Attention fellow gold sellers

[NoahTheWeebWolf]

I am happy to announce I have stumbled upon a great alternative payment method that if it's not already a wide spread thing could really change the way we sell gold.

http://www.giftcards.com/virtualgift/build#!/egift/merchant/visa

Basically instead of having the customer send money via pay pal have them send that same money through this site to buy visa prepaid gift cards for us. I have done extensive research and called both pay pal and this gift card company for more information.

Gift card company: My conversation with them (with them being made aware of what my goal was selling runescape gp).

What I gleaned from them is that the visa prepaid gift card is compatible anywhere visa is accepted(Including pay pal who confirmed you can transfer all the funds off the card instantly just by adding the card to your card list and then go restock your supply of gp and repeat). In addition upon purchase, the sender never sees the pin, so he/she cannot steal it from you later. In addition to this, the gift card company only accepts credit cards not paypal so at no point are you dealing with the paypals annoying policies. The person I spoke with said that once you get the pin you must immediately use the card in someway(whether you dump your funds on paypal or elsewhere) this way, the card can't be refunded later. If all that is done, then if/when the buyer decides to charge back they'll be unable to offically refund the gift card because it has been used. At which point you're not even involved because neither the bank nor the company has your personal information on file to use so any dispute will only be between the scammer and the gift card company absolving you of any and all risk that comes with pay pal and other popular methods. What this means essentially is that this method brings to the table the best of both worlds in that it is much like pay pal very easy to use and not hard to purchase like bit coins. It has the strong security of bit coins but is much easier to convert to Irl cash on pay pal and then re-supply your stock.

Pay pal: My conversation with both a representative and an individual from the fraud department

They confirmed they won't be able to intervene and rule in the buyer's favor(obviously) since they're not even involved. They confirmed the prepaid visa gift card could instantly and free of charge be loaded on to your pay pal balance once you have obtained the pin.

Conclusion: This is an incredible method to sell gold, which has taken all the risk of selling with a method like pay pal and gives you the security of bit coin but the ease of access that pay pal grants you. The only potential drawback(which isn't even that bad) is the small $3-$5 fee for activating the card. This isn't bad considering all the benefits you get and that depending on the amount you buy and sell gold for you'd still be making a lot of money.

If anyone else is interested in this method, I strongly urge you begin to offer it in your stores(I know I am) if enough of us begin doing so, then there'll be a higher amount of buyers willing to use this method the more widespread it becomes.

 

Thanks for reading I hope you all like my idea and decide to implement for your personal use(of course I wont mind, we really need to put an end to scammers).

[Krys]

i might look into that deeper, thank you

Edited October 23, 2015 by cowhide123

[Zikama]

Looks nice.

[Lacoste]

omg g000dneeeess rip chargebacks

[Chris]

 coool broo

[Maldesto]

Nice

[Dex]

Well this is interesting. I'm sure if this system has proven to be useful as protection against chargebacks, that it will gain in popularity soon enough. Thanks for taking the time looking into safe alternative payment methods and for sharing!

[protowill]

the only problem with this is you cant transfer the prepaid visa card cash to your paypal balance, so theres no way to put it from the card to your bank for real cash, you just use it to pay for things online instead of with paypal balance.

[NoahTheWeebWolf]

the only problem with this is you cant transfer the prepaid visa card cash to your paypal balance, so theres no way to put it from the card to your bank for real cash, you just use it to pay for things online instead of with paypal balance.

That's not true at all. I called pay pal twice to confirm, and they said yes you can load the prepaid visa card to pay pal since it's considered a visa card and as such the prepaid gift card is compatible anywhere visa is accepted. Once you add the card to your card list as you would any other credit/debit card the funds get instantly transferred free of charge to your pay pal balance.

The only real drawback which can easily be overcome as long as you avoid small trades is the $5 activation fee which again isn't so bad depending on how much profit you make per dollar when you buy and then resell. In my case, I could still get $10-$15 profit for every $100 worth of gp sold and generally speaking I only really sell 50m+ per order so this works for me.

[protowill]

That's not true at all. I called pay pal twice to confirm, and they said yes you can load the prepaid visa card to pay pal since it's considered a visa card and as such the prepaid gift card is compatible anywhere visa is accepted. Once you add the card to your card list as you would any other credit/debit card the funds get instantly transferred free of charge to your pay pal balance.

