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I have a marketplace that uses Dwolla exclusively for payments. It has worked out great except for the fact that it excludes most of the world from participati

by bcg1 11y ago

I have a marketplace that uses Dwolla exclusively for payments. It has worked out great except for the fact that it excludes most of the world from participating (those outside of the US) but that is not their fault. Bank account verification like this is a huge improvement over the we'll-deposit-some-pennies-in-your-account scheme. We require users to have a verified funding source in Dwolla... and the 2-3 day wait I'm sure has been a turn off for many, so this is a cool feature. Ben Milne seems like a good CEO and the company seems to be run from a long-term perspective, which is refreshing. Their decision to completely eschew the credit card processors and provide no-cost online transactions and micro-payments is also a breath of fresh air.

aianus 11y ago
Dwolla is completely unscrupulous and cannot be trusted. They claimed for years their transactions were 'irreversible' and then went ahead and secretly reversed (read: just deleted them from the db and claimed not to know about them) a bunch of transactions that bankrupted Tradehill. Disgusting company. http://observer.com/2012/03/dwolla-was-just-sued-by-bitcoiners-for-2-m/ http://observer.com/2012/03/dwolla-was-just-sued-by-bitcoine...
- pbreit 11y ago
  Give it a rest. This, if true, is an extraordinary situation. Using an online payment service for currency trading is not the best idea.
  - aianus 11y ago
    They marketed their service as free of chargebacks. 1. The fact that a payment company connected to ACH, a reversible payment method, would claim something like this demonstrates gross incompetence at best. 2. If they didn't want high risk customers like TradeHill they should have politely kicked them off the service, not kept them on while silently defrauding them of their money and hoping they wouldn't notice. > Using an online payment service for currency trading is not the best idea. What, TradeHill should have expected Dwolla to violate their own terms of service (no chargebacks) and therefore it's their own fault? That's asinine.

by bcg1 11y ago

aianus 11y ago

Dwolla is completely unscrupulous and cannot be trusted. They claimed for years their transactions were 'irreversible' and then went ahead and secretly reversed (read: just deleted them from the db and claimed not to know about them) a bunch of transactions that bankrupted Tradehill. Disgusting company. http://observer.com/2012/03/dwolla-was-just-sued-by-bitcoiners-for-2-m/ http://observer.com/2012/03/dwolla-was-just-sued-by-bitcoine...

pbreit 11y ago
Give it a rest. This, if true, is an extraordinary situation. Using an online payment service for currency trading is not the best idea.
- aianus 11y ago
  They marketed their service as free of chargebacks. 1. The fact that a payment company connected to ACH, a reversible payment method, would claim something like this demonstrates gross incompetence at best. 2. If they didn't want high risk customers like TradeHill they should have politely kicked them off the service, not kept them on while silently defrauding them of their money and hoping they wouldn't notice. > Using an online payment service for currency trading is not the best idea. What, TradeHill should have expected Dwolla to violate their own terms of service (no chargebacks) and therefore it's their own fault? That's asinine.