Stevel Update & Peoples Dinar Member Q & A

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.
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Read More Link On Right

We’re glad to do what we can to help in any way possible!

Best Regards,  T.P. Trade LLC  

Here was their answer:

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