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SteveI - Dealer No Longer Accepting Credit Card Orders !


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CNN. Broadcasting From The Baghdad Camel Wash - There's Nothing Like That Wet Camel Smell !

 

 

 

Greetings Members,  I heard rumors about this and wanted to check it out.
 I submitted a ticket to Tampa Dinar asking them this:

  President

 [ticket: 1471456]  Wednesday, July 10, 2013 17:02

Dear Steve,   Thank you for choosing T.P. Trade LLC

This is just a quick note to notify you that we have received your support request. A member of our support team will address your request as soon as possible.  Your Ticket #: 1471456

Question/Issue: A friend of mine purchased Iraq currency from you in the past I believe using a visa credit card for payment. I am interested in doing the same and do not see any provisions or options for that selection. It looks like you may have recently removed it? If so, why may I ask. I heard that due to a revaluation in the next day or two is the reason? So many rumors now days.  Thank you in advance.
...
 
 
We're glad to do what we can to help in any way possible!

Best Regards,  T.P. Trade LLC  

Here was their answer:

"Hello, We deeply regret to inform you at we  are no longer able to process credit card orders. This is due to the impending value changes of the Iraqi dinar.  We understand how this can be an inconvenience to you as our valuable customer. To complete your order with us either via E-check, bank ?Wire, or Mail on our website. If you have any other questions / concerns please feel free to contact us the the information listed below. thank you." 
Daniel TampaDinar



Stevel:  This was a very nice answer I can live with. I love the part This is due to the impending value changes of the Iraqi dinar.  Blessings,  Steve          

buckbmcg, on 10 Jul 2013 - 6:45 PM, said:   Ok, Im gonna ask what your opnion is of this Mr. Steve?

Stevel:  As a dealer I am not sure what they know or do not know. I do remember that Dinar Trade said a while back he would have a little notice so he could shut down the selling side of his site.

Ray and I talked about his for a bit the other day. Credit cards can take up to 3 days to process and clear so I think they may be doing this to be on the safe side. I really do not know.

I am not reading too much into this but I also think with the pressure being put on the CBI and now with the article demanding this get done, something has to give. When? You will all find out when we do.

Let's just stay grounded and let this play out. I just wanted to share this because it is coming from a registered dealer with a good reputation. Just passing on some positive news for you all.   Blessings,  Steve

The duchess, on 10 Jul 2013 - 6:53 PM, said:  Wow is this an interesting response from them or what...Thanks Steve!!!

Stevel:  Personally I think that was a pretty bold statement. They could be losing thousands of dollars in sales by doing this, so time will tell.

If they turn back on the credit card option, then we are back to ground zero.  Blessings, Steve

Mally3, on 10 Jul 2013 - 6:58 PM, said:  I appreciate the info shared and I hope it really is for what they say it is.  I still dont understand the reasoning though.  I run a business and take credit cards.  Yes it takes a few days to make it into my account but so would a money order through the mail.

 Either way I wait until its in my account and then mail the product.  Im wondering if there is some kind of regulation regarding using credit cards for something like this?  Just thinking out loud. Im excited by the news.  Thanks for sharing Steve!

Stevel: Thank you for sharing this. It just came to me know a have a contact in a major credit card processing center that understands the dinar. I will go email them and post the reply back on this thread.  Blessings, Steve

Unitedrich, on 10 Jul 2013 - 7:25 PM, said:  OK, time for me to come clean. I work for what is called a 3PP, or a 3rd party provider. In other words we process credit card transactions for all major banks. In the industry, there are basically 2 settlement periods, next day settlement, and 2-3 day settlement.

The vast majority, over 90% of transactions are processed on the 2-3 day settlement period, 10% or less are NDT's or next day transactions. Like NYSteve said, there is a liability function, that is what is termed as a disputable defense,

In other words, someone could buy dinar, and then dispute the transaction, and it is up to the merchant to prove otherwise.

