> because it doesn't allow chargebacks You can have chargebacks in crypto if the payment is scripted to allow chargebacks. It would be up to the merchant and the buyer on whether or not to allow that, and who would mediate the dispute.
How do you script a chargeback with Bitcoin payments?
One of the options: money go to a 2/3 multisig address, 1 key is controlled by the customer, 1 key is controlled by the service provider, 1 key is controlled by an escrow service.
Just FYI, the high rate of fraud is FUD. I am in the field, have a very good chargeback rate, and still cannot secure card processing at fair terms. The processors I have spoken to know chargeback rates are low, but it's a rigged system designed to extract maximal revenue by middlemen.
That's like a 16 year old saying the auto insurance game is rigged because they are a very good driver but can't get cheap insurance. Maybe your rates are high because of the risk pool you are in.
But what kind of risk would that be? For adolescents and auto insurance, it makes sense to me (higher testosterone levels, less driving experience, not yet fully developed sense of risks/consequences, fewer spouses/children who depend on their livelihood etc. etc.)
But why would fraud be more prevalent specifically in the adult content industry than the average over all the industries? Do criminals prefer working in porn than elsewhere? Why? Or do chargebacks simply occur more often due to spouses disputing a charge in an attempt to save face in front of their partner?
There should be a national payment processing operator as an alternative to VISA/MC. Just like they do it in many other countries.
A national public payment processor in the US would not be more immune to political pressure from religious moralist groups than a duopoly of private processors. For evidence see, well, all the other institutions of the US federal government.
Well, at least such pressure will be well documented and there will be legal avenues of controlling those.
Collective Shout is a Christian anti-rights organization wrapped in feminist cloth. The founder of Collective Shout previously successfully lobbied against mifepristone and opposed changes to legislation requiring pro-life pregnancy-counseling services to disclose their affiliations in their advertising. In 2004, she founded the anti-abortion lobby Women's Forum Australia.
Why are you jumping from "anti-abortion" to "Christian"?
It's not religion, it's litigation and money. 1) non-consensual or illegal (CP) content could come with expensive lawsuits. 2) Adult content has higher abuse (charge-backs, fraud, etc..).
You forgot intense lobbying efforts funded by conservative groups and billionaires.
Yeah I’m sure Jeff Bezos is kept awake at night by thoughts of payment processors processing adult related transactions
The actual answer: hedge fund manager Bill Ackman. https://www.institutionalinvestor.com/article/2bswuu1nfc040h... & https://finance.yahoo.com/news/visa-suspends-payments-for-ad... > But he was friendly with Mastercard’s then-CEO Ajay Banga, whom he had met through a mutual friend. Ackman texted Banga, providing a link to Kristof’s story with his tweet: “Amex, VISA and MasterCard should immediately withhold payments…
There isn't a single anti semitic comment in your replies, mind to link it?
It was flagged. I replied to it, you can get the gist of what it was based on my reply.
> Stripe (their payment process) will handle adult content payments. It puts the account into the high risk category due to the high rate of fraud in those categories. Stripe _says_ they will handle these type of payments, but more often than not, within roughly a year of implementation you'll get an email from them kicking you off their platform, no matter how vigilant you were, or even if the things you were sellin…
Why is this no longer on the front page of HN? This should be the top article. It's only an hour old and has hundreds up upvotes. The payments industry is strong arming free speech to promote religious fundamentalism. There is no such thing as vice content being higher risk. That's a diversion topic. Fewer and fewer people are hiding porn payments from their wives. We don't need the religious oligarchy dictating how…
No it isn't. It's struggling on the front page because this is a very old story and it's the same conversation every time: payment processors hate this stuff because digital goods are fraud and chargeback magnets, and that's doubly true of adult content.
Why payment processors do it? Why people in America do not want to earn more money from commissions? Strong church lobby? Legal risks? I think its mostly religious groups who who are against adult content and sex, or there are other groups? Also this is why we should work to increase circulation of cryptocurrency. No stupid religious restrictions and stupid political sanctions. Also why PornHub and OnlyFans are immun…
Stripe (their payment process) will handle adult content payments. It puts the account into the high risk category due to the high rate of fraud in those categories. There's no actual evidence in the article that payment processors made them do it. They actually banned pornography long before this. They just updated the terms to clarify what counted as pornography. > Also this is why we should work to increase circul…
Some 15 years ago, I interviewed at a payment processor that specialized in NFSW customers and pretty much the fraud/chargeback rate is ridiculously high for porn sites and the like. Elsewhere in the thread someone commented about even vigilant customers getting kicked off stripe, but I’m guessing that even with vigilance, the fraud/chargeback rate will be much higher than an acceptable threshold. There’s a limit to what you can do. When I was taking credit cards in the 90s, I managed to have an almost perfect record (the advantage of selling print subscriptions where a stable delivery address is needed), but got burned by a purchase with a stolen card where they bought a number of back issues plus a 2-year subscription and had it all sent to Hungary.
That's like a 16 year old saying the auto insurance game is rigged because they are a very good driver but can't get cheap insurance. Maybe your rates are high because of the risk pool you are in.
But what kind of risk would that be? For adolescents and auto insurance, it makes sense to me (higher testosterone levels, less driving experience, not yet fully developed sense of risks/consequences, fewer spouses/children who depend on their livelihood etc. etc.) But why would fraud be more prevalent specifically in the adult content industry than the average over all the industries? Do criminals prefer working in…
There’s going to be a lot of the spouse saving face chargebacks, people using stolen card numbers to download porn to avoid exposing their use to anyone else, active use of porn sites as a means of laundering funds from stolen card numbers—if you’re in an organization that does prostitution and card theft, you can use a third-party porn site to turn stolen card numbers into cash, etc.
Why payment processors do it? Why people in America do not want to earn more money from commissions? Strong church lobby? Legal risks? I think its mostly religious groups who who are against adult content and sex, or there are other groups? Also this is why we should work to increase circulation of cryptocurrency. No stupid religious restrictions and stupid political sanctions. Also why PornHub and OnlyFans are immun…