3 ms·

As a merchant would it be possible to accept normal credit cards and have the money converted to monero?

patio11 10y ago
That likely isn't ever going to be possible as a single atomic transaction. After you're paid actual money you can do many things with actual money, including sending it to a counterparty who might give you cryptocurrency, but it is unlikely a credit card processor will provide you with cryptocurrency directly. One reason, among many: while many people who accept money on the Internet consider chargebacks a drawback, credit card companies see them as a core value proposition. "You, the customer, will never get screwed if you use your PlastiCard!" The way that credit card processors (n.b. not usually the same entity as PlastiCard!) are able to make this work is by having agreements with all their merchants which allow them to recoup costs in the event of a chargeback. If your cryptocurrency is designed to be private, non-reversible, and outside the reach of the legal process... this does not signal wonderful things to a credit card processor about your likelihood of actually paying what you owe them in the event your customers charge back purchases. (Disclaimer: personal opinion.)
- rhaps0dy 10y ago
  > this does not signal wonderful things to a credit card processor about your likelihood of actually paying what you owe them in the event your customers charge back purchases That could be offset with higher processing fees. Or with delayed sending of the cryptocurrency.
- narrowrail 10y ago
  >cryptocurrency is designed to be private, non-reversible, and outside the reach of the legal process In a well-established B2B relationship, where payment terms are already established (i.e. net-60, 5%-net-20), I think these crypto-currencies make more sense. These long-term business relationships drive the majority of GDP, and they normally use EFTs or even paper checks (both of which are pretty cheap, but not free). In a cross-border deal especially, I think Bitcoin (the only seemingly viable choice at this point) makes a lot of sense. One-off transactions have more risks and are less stable AFAICT.
  - JamesBarney 10y ago
    Why do you think it make more sense? It seems to me when a business switches to cryptocurrency they pay more and risk more but don't much back.

That likely isn't ever going to be possible as a single atomic transaction. After you're paid actual money you can do many things with actual money, including sending it to a counterparty who might give you cryptocurrency, but it is unlikely a credit card processor will provide you with cryptocurrency directly. One reason, among many: while many people who accept money on the Internet consider chargebacks a drawback, credit card companies see them as a core value proposition. "You, the customer, will never get screwed if you use your PlastiCard!" The way that credit card processors (n.b. not usually the same entity as PlastiCard!) are able to make this work is by having agreements with all their merchants which allow them to recoup costs in the event of a chargeback. If your cryptocurrency is designed to be private, non-reversible, and outside the reach of the legal process... this does not signal wonderful things to a credit card processor about your likelihood of actually paying what you owe them in the event your customers charge back purchases. (Disclaimer: personal opinion.)

rhaps0dy 10y ago
> this does not signal wonderful things to a credit card processor about your likelihood of actually paying what you owe them in the event your customers charge back purchases That could be offset with higher processing fees. Or with delayed sending of the cryptocurrency.
narrowrail 10y ago
>cryptocurrency is designed to be private, non-reversible, and outside the reach of the legal process In a well-established B2B relationship, where payment terms are already established (i.e. net-60, 5%-net-20), I think these crypto-currencies make more sense. These long-term business relationships drive the majority of GDP, and they normally use EFTs or even paper checks (both of which are pretty cheap, but not free). In a cross-border deal especially, I think Bitcoin (the only seemingly viable choice at this point) makes a lot of sense. One-off transactions have more risks and are less stable AFAICT.
- JamesBarney 10y ago
  Why do you think it make more sense? It seems to me when a business switches to cryptocurrency they pay more and risk more but don't much back.