 This very well could be the reason for hesitation on the part of the dinar dealers in accepting these transactions. Rich

Stevel:   Thanks Rich. Both Ray and I felt the same way. If I know it was hours or days away, I would not take the risk and be left holding the bag. Disputes can take up to 30 day to resolve. Each dealer takes their own risks.   Thank you for sharing. Blessings, Steve
 
NYSteve, on 10 Jul 2013 - 7:46 PM, said:  When I said I own a business that processes credit cards, my business is the third party processor. We are the ones who set up credit card processing for merchants. I've been doing this for 10 years and that is why I discussed charge backs.

The merchant would not only have to pay the money back, but the approximately 2 percent processing fee would still be tacked on to the merchants fees and would not be refunded. 2 percent of a million dollars is $20,000.00 I can certainly see the risk is too great to accept credit cards if the rate is this close

Stevel:  I love your feedback and answer.  Thank you for sharing. Blessings, Steve

Unitedrich, on 10 Jul 2013 - 7:50 PM, said:   Totally agree Steve. I didn't even mention the 2% that would be non refundable if in fact it were disputed. Thanks, Rich

Stevel:  You guys are awesome. Thanks. Blessings, Steve 

A-Rak-i, on 10 Jul 2013 - 7:55 PM, said:    Still not sure where the liability is... If I agree to purchase 1 million dinar for 1100 dollars the transaction should only charge 1100 bucks, no? I sure as heck wouldn't dispute that...

Stevel:  Here is a more detailed reply from my friend.

 Steve....I have been in the credit card processing business for over 30 years. There have been many "dinar dealers" that have been able to secure a merchant account for short periods of time....usually under the guise of an existing business and hedging on the real purpose of their business.

Here is the problem....a consumer purchases dinar on a credit card....gets the currency and then when the revalue does not happen in a forecast-ed amount of time.....they charge it back and essentially claim fraud.

The bank returns the consumers money and the merchant is then faced with loss of revenue, loss of product and a chargeback that includes the fraud word. A hard battle for the merchant....plus the consumer has his currency and his money back! So the currency recovery process begins.

The real problem is this...any currency acquisition involves a "future" delivery. That delivery is essentially indeterminable....consequently the processors exposure to the sale is indeterminable plus 18 months....consequently....currency sales via credit card are not accepted by most domestic processors.

Stevel:  I am querying my 5 processing partners to determine if there is even an MCC (merchant category code) for currency dealers....my memory says that they are on the restricted list. I will advise if any meaningful info comes up.   Blessings, Steve

 

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Personally I think the dealers are using all of the recent hype to their advantage and if Steve's sources of intel are so good why does he have to bait someone from a dinar dealer to get information.

I agree.... what a croc..... :butt-kicking: .... Credit cards cost money to process so why take credit cards when some people will buy more just by reading a statement like that one...

 

This is due to the impending value changes of the Iraqi dinar.

 

 

Makes me shake my head..... :rocking-chair:

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Don't read to much into this and any dealer that makes statements like that are suspect at best.  Credit card companies offer protection to card holders and I can see this having huge issues when purchasing currencies.  See: http://www.creditcards.com/credit-card-news/dispute-credit-card-product-merchant-1282.php

 

I run into problems all the time when a prospective tenant pays for an application fee and then for some reason we turn down their application, they turn around and dispute the charge on their card.  I then have to drop what I am doing and prove to the credit card company that they indeed initiated an application that was turned down.  It's a huge hassle factor for vendors! Frankly it's smart not to use credit card for currency transactions.

Edited by carolina.broker
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Agreed carolina.... credit cards cost vendors money to process each transaction and are a pain. I was mostly pointing out the "This is due to the impending value changes of the Iraqi dinar."    statement and how ridiculous it is.

Edited by blknblu4evr
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Maybe TD lost their merchant account and can no longer accept payments via CC?

 

Banks will red-flag a merchant in a heartbeat if there are a large number of disputed transactions, if they

suspect you may become a future problem or if you do not maintain a large enough daily cash balance to cover any

potential charge-backs.

 

Seems to me that the "This is due to the impending value changes of the Iraqi dinar."    statement from TD

might be more of a face-saving measure to throw out to customers rather than a real reason for not accepting CC's.

