM  <------ Right here is a link show when the Coins were accesed, and how long they have to claim them. Everytime someone downloads the game or the "Coins" I have a trace on it.  

Here is another example of actual coins sold with No personal info of course

Transaction ID#0000300878
Google Wallet Transaction ID2677995007XXXX
Created2012-10-14 04:19:17
AMBuyerHidden(Hidden@checkout.google.com) (change)
Product 1.0 Bitcoin Pack StateComplete
License Keys 5JZAryu81AR9BpkJEY4Lv7JpTN4wzZLX3m7cjCzPGTw8SHvF8fc  <------ Game key is a private key with bitcoins
Download URLhttps://www.digitaldeliveryapp.com/orders/300878/download/c58524ab2464c22160c0d62eac031cdbSale
 Price$12.66Google
Wallet Fee$0.67
Profit$11.99
Order Email SentYes(resend)
Downloadable until 2012-11-13 04:22:48 AM

So far I have 3 cards google would not approve I do not know why 3 declines and a couple other weird things lol

I will not continue to use googlecheck out for the simple reason, they cost to much. I will be switching over to Authorize.net systems, I had a long long talk with them about what I am doing and they are 100% aware.

Now with a charge back fee's as per instructed by my merchant account holder I was told to put this on the page

I offer NO refunds at all!. Do not ask you will not get one. This is on file with our Credit Card Processor
The charge that will appear on your credit card statement will be Bitcoin Keys on credit card statments. If you place a chargeback or dispute a charge for any order that you purchased, there will be a $200.00 fee charged to your account upon our receiving the chargeback to cover our  expenses to prove that you did make the purchase.
We will take civil legal action seeking loss of income related to the fraud, including all related expenses.
We have a very good lawyer who will get our money back!
You agree that if you, the buyer, choose to do business with Bitcoin Key's and you file a chargeback or dispute with your credit card company or google, and you do not win the charge back argument, you agree to pay us $200 for our efforts, in addition to the $200.00 fee. If we do not receive this payment in 10 Business days legal action will be taken. You agree to reimburse my lawyer for his time and effort, if we go to court. If we can not regain  our item's or monies we will hire a collection agency. If you do not accept this agreement please do not purchase from us. STOP FRAUD TODAY!

There will be a redirect page with this warning before you purchase, the merchant account holder told me she works with digital goods all the time and this tends to stop the people from false chargebacks. I would not chargeback either if it cost me more then the item lol

I believe that this is how casinos handle this issue.  Otherwise I could just gamble all I wanted and when I lost it all I could just issue a chargeback.

Has anyone ever tried the cash advance route?  I think this may have a chance of working.

It is a pretty darn good system - one of the best so far.  The whole "Bitcoin thing" is well hidden in the transport layer of another product.

However, you will most probably still lose your shirt.

The reasons is the chargebacks.  As stated above you can do nothing to prevent them from happening.  Anyone can issue a chargeback for any reason no matter how many times you tell them they cannot.  Yes, you can do all the things you mention to make it possible to win the chargeback battle once it does happen - but they will happen.

And they can happen up to 180 or more days from the sale.

The entire fragile credit card system works on the fact that most people do not issue chargebacks unless they are really pissed off.  I know just the other day I did one because the product delivered was not what was advertised.  Vendors can tell customers "you cannot do that" till they are blue in the face, but a chargeback is just a mouse click away for all consumers.

Because the Bitcoin community contains so many scammers Bitcoin buyers are not "most people" and they issue chargebacks at a much higher rate than the general population.

There is also a larger number of stolen credit cards per purchase when you are selling Bitcions than in the general population.

I wish you good luck with your venture!

I believe the issue is not proof but rather the basic premise of any credit card purchase is a buyer-biased security not a seller-biased security. Where there are buyers, there are sellers. So keeping buyers happy is paramount. What you're doing may be perfectly logical, but the financial system is not logical.