The only real drawback which can easily be overcome as long as you avoid small trades is the $5 activation fee which again isn't so bad depending on how much profit you make per dollar when you buy and then resell. In my case, I could still get $10-$15 profit for every $100 worth of gp sold and generally speaking I only really sell 50m+ per order so this works for me.

alright well im going to test out this theory soon within an hour ill come back with the results

[NoahTheWeebWolf]

alright well im going to test out this theory soon within an hour ill come back with the results

That's very exciting to hear, I wish I could test it myself but no ones buying  my gold =( *what's worse I have 203m I need to sell*.

Remember you need to get the pin in the email of your choice(ideally gmail according to them) and then put the pin on paypal as you would a credit card or whatever. At that point, the card can't be refunded even in the rare possibility the buyer had their card stolen(making you at no risk of scams). Once you have gotten the money on pay pal you'll be clear to give them the gold or have a middle man do it whichever you two decide to do.

Best of luck let us know how it goes.

[mikey121192]

That's very exciting to hear, I wish I could test it myself but no ones buying  my gold =( *what's worse I have 203m I need to sell*.

Remember you need to get the pin in the email of your choice(ideally gmail according to them) and then put the pin on paypal as you would a credit card or whatever. At that point, the card can't be refunded even in the rare possibility the buyer had their card stolen(making you at no risk of scams). Once you have gotten the money on pay pal you'll be clear to give them the gold or have a middle man do it whichever you two decide to do.

Best of luck let us know how it goes.

 

You should really try it before posting, good intentions and all but transactions go through a process that can take up to 24 hours to be approved as they have to be manually approved. Would look into something that doesn't take that long.

[NoahTheWeebWolf]

You should really try it before posting, good intentions and all but transactions go through a process that can take up to 24 hours to be approved as they have to be manually approved. Would look into something that doesn't take that long.

I haven't gotten the opportunity yet because the gold market fucked up few days back and now no one's buying(and if they are they're low balling). That's not true either; speaking to them they said the process can take anywhere from instantly to 24 hours maximum.

 

Also if there are problems with their credit card that's probably a sign there may be fraud afoot in which case you'd probably face larger problems via paypal. Having said that this method still prooves very useful for sellers and much more convenient to buyers as opposed to alternatives like bitcoins(which is a real pain in the ass to deal in if the buyer never has before and then has to wait not 1 but 3 days to verify an account and then still go through the credit card stuff you just mentioned).

 

I stand by my claim regarding this method.

[mikey121192]

I haven't gotten the opportunity yet because the gold market fucked up few days back and now no one's buying(and if they are they're low balling). That's not true either; speaking to them they said the process can take anywhere from instantly to 24 hours maximum.

 

Also if there are problems with their credit card that's probably a sign there may be fraud afoot in which case you'd probably face larger problems via paypal. Having said that this method still prooves very useful for sellers and much more convenient to buyers as opposed to alternatives like bitcoins(which is a real pain in the ass to deal in if the buyer never has before and then has to wait not 1 but 3 days to verify an account and then still go through the credit card stuff you just mentioned).

 

I stand by my claim regarding this method.

 Yea its a great method, but unlike different sites, They have to manually approve them. So there is a wait involved thats all, something to be aware of

[NoahTheWeebWolf]

 Yea its a great method, but unlike different sites, They have to manually approve them. So there is a wait involved thats all, something to be aware of

Perhaps there's a wait but it's not necessarily going to be a long time like 24 hours(I could probably call the gift card company to expedite it). Even if it is a significant wait that's truly not my problem since the buyer chose to buy gold from me not the other way around(when I buy gold I'll let them decide how we do things).

 

I figure if there's a subset of the market willing to buy with btc which is much harder then there's definitely going to be some hybrid of btc/paypal users who are cool with this method too and ill mainly sell to them and get my shit I need. I doubt I will ever compete head on with bigger sellers but that's not my path in life so I don't really care.

 

Bottom-line If enough sellers use this method it'll become more common and make it easier to find customers. That's why I posted this I am trying to purge the gold selling community of this plague known as paypal so that perhaps someday unless paypal gets seller protection for virtual goods I can make this nearly as popular as paypal where at least half of rs07 gold buyers will be willing to use this method willingly/if asked.