CC to BTC payment processor, how are they doing it?

[Mayhem00x]

Hi,

I was looking for a payment processor for my business and I remembered something I saw a while ago.

https://gifyu.com/image/lyOv (it's a GIF explaining the process)

So basically in this case it's a gambling site which allows customers to fund their account using credit card but as you can see they're purchasing BTC (which goes directly to gambling site wallet I guess).

Is it possible to create such a system where my clients purchase with their credit card as usual (as if it was on a shop using Stripe, nothing different from their point of view) but I get bitcoin?

I'm curious to know how are they doing it.

 

[Mayhem00x]

It looks like there's two websites involved.
Cpayments and Processing.money (the page where customers put their credit card information is from processing.money)

 

[c4labs]

Hey,

Without going into too much details, indeed you have several providers involved and they miscode payments (which is not accepted by Visa and Mastercard).
Miscode = you clearly pay via card to buy "coins" to buy a good/service on the website (gambling)
Also, gambling is usually regulated by license and this website does not seem to have one.

Reason why they went for this solution

 

[Mayhem00x]

Hey,

Without going into too much details, indeed you have several providers involved and they miscode payments (which is not accepted by Visa and Mastercard).
Miscode = you clearly pay via card to buy "coins" to buy a good/service on the website (gambling)
Also, gambling is usually regulated by license and this website does not seem to have one.

Reason why they went for this solution

I see.

I did a research because I need help to process credit card payments.

My business is white hat, it's simple dropshipping.
But due to long shipping times and other factors I don't want to change, my chargeback rate is around 3-5%.

I've processed over 600K euros in 2 years with Stripe.

At the beginning it was fine but then they started to hold my money for 90 to 120 days. So I kept going by creating Stripe accounts every five days and get my money 90 to 120 days later every time.
But now it's not possible anymore. They just instant close my accounts without giving me those 5 days.

I would like to have something similar with what cbet are doing but at this point I would take anything. Just need something working smoothly.
If you have any solutions, I'm listening.

 

[Gunsess]

You just need open offshore company in EU like in Britain Virgin Island and open Bank account for drop user both of that and pay for this(about 2000-3000€/year with taxes)it’s much easier than you think.
And integrate PSP system to charge Credit Card.
Because with Bitcoin method you will pay more by commissions...

 

[c4labs]

3/5% chb is fine for specific acquirers and banks.. if you have processing history, its fine.

if you go offshore with a very exotic setup, you will have more issues and you wont find a psp, clearly not recommended for your nerves and wallet.

 

[frodo92]

any update? thank you

 

[Grant.Sullivan.81]

It looks like there's two websites involved.
Cpayments and Processing.money (the page where customers put their credit card information is from processing.money)

processing.money . Does it work anymore? Seems like a lot of the buttons on their site are dead?

 

[xanadux666]

processing.money . Does it work anymore? Seems like a lot of the buttons on their site are dead?

that's exactly what i noticed, very odd

 

[fifibrindacier]

Hi,

I was looking for a payment processor for my business and I remembered something I saw a while ago.

https://gifyu.com/image/lyOv (it's a GIF explaining the process)

So basically in this case it's a gambling site which allows customers to fund their account using credit card but as you can see they're purchasing BTC (which goes directly to gambling site wallet I guess).

Is it possible to create such a system where my clients purchase with their credit card as usual (as if it was on a shop using Stripe, nothing different from their point of view) but I get bitcoin?

I'm curious to know how are they doing it.

If you did not find the solution I got it
Cheers

 

[Panteli Sarras]

If you did not find the solution I got it
Cheers

interested

 

[siavonen]

How long are the shipping times on your sales?
My thoughts are that if you're able to make use of closer distributors and still dropship you'd be able to negotiate with stripe that you shipping times are faster and get the locking period lower.