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Re: Accepting credit cards

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Bruce Esquibel <bje@ripco.com> wrote:
> Adam H. Kerman <ahk@chinet.com> wrote:
> 
>> I haven't had major problems with PayPal, but there were several annoyances.
>> One nonprofit that had been with them for years suddenly had to fax in all
>> sorts of paperwork to established that they had 501(c)(3) recognition, and
>> it took a lot of followup on my part to get PayPal to look at what they
>> had demanded. The other annoyance was they changed the way they created
>> reports a few months ago. I had separate logins, didn't want to use the
>> master login for anything but money transfers to minimize the number of
>> people with access, but then I lost access to the reports that had been
>> set up on one of the less priviledged accounts. Took a long time on the
>> phone with them before someone finally explained that with the change,
>> you have to set up an unprivileged account (unable to transfer monies)
>> with just one feature: report creation. None of these changes were spelled
>> out on the help text on the Web site.
> 
> One comment about the above, I dunno what law or banking rules changed but
> there is something recently that put the screws to financial groups to
> verify customers, but I dunno what.
> 
> This probably has nothing to do with it, but seems related, there is a
> "exchange" for that bitcoin stuff I've hung out on for the past year or so.
> This was just one of those things that seemed interesting, sort of like
> playing the stock market with monopoly money. There is no "cash out" there
> to turn your bitcoin into USD or any other fiat currency.
> 
> You either buy other alt coins (doge, mint) with the btc or sell the alt
> coins taking btc in trade for them. But it really is playing with monopoly
> money, you can't even do a buy-in with cash at the exchange. You can only
> move in BTC to them, or some other alt coin.
> 
> Last month, for no explained reason, all of a sudden you couldn't do
> anything with moving coins in or out until you "registered". No more
> anonymous accounts. From under the equiv of $2000 a day or less, you needed
> to give them a real name and verified email address. I think the $2000-$10K
> was email, real name, photo id faxed to them with an address. Over 10K, all
> that and an social security number with some kind of background check.
> 
> Now this upset a lot of people and finally they gave the explanation that
> even though they aren't dealing with real currency in any shape or form, the
> US fed decided that they are in fact some kind of money-lending or
> money-handling institution and immediately needed to implement a "KYC"
> program, which stands for "Know Your Customer".
> 
> That KYC seems to be connected to some Homeland security shit and appears
> that even though there is no money changing hands, the feds can come in and
> request a customer list at their whim, on demand.
> 
> I mean this is really a stretch to me. Yes I can see how if I had like .25
> of a BTC, bought some alt coins, those go up, I make another .25 BTC,
> transfer it out to somewhere else to get .5 BTC in cash, that they were
> responsible for me gaining some profit, but really, where is this going to
> end? I mean this is really grasping at straws.
> 
> 
>> Here's the nonsense Chase gave me this morning: I need audited financial
>> statements for at least two years. Now, banks don't always require AUDITED
>> financial statements, but there are major auditing rules that are costly
>> to comply with, so for the tiny nonprofit it would have cost a minimum
>> of several thousand dollars to prepare.
> 
>> Squareup didn't ask for that.
> 
> Again, I dunno of the bitcoin story is related but maybe the fed is putting
> the screws to Chase as well for more info on the non-profits as well. Keep
> in mind I think those non-profits can be used like the exchange, one can
> open one for screwing around, what it is, like 90% of the income can be used
> for "non-profit business profits" or something (salaries, promotions).
> 
> I mean ripco is a class c corporation, someone walks in with a check for a
> million dollars, it's business as usual. Someone gives a million as an
> "anonymous donation" to a non-profit, I think it's easier to bury the money.
> 
> Just a guess.
> 
>> I know credit card processors are desperate to avoid fraud, but there
>> must be another way to do it for tiny nonprofits and business startups.
> 
> I doubt it.
> 
> Reason being, I don't see why they would try to go the extra mile for less
> profits. If you walk in there saying I need a high-volume solution meaning
> tens of thousands of transactions a month, they probably let you name your
> own rates. Onesies-twosies no matter where it's from just doesn't matter to
> their bottom line.
> 
> I'm sure if CL recommend that squaredup place, it's legit but I am trying to
> point out, this is like getting in bed with Comcast. They'll tell you how
> great it is for first 6 or 12 months with free-this and free-that, provided
> you sign up for the 2 year contract. Of course the real question that should
> be posed is, what happens and what are the rates for the start of the second
> year. What CL is using squaredup for may not apply to what you want to do
> with it.

square has been good for years and tens of thousands of dollars. Worst 
case they might jack up rates when the chips in credit cards become more 
important than the magnetic stripe, or they make some sort of chip reader 
device. Either way, they've never been full of suprise fees like the 
typical bank or merchange processor. The money dumps int your bank account 
much faster too. I think we get the money two days after the card swipe or 
online order.