 

Exchange fees are almost always padded into the retail price of items, so I'm not sure this would be a material

reason to drop an important revenue source like accepting CC's, especially knowing that many customers lack the

actual cash to pay for an item and wouldn't have other means to buy it (currencies) without having the credit available.

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Maybe TD lost their merchant account and can no longer accept payments via CC?

 

Banks will red-flag a merchant in a heartbeat if there are a large number of disputed transactions, if they

suspect you may become a future problem or if you do not maintain a large enough daily cash balance to cover any

potential charge-backs.

 

Seems to me that the "This is due to the impending value changes of the Iraqi dinar."    statement from TD

might be more of a face-saving measure to throw out to customers rather than a real reason for not accepting CC's.

 

Exchange fees are almost always padded into the retail price of items, so I'm not sure this would be a material

reason to drop an important revenue source like accepting CC's, especially knowing that many customers lack the

actual cash to pay for an item and wouldn't have other means to buy it (currencies) without having the credit available.

this is the best answer..Happens all the time 

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I ordered and paid for more dinar on the 1st of july  with dinar inc off of the link here and they have received the funds the next am but still have not sent my order out , when I called they said they would get back to me in a few days , and I am still waiting

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Now I know why they wouldnt take my 100 billion dinar order. I thought it was because I asked for green stamps. Now if I could only figure out why they wont let me pay my credit card off with my credit card.

 

mr john; I believe you may have been a little tongue-in-cheek there, which is kind of funny. But seriously, you CAN pay off one credit card with another IF it is from another (non-related) bank AND you don't look like you are about to over extend yourself credit wise.

I've known of multiple cases where people transferred balances from one card to another and then back again for several months, never making any "real" payments. The balance goes up due to interest, but if you have room (typically under 60%) on the card, banks don't seem to mind that much as long as they eventually get paid.

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mr john; I believe you may have been a little tongue-in-cheek there, which is kind of funny. But seriously, you CAN pay off one credit card with another IF it is from another (non-related) bank AND you don't look like you are about to over extend yourself credit wise.

I've known of multiple cases where people transferred balances from one card to another and then back again for several months, never making any "real" payments. The balance goes up due to interest, but if you have room (typically under 60%) on the card, banks don't seem to mind that much as long as they eventually get paid.

That act could be called check kiting  JFYI

Web definitions
Check kiting is the illegal act of taking advantage of the float to make use of non-existent funds in a checking or other bank account. ....
Edited by yota691
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That act could be called check kiting  JFYI

Web definitions
Check kiting is the illegal act of taking advantage of the float to make use of non-existent funds in a checking or other bank account. ....

 

 

I see that you understand how the Big Banksters and Hedge Fund Managers are able to attain such high quarterly profits in these tough economic times?

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I ordered and paid for more dinar on the 1st of july  with dinar inc off of the link here and they have received the funds the next am but still have not sent my order out , when I called they said they would get back to me in a few days , and I am still waiting

 

Interesting, Ken... keep us updated if you don't mind.

 

KK

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I see that you understand how the Big Banksters and Hedge Fund Managers are able to attain such high quarterly profits in these tough economic times?

We had a Local that did this....supposedly the biggest in the US...numbers add up to millions

Edited by yota691
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I don't capture funds From CC transactions until I ship.

I ordered and paid for more dinar on the 1st of july with dinar inc off of the link here and they have received the funds the next am but still have not sent my order out , when I called they said they would get back to me in a few days , and I am still waiting

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Yep, I do know the game. I learned it from "plastic" dad who has now passed away. We could get 10% interest on any house we built while only paying 4% plus or minus while still paying ourselves $75 an hour. Gotta love the USA. Our only downfall was we built our homes so good that the banks bought the notes and we were forced to build another quickly to beat taxes. Kudos my friend.

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I wonder what country Unitedrich works in ? I

In the US since the Check21 was implemented 99% of all checks clear in less than 24hours.

On my credit card, which I manage closely for business I can place an order with my supplier , and see the debit posted in my bank account the next day or sooner.

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