How does the payment option "credit card" work?


#1

I see the option to post ads and accept credit card payment. Just to try it out I posted one and it was accepted. Now I am wondering how this works.

What kind of information does the buyer of XMR need to pay me via credit card?
Or: Do I as the seller have to get his/her information to charge his account?

Also: Is there a risk of chargebacks?

Thanks for answering my questions.


#2

That depends on your country and bank. It’s best to give your bank a call, ask them what information someone would need to pay to your credit card and how they would have to do it. It’s also important for your to ask whether such a payment is reversible or not, and understand that reversible payment methods carry substantial risk with them.


#3

You really have to plan your own risk management there. Since carding is one of the easiest forms of fraud I wont trade large volumes in the beginning and maybe just open the ad for buyers with reputation. The longer you trade with it the better your eye becomes to recognize potential fraudulent payments. Make sure to use a high markup, for example:
If you trade with a markup of 25% of your credit card ads and every trader trades with 100 euro, 4 trades
1 trade is scam
3 trades are legit
At the end of the day you have 75 euro and youve started with 100.
So you have to school your eye and adjust the markup in reference to the market situation