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Thread

Accepting credit cards "Adam H. Kerman" <ahk@chinet.com> - 2015-06-10 20:15 +0000
  Re: Accepting credit cards Cydrome Leader <presence@MUNGEpanix.com> - 2015-06-10 20:23 +0000
    Re: Accepting credit cards smr <me@shawnritchie.com> - 2015-06-10 15:56 -0500
      Re: Accepting credit cards "Adam H. Kerman" <ahk@chinet.com> - 2015-06-10 21:42 +0000
        Re: Accepting credit cards Cydrome Leader <presence@MUNGEpanix.com> - 2015-06-10 23:22 +0000
      Re: Accepting credit cards Bruce Esquibel <bje@ripco.com> - 2015-06-11 12:58 +0000
        Re: Accepting credit cards "Adam H. Kerman" <ahk@chinet.com> - 2015-06-12 13:55 +0000
        Re: Accepting credit cards Cydrome Leader <presence@MUNGEpanix.com> - 2015-06-12 21:22 +0000
        Re: Accepting credit cards Brent <tetraethylleadREMOVETHIS@yahoo.com> - 2015-06-22 16:52 +0000
  Re: Accepting credit cards "Adam H. Kerman" <ahk@chinet.com> - 2015-06-29 02:59 +0000
    Re: Accepting credit cards Mark Anderson <mea@nospambradnylion.com> - 2015-06-29 11:30 -0400
      Re: Accepting credit cards Mark Anderson <mea@nospambradnylion.com> - 2015-06-29 15:04 -0400
        Re: Accepting credit cards Cydrome Leader <presence@MUNGEpanix.com> - 2015-06-29 20:33 +0000
          Re: Accepting credit cards Geoff Gass <glg@tanzenmb.com> - 2015-07-02 22:30 +0000
            Re: Accepting credit cards Bruce Esquibel <bje@ripco.com> - 2015-07-03 10:13 +0000
              Re: Accepting credit cards Geoff Gass <glg@tanzenmb.com> - 2015-07-03 13:46 +0000
              Re: Accepting credit cards Mark Anderson <mea@nospambradnylion.com> - 2015-07-03 13:33 -0400
                Re: Accepting credit cards Bruce Esquibel <bje@ripco.com> - 2015-07-04 12:30 +0000
                Re: Accepting credit cards nobody@[127.0.0.1] (DWT) - 2015-07-04 18:05 +0000
                Re: Accepting credit cards "Adam H. Kerman" <ahk@chinet.com> - 2015-07-04 18:32 +0000
                Re: Accepting credit cards "Adam H. Kerman" <ahk@chinet.com> - 2015-07-06 18:47 +0000
                Re: Accepting credit cards smr <me@shawnritchie.com> - 2015-07-06 16:32 -0500
                Re: Accepting credit cards "Adam H. Kerman" <ahk@chinet.com> - 2015-07-06 23:14 +0000
                Re: Accepting credit cards smr <me@shawnritchie.com> - 2015-07-07 09:31 -0500
                Re: Accepting credit cards "Adam H. Kerman" <ahk@chinet.com> - 2015-07-07 15:35 +0000
      Re: Accepting credit cards Geoff Gass <glg@tanzenmb.com> - 2015-07-03 13:47 +0000
    Re: Accepting credit cards "Adam H. Kerman" <ahk@chinet.com> - 2015-06-29 20:25 +0000
      Re: Accepting credit cards Cydrome Leader <presence@MUNGEpanix.com> - 2015-06-29 20:31 +0000
        Re: Accepting credit cards "Adam H. Kerman" <ahk@chinet.com> - 2015-06-30 02:10 +0000
      Re: Accepting credit cards "Adam H. Kerman" <ahk@chinet.com> - 2015-06-30 02:12 +0000

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