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Merchants that can convert payments into Bitcoin?

spitzspitz Member
in General

Is there any? Like when customers pay with CC and PP or anything else and the merchant convert them into Bitcoin.

Comments

  • ihadpihadp Member
    edited November 2016

    What is your settlement currency?

  • spitzspitz Member
    edited November 2016

    USD or BTC

  • blackblack Member

    People don't really do paypal to btc because there's no chargeback on BTC but there is on paypal.

  • spitzspitz Member

    Not PP to BTC, PP to merchant.
    I'm not looking for online instant money converter.

    Merchant's risk can be reduced by withholding the fund for a limited time.

  • GCatGCat Member

    Provide ID verification, 15 day hold on payment, and I'll happily exchange into BTC.

  • spitzspitz Member

    I'm wondering if such company exist. I'm not looking for private one man show nor will I give my personal information to such person. Registered non one man show company on the other hand is fine.

    Reputable private one man show is good for escrow only but even then any ID verification is not needed.

  • perennateperennate Member, Host Rep
    edited November 2016

    I don't know of any company.

    I also don't think there's enough incentive for any service like this:

    • Users can just use an exchange to convert the incoming currency (from bank transfer) into BTC. This doesn't work well if the payment processor isn't able to send transfers to banks in your country (and instead needs to use wire transfer, which adds an additional fee), but in that case probably the payment processor isn't able to support companies registered in that country anyway.
    • Most Bitcoin exchanges don't deal with credit card payments, and most credit card payment processors don't deal with Bitcoin (with the exception of Stripe, although they just use Coinbase). So if someone comes out with a solution, it would need to be a third party, but then the third party is going to want to charge an additional fee on top of the payment processor's fee, but that's not likely to get many users.

    AFAIK you can also just automate this yourself, since it looks like Coinbase API allows you to buy Bitcoin with a bank account as the payment method. So you use Stripe API to get notified about a payout from Stripe, and a day later or something you convert that to Bitcoin.

    Thanked by 2spitz deadbeef
  • impossiblystupidimpossiblystupid Member

    The problem you have is that a company that isn't run by idiots knows that BTC is a safer store of value than PP or CC, especially when it comes to fraud. And on top of them shouldering all that risk, you want to engage in those transactions anonymously? Too many red flags for anyone with half a brain.

    Thanked by 1mailcheap
  • spitzspitz Member
    edited November 2016

    @impossiblystupid said:
    The problem you have is that a company that isn't run by idiots knows that BTC is a safer store of value than PP or CC, especially when it comes to fraud. And on top of them shouldering all that risk, you want to engage in those transactions anonymously? Too many red flags for anyone with half a brain.

    Who want to engage in those transactions anonymously?

    Thanked by 1deadbeef
  • layclayc Member
    edited November 2016

    I don't think there is a company converting PayPal to Bitcoin but you could withdraw the money from PayPal and buy BTC via bank wire or sofortbanking (idk if it's available in the US). Would be save and even faster as you dont need to keep the money on hold.

  • LayerLayer Member

    It's easier to exchange cash to bitcoin.

    Don't think that somebody will be in risk for you.

  • impossiblystupidimpossiblystupid Member

    @spitz said:

    Who want to engage in those transactions anonymously?

    You wrote:

    nor will I give my personal information to such person

    and

    ID verification is not needed

    Perhaps I'm misreading it, but it sure looks like you want to get Bitcoins you can walk away with and leave someone else holding the bag when it comes to fraud/chargebacks. If that's not the case, you'll have to be a lot more clear about how you think a company should be operating in the face of the inherent risks.

  • doghouchdoghouch Member
    edited November 2016

    @GCat said:
    Provide ID verification, 15 day hold on payment, and I'll happily exchange into BTC.

    Ill mail you pop tarts if you exchange with me in the future

    Just make sure that whatever you want meets Amazon's free shipping minimum :3

  • deadbeefdeadbeef Member

    @impossiblystupid said:

    @spitz said:

    Who want to engage in those transactions anonymously?

    You wrote:

    nor will I give my personal information to such person

    and

    ID verification is not needed

    Perhaps I'm misreading it, but it sure looks like you want to get Bitcoins you can walk away with and leave someone else holding the bag when it comes to fraud/chargebacks. If that's not the case, you'll have to be a lot more clear about how you think a company should be operating in the face of the inherent risks.

