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  #1  
Old 07-22-2016
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Default Chargebacks in Paypal

hey guys and gurus,

I have a question regarding charge-backs in paypal.
I am looking to sell some of my bitcoins through paypal, but I have heard that sometimes buyers are scammers and they will claim back your cash through paypal, which protects the buyer, so your paypal account/funds become frozen, especially that they can take money out of your bank account and affect the credit rating.

Any idea if there is a way to reduce this risk, or any pre-emptive precautions to take before conduction such transaction ?


Many thanks!
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  #2  
Old 07-23-2016
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Default Re: Chargebacks in Paypal

Best precaution is to choose who you sell to very very carefully

You will get chargebacks though, its nearly inevitable
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Old 07-23-2016
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Default Re: Chargebacks in Paypal

Well, I suggest you not selling too much of BTC to one person, split it into some sorf of packages. This way you're safer but it might take a bit more to sell all of them.
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Old 07-23-2016
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Default Re: Chargebacks in Paypal

I would never ever sell BTC through Paypal, just due to the nature of BTC. The type of person who deals in BTC is often times the same type of person who will open an item not received claim in Paypal immediately after you send them the BTC.

If you're going to do it anyway, make sure you document everything. That would be your only defense if you do get a chargeback. Take screenshots of your conversations with any buyers.

Really though I have to advise against doing this. The chance of you loosing money is very high in this situation. I would tell any potential buyer you can not use Paypal.

Last edited by JamesNorth101; 07-23-2016 at 09:06 AM.
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Old 07-23-2016
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Default Re: Chargebacks in Paypal

there is nothing you can do to completely prevent chargebacks. You can only try to minimize the impact.
And I agree with some others who said it - selling BTC for paypal is not the smartest move...
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Old 07-23-2016
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Default Re: Chargebacks in Paypal

Actually if you use a stealth account you can counter any charge backs because once you've spent/withdrawn your funds after the sale, paypal cannot do anything about that. I'd not recommend to do this with your own personal account. Once someone tries to scam you by doing a charge back on your stealth, consider that account done with!
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Old 07-24-2016
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Default Re: Chargebacks in Paypal

Quote:
Originally Posted by digim0n View Post
Actually if you use a stealth account you can counter any charge backs because once you've spent/withdrawn your funds after the sale, paypal cannot do anything about that. I'd not recommend to do this with your own personal account. Once someone tries to scam you by doing a charge back on your stealth, consider that account done with!
Not a viable method for those of us thinking long term and trying to maintain our stealth accounts active.
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Old 07-24-2016
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Default Re: Chargebacks in Paypal

Just so i understand a chargeback if theres not enough funds in pp then they bill your bank account without warning ? knock on wood i have only had a handful on low priced items and money was always in pp to cover
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Old 07-24-2016
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Default Re: Chargebacks in Paypal

Why don't you just sell them at a BTC marketplace? surely a lot safer and then you are dealing with legit people, rather than possible scammers?

If you are going into this with full knowledge that you might be scammed... Perhaps its not the best idea?
Next thing we'll see a thread in 2 weeks about how you got scammed and if there is a possibility to chargeback on a chargeback.
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  #10  
Old 07-24-2016
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Default Re: Chargebacks in Paypal

Quote:
Originally Posted by bluegrass1 View Post
Just so i understand a chargeback if theres not enough funds in pp then they bill your bank account without warning ? knock on wood i have only had a handful on low priced items and money was always in pp to cover
Bill you bank account or your cc on file, sure
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Default Re: Chargebacks in Paypal

thats was one good thing about capital one when they DID accept em wouldnt let pp take money out for any reason
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Default Re: Chargebacks in Paypal

you wont get their help if only its related to buying & selling e-currency. So another best precaution is BE SO AWARE & YOU CHOOSE YOUR BUYER. just it.


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  #13  
Old 07-24-2016
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Default Re: Chargebacks in Paypal

Quote:
Originally Posted by bluegrass1 View Post
thats was one good thing about capital one when they DID accept em wouldnt let pp take money out for any reason
Perhaps this is why they are no long accepted...
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Old 07-24-2016
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Default Re: Chargebacks in Paypal

The only thing you can do is as others have mentioned is choose who you do business with very carefully.

And for those saying don't taking the risk because you will get scammed.. that's part of the business. Exchanging Bitcoins is BIG business. The reward is worth it for those who do it (many of our customers are BTC traders). The only thing you can do is try and minimize your losses (because you will have losses)

Good luck!
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  #15  
Old 07-24-2016
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Tell them send as friends and family and to show id matching the paypal acc info.
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  #16  
Old 07-24-2016
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Default Re: Chargebacks in Paypal

Quote:
Originally Posted by digim0n View Post
Actually if you use a stealth account you can counter any charge backs because once you've spent/withdrawn your funds after the sale, paypal cannot do anything about that. I'd not recommend to do this with your own personal account. Once someone tries to scam you by doing a charge back on your stealth, consider that account done with!
You ever heard of paypal holds. Wont work if you have them.
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