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Cryptocurrency to account/debit card
So my search for a CC processor for my proposed legal file hosting site has found that many won't touch this type of site (even though they seem process payments for ones that have a high turn over/transactions as apparently judge on individual basis). Ones that would accept it are shady as hell or charge insane fees.
Has anyone had any experience of accepting cryto which is then converted to GBP and placed onto a card/account of some sort?
So accept payment on website it's sent to cryto address and it's automatically converted to "real" money.
Comments
Thats the risk you take dealing with your customers wanting their money and the risk you want them to take to process the payment. You are in a HIGH RISK PROCESSING BUSINESS and won't find low end fees.
I used BTC/USD stock exchange. One of them is Exmo.
I also use Webmoney.ru. There is a bitcoin reception. In the CIS, this is a payment system which is designed for business. There are a lot of services and modules aimed at business.
Previously, I used russian payment system Advcash.com. There it was possible to take $250,000 per month on the VISA card from BTC with NO FEE. Now it is impossible, because through huge sums of conclusions, the European Union forbade the use of cards to non-EU citizens.
But there I can directly replenish debit card of countries:
There is a company that is trying to be the Paypal of Crypto. They will release their final product soon, and it allows to receice in crypto and convert automatic to "real money" and they have buyer and seller protection. Check them out at: https://utrust.com/
This looks promising, how did it work out for you?
One thing that I like (as a hosting provider) about accepting Bitcoin is it's no chargebacks. Kind of like a cash transaction. Once it's done, it's done. It's always been my opinion regarding crypto transactions, they should be anonymous, cheap and non reversable. To make them non-anonymous, with more expensive processing fees, and reversable, what's the point of using crypto then? Why not just use PayPal, or a normal credit card? What advantage does Crypto have over the traditional banking system when you strip out the things that make it unique?
I don’t want to start here a discussion about crypto in general… but many of my ideas are similar to yours. Anyway, in terms of crypto transactions being non-anonymous. that is a very hard thing to accomplish. Regarding processing fees, as you, I want the cheapest way.
Now in terms of the reversible + buyer and seller protection for online shopping, here I disagree with you. We need both ways, that first pure crypto commerce (equal to what you are saying) if both parties agree on it, like a direct “handshake deal”, and then also a crypto Paypal alternative to make it main stream, so everybody without fear, without needing to understand crypto and in a very easy way with a nice and simple GUI.
If we have paper money, bank wired transfers and credit cards, why do we need Paypal? Why do you think Paypal is a huge company with a value of billions of dollars? It’s because of the existing integrations with ecommerce CMS, easy buying process, buyer and seller protection, etc…
Imagine the scenario where you want to buy a house or car with crypto. How can you be anonymous? And if there is a problem with the house/car? No reversal transaction? For 99% of my daily transactions I don’t need to be anonymous. Instead I need an easy, fast and secure way to pay.
Also, when pay with crypto a product from Ebay or any other online store and the product does not arrive or arrives a problem. That is the reason I have a bank account and also credit cards but I don’t use them for online shopping. 99% of my online shopping is made using Paypal.
Of course we are talking about crypto, so there are many.. many opinions about it. Starting from it’s simple store of value like gold or it’s main use is to make payments? That is a discussion that we could have for days and not reach a conclusion…
LOL.
Sounds to me like you're looking for a service like BitPay
https://bitpay.com/
They a Russian Unistream bank resellers, I tried to chat with person, they told about send plastic cards possible only in Russia now, and user must provide them copy of passport and 2-nd proof like a utility bill to them. The problem with banks in RU a small limits allowance per day or per month, like $800 per month both sides. And if someone consider about user getting too much at once they can block card easy asking for proof of income. Court collectors also may place card to deep negative by request.
Through Bitcoin API RPC payment acceptance. Exchange for Fiat through the exchange manually. So cheaper than through payment gateways.
I just sometimes trade on the crypto stock exchanges (binance, idax, exmo, cryptopia, coinexchange, crex24 and others) when there is nothing to do.
Looks interesting thanks for that, but if they are going the whole paypal based philosophy they will generally side with the buyer?
I just used the Paypal as an example. I do not have any relation with Utrust. So for details contact them directly.
Why don't You just use typical bitcoin processor, which will transfer CC to Your bitcoin wallet, and once in a week You sell btc on any market?
hahahaha I would not recommend paypal for much anything than buying online, I have had a hard time with them with regular transactions I cant imagine bitcoin..
Just had another look at utrust
ouch!
Given the industry that you're in, and BTC->Cash means "possible laundering" to old money and old banks, I'd say that NET30 looks pretty damn good.
And the 30-Day is just to start. If you prove to be a good seller that time will get lower. It's all about (U)TRUST