11–20 of 69 posts
Use digital cash- no chargebacks, no middlemen. The best option today if you don't want chargebacks is adopting Bitcoin for payments (like how Reddit did for Reddit Gold with Coinbase). http://blog.coinbase.com/post/40131065845/hosted-payment-pag...
Anyways, contacting the customer can usually get things resolved as well, even if they went straight for the chargeback.
Never underestimate human contact. You might be surprised why they went with a chargeback. Some just thing it's the way to get a refund for something that was wrong. Yes, sometimes the person is just being a douche, in which case you can assure the person that you thank them for reporting the case, and that you will be following up by filing a police report. When they realize what information you have available, some are quick to want to work something out, usually that involves calling the bank in a 3 way conference call and canceling the charge back.
It won't always work, but the nature of chargebacks means every little bit helps.
Again, this also depends on the nature of the industry you are in.
Use digital cash- no chargebacks, no middlemen. The best option today if you don't want chargebacks is adopting Bitcoin for payments (like how Reddit did for Reddit Gold with Coinbase). http://blog.coinbase.com/post/40131065845/hosted-payment-pag...
What happens if bitcoins are purchased with a credit card? Who will be responsible for the chargeback in that case? Coinbase?
In theory, a bitcoin exchange should have a near-perfect defense against chargebacks for faulty or missing products or similar, by showing via the public block chain that they delivered the purchased product as requested. However, there's no defense against chargebacks claiming that the cardholder didn't make the purchase (stolen card number, etc).
It's a pity they didn't bother to run it through a spellchecker first.
Sorry about that! Just did a proofread for obvious errors and I think I got them all. I'm omw out now, but I'll take another look when I get back. It's open source, you're welcome to contribute a fix: https://github.com/balanced/balanced.github.com/blob/master/...
Tell me you're not serious.
Use digital cash- no chargebacks, no middlemen. The best option today if you don't want chargebacks is adopting Bitcoin for payments (like how Reddit did for Reddit Gold with Coinbase). http://blog.coinbase.com/post/40131065845/hosted-payment-pag...
What happens if bitcoins are purchased with a credit card? Who will be responsible for the chargeback in that case? Coinbase?
Use digital cash- no chargebacks, no middlemen. The best option today if you don't want chargebacks is adopting Bitcoin for payments (like how Reddit did for Reddit Gold with Coinbase). http://blog.coinbase.com/post/40131065845/hosted-payment-pag...
My personal views are my own and NOT Balanced on this topic. I agree, I think bitcoin is a great solution -- for some things. More and more I feel that it's the right strategy going forward.
We actually have an open github issue to support it: https://github.com/balanced/balanced-api/issues/204. You should take a look and read the comments there -- they're very interesting.
Something I'm trying to figure out though is something along the lines of this comment: https://github.com/balanced/balanced-api/issues/204#issuecom.... How can we tackle on risk in a reasonable way?
Jon Matonis, CEO of Hushmail, wrote a pretty interesting article on Bitcoin for Forbes, where he mentions Balanced: http://www.forbes.com/sites/jonmatonis/2012/11/26/payments-s... but he just didn't answer or ask the _right_ questions.
Another reason - there just hasn't been enough demand for it.
Earlier quoted context omitted.
What happens if bitcoins are purchased with a credit card? Who will be responsible for the chargeback in that case? Coinbase?
Yes, if a bitcoin exchange accepted credit cards, they'd be on the hook for any chargebacks. Hence why most of the existing exchanges want a bank transfer instead. In theory, a bitcoin exchange should have a near-perfect defense against chargebacks for faulty or missing products or similar, by showing via the public block chain that they delivered the purchased product as requested. However, there's no defense agains…
Earlier quoted context omitted.
Sorry about that! Just did a proofread for obvious errors and I think I got them all. I'm omw out now, but I'll take another look when I get back. It's open source, you're welcome to contribute a fix: https://github.com/balanced/balanced.github.com/blob/master/...
You're telling me you've crowdsourced your editing for marketing materials? Tell me you're not serious.
We crowdsource feedback for a lot of things we do @ Balanced. For example, we've openly discussed pricing (https://github.com/balanced/balanced-api/issues/48), etc.
Everything's on https://github.com/balanced/balanced-api. We're trying a different approach to payments, for once. Openness and transparency.
Earlier quoted context omitted.
What happens if bitcoins are purchased with a credit card? Who will be responsible for the chargeback in that case? Coinbase?
I'm guessing coinbase will be able to reverse the charge since they provided their service of giving you bitcoins properly?
1) They have to explain to the credit card chargeback authority what a bitcoin is and why the entry in the block chain means they actually sent the coins.
2) Nothing to stop the Bitcoin buyer from just saying "I didn't do it" (Which is 'friendly fraud' in the article).
From my experience, reversing a chargeback is only possible in a minimum of cases when sending physical items, and even harder for digital goods that you can't just send again (Bitcoins vs an Ebook).
Balanced is burying the lede on this, the final table of correlations between payment information signal failures and incidence of fraud is pretty fascinating.
A single user attempting purchases with many different credit cards is fraudulent 100% of the time!!