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RE: How to Protect Yourself From Payment Gateways

in #business5 years ago

Easy to solve.

Don't take payments from PayPal/Credit Cards. Especially if you are selling bitcoins or ANY other cryptocurrencies. They can charge back up to 6 months!

Just take crypto for payments and no more worrying about potential charge backs!

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I've had awful issues with Paypal chargebacks. I agree with what your're saying.

And so do all our customers @abeekuharmony!

And miss out on all the people who cant be bothered to use BTC for whatever reason , unless your biz is selling crypto or virtual items , what you suggest is to miss out on a big chunk of revenue to eliminate a small percent of charge backed txs . Its like burning your house to get rid of some pests

This is a problem begging to be solved. As chargebacks are a reality and must be accounted in your budget as the cost of doing business, it should be possible to offer a lower price to customers who choose to use cryptocurrencies. It's not going to be a great bargain, and it can't drive adoption by itself, but this is the road you want to take if you want things to change one day.

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hi plz explain this that PayPal and credit cards will charge you many months down the line

If you sell items on eBay or own a business and take payments via PayPal or Credit Card etc. these can be charged back many months down the road.

The customer is "always right"type of thing plays out where the user can simply call or open a ticket and let them know that their credit card or PayPal account was stolen or hacked into and that they did not make the payment. 99% of the time, they will side with the customer and refund the user back the money they spent and you the seller will lose out on those funds. They usually have up to 6 months after a purchase to make these disputes so if you sold physical goods or sold bitcoins, you are at risk for up to 6 months.

The reason why most buyers get away with false chargebacks is because the seller is usually too busy to respond to the claim or they don't notice that a buyer made a claim. I had a buyer on eBay who actually had their account hacked so they made a claim and I responded back. PayPal sided with me and I got to keep the money but I still gave him a refund.

@arbitrarykitten That's true. The worst part is there is no seller protection.

You are right , you can get a charge back with PayPal at anytime and your account is limited.

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