    What he wrote is that he won't do business with a one-man-show, if they offer to. Not that he's not offering to validate his info to a reputable provider.

    Thanked by 1spitz
  • GCatGCat Member

    @doghouch said:

    @GCat said:
    Provide ID verification, 15 day hold on payment, and I'll happily exchange into BTC.

    Ill mail you pop tarts if you exchange with me in the future

    Just make sure that whatever you want meets Amazon's free shipping minimum :3

    Why mail? We're in Toronto, come deliver them we can grab a coffee sometime

  • doghouchdoghouch Member

    @GCat said:

    @doghouch said:

    @GCat said:
    Provide ID verification, 15 day hold on payment, and I'll happily exchange into BTC.

    Ill mail you pop tarts if you exchange with me in the future

    Just make sure that whatever you want meets Amazon's free shipping minimum :3

    Why mail? We're in Toronto, come deliver them we can grab a coffee sometime

    True, doing BTC exchange locally is safer too lol

    Thanked by 1GCat
  • GCatGCat Member

    @doghouch said:

    @GCat said:

    @doghouch said:

    @GCat said:
    Provide ID verification, 15 day hold on payment, and I'll happily exchange into BTC.

    Ill mail you pop tarts if you exchange with me in the future

    Just make sure that whatever you want meets Amazon's free shipping minimum :3

    Why mail? We're in Toronto, come deliver them we can grab a coffee sometime

    True, doing BTC exchange locally is safer too lol

    Do it in person with me, buy me a coffee and that'll cover the fees for exchange, win win.

  • spitzspitz Member
    edited December 2016

    @impossiblystupid said:
    Perhaps I'm misreading it, but it sure looks like you want to get Bitcoins you can walk away with and leave someone else holding the bag when it comes to fraud/chargebacks. If that's not the case, you'll have to be a lot more clear about how you think a company should be operating in the face of the inherent risks.

    I also wrote on that same exact post:

    Registered non one man show company on the other hand is fine.

    If I want to do business with reputable merchants like Bitpay or Stripe, obviously I would provide them my ID verification. I'm not gonna do that for a random or non random one man show LETers.

    The company I'm looking for is something like this: accept payments from several methods, hold them in USD and I can convert them into Bitcoin after certain amount of time limitation (to prevent charge back) is satisfied. Point is, I want to bypass the troublesome procedure dealing with bank transfer. @perennate offers the best solution so far.

  • doghouchdoghouch Member
    edited December 2016

    @GCat said:

    @doghouch said:

    @GCat said:

    @doghouch said:

    @GCat said:
    Provide ID verification, 15 day hold on payment, and I'll happily exchange into BTC.

    Ill mail you pop tarts if you exchange with me in the future

    Just make sure that whatever you want meets Amazon's free shipping minimum :3

    Why mail? We're in Toronto, come deliver them we can grab a coffee sometime

    True, doing BTC exchange locally is safer too lol

    Do it in person with me, buy me a coffee and that'll cover the fees for exchange, win win.

    Hah! This is LowEndTalk, but I'd be fine buying breakfast/lunch too lol (I'm not that cheap)

    Thanked by 1GCat
  • impossiblystupidimpossiblystupid Member

    @spitz said:
    If I want to do business with reputable merchants like Bitpay or Stripe, obviously I would provide them my ID verification. I'm not gonna do that for a random or non random one man show LETers.

    But there's absolutely no difference in risk from the other party's point of view. Whether or not you're dealing with one guy or a big company you are still the one who is the unknown factor trying to exchange a high-risk asset (PP or CC) for a low-risk asset (BTC). It is laughable to think you'd be in any position to make demands of the other party.

    The company I'm looking for is something like this: accept payments from several methods, hold them in USD and I can convert them into Bitcoin after certain amount of time limitation (to prevent charge back) is satisfied.

    Great; sounds like an escrow service. How long are you willing to wait? How much float are you willing to accept? How much volume are you looking to process? What fees are you willing to pay? The lack of detail on your terms makes it hard believe that you're looking to deal with anybody but the lone random dude you say you won't deal with.

  • spitzspitz Member

    Email address using gmail.
    No EV SSL.
    No clear company name and legal jurisdiction.
    Definitely a scam, lol.

    Above all else, not the service I'm looking for.

  • Ole_JuulOle_Juul Member

    In Canada this might be useful https://www.quadrigacx.com/

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