4 ms·

Yeah the op comment wasn’t made in good faith. Try getting your money back when getting scammed via venmo or PayPal - rarely any better, and if you’re selling

Yeah the op comment wasn’t made in good faith. Try getting your money back when getting scammed via venmo or PayPal - rarely any better, and if you’re selling you’re more likely to get scammed with those services than crypto.

woodruffw 5y ago
I have done multiple clawbacks via payment processors. In each case, I escalated (vendor -> processor -> my bank -> CFPB) until the dispute was resolved to my satisfaction. In nearly all cases, no separate restitution was required: the processor or my bank was able to reverse or halt the ACH transaction before the money settled. In the handful of cases where settlement had already happened, they were able to countermand the transaction.
- reese_john 5y ago
  Yes but, not sure this is a fair comparison. Doesn't ACH transactions take 1 to 2 business days to settle by design, as they are processed in batch and go through an intermediate clearing house ? Venmo/PayPal/Fedwire transactions should be able to settle in real time, which can be more convenient at the expense of easy reversability
  - woodruffw 5y ago
    Venmo and PayPal are, to the best of my knowledge, settled via ACH if you use a bank as your source of funds. That's what I've always done, since it provides the greatest amount of personal control over my transactions. If you use a payment card (debit or credit) with a payment service, then they might use either the payment card's network or ACH, depending on what the card issuer supports.
- gonehome 5y ago
  I’ve had a PayPal failure, a PayPal success, an apple pay failure. It’s definitely not a guarantee. Most of the Venmo type scams where people “accidentally” send you money and ask you to send it back or pay for an item with bad funds are not reclaimable from those services based on TOS. In those cases you’d be better off with BTC.

4 ms·

Yeah the op comment wasn’t made in good faith. Try getting your money back when getting scammed via venmo or PayPal - rarely any better, and if you’re selling

by gonehome 5y ago

woodruffw 5y ago
I have done multiple clawbacks via payment processors. In each case, I escalated (vendor -> processor -> my bank -> CFPB) until the dispute was resolved to my satisfaction. In nearly all cases, no separate restitution was required: the processor or my bank was able to reverse or halt the ACH transaction before the money settled. In the handful of cases where settlement had already happened, they were able to countermand the transaction.
- reese_john 5y ago
  Yes but, not sure this is a fair comparison. Doesn't ACH transactions take 1 to 2 business days to settle by design, as they are processed in batch and go through an intermediate clearing house ? Venmo/PayPal/Fedwire transactions should be able to settle in real time, which can be more convenient at the expense of easy reversability
  - woodruffw 5y ago
    Venmo and PayPal are, to the best of my knowledge, settled via ACH if you use a bank as your source of funds. That's what I've always done, since it provides the greatest amount of personal control over my transactions. If you use a payment card (debit or credit) with a payment service, then they might use either the payment card's network or ACH, depending on what the card issuer supports.
- gonehome 5y ago
  I’ve had a PayPal failure, a PayPal success, an apple pay failure. It’s definitely not a guarantee. Most of the Venmo type scams where people “accidentally” send you money and ask you to send it back or pay for an item with bad funds are not reclaimable from those services based on TOS. In those cases you’d be better off with BTC.