Being a Paxful vendor can be very profitable if a few basic rules can be followed.
To get you started, we’ve compiled a few tips to make selling bitcoin not only easy but safe and secure as well:
- You, as a Vendor, should accept ALL risks and liabilities that come with trading. It is up to you to protect yourself.
- No brokering is allowed. This applies to gift cards. Brokering is when you buy a gift card code from someone, thinking you can sell it later to someone else. This goes against the Paxful Terms of Service and is strictly prohibited.
- You must be responsive to buyers. If you are not at your computer, then please take down all your offers. When a customer shows up, say “Hi” and let them know you are ready to trade and help them.
For example “Hi, I am ready to help you, please follow the instructions and you can have your bitcoins in no time!“. Hardly sounds like something you need to mention to any sane merchant, but you’d be surprised how many vendors leave their offers up and take a nap or don’t think that responding to buyers is necessary; that they should just read the instructions or wait for them for a half hour. 50% of cancelled trades are due to an unresponsive vendor.
- You must maintain a civil tone with your customers at all times. No foul language or abusive tone is allowed. It’s bad for business.
- You must have full offer terms and trade instructions in simple short bullet points.
- If the release of bitcoins happens NOT instantly and you have a specific time frame for the payment confirmation. This must be clearly stated in your offer terms and trade instructions. You as a vendor must make sure that the buyer understands that the release of bitcoins may be reasonably delayed. Release time may not exceed the time stated in your terms. (Remember that Paxful advertises p2p service as instant.)
- Clear and short offer TERMS. This is what you, as a vendor, expect from the customer to complete the purchase. The buyers see this BEFORE the trade begins. It may contain important information about the trade (Ex. things like uploading an ID, uploading a cash receipt, telling them they need to have a physical gift card etc..) There are already many offer tags for the most common terms but CUSTOM terms must be clear and concise. You should use bullet points, be as straightforward as possible, and cut out any and all unnecessary text. Remember! Buyer's don't like complicated terms. Clear offer terms also help cut down disputes and give you a much better standing with Paxful moderators during a dispute. Never ever leave this blank, a buyer will just skip you and find someone else otherwise. Learn how to write optimal offer terms here.
- You must have full simple trade instructions of exactly what you want them to do. Use bullet points to keep it short and sweet. Click here for some tips on how to write good trade instructions.
- Provide your customers with helpful aids and examples if necessary. For example, if you require them to upload a selfie with photo ID, then put an example picture (one with face and details blurred out).
- You may not use multiple accounts to get an advantage in the number of listed offers or its position in the list. This is an unreasonable advantage in the natural market competition which is considered as system abuse.
- It’s important that you know what the minimum trade amount is on Paxful. Currently, the minimum trade amount is 10 USD to buy bitcoins. If you are selling bitcoins, the minimum is 0.001 BTC.
- No using 3rd parties for payments. You as a vendor are the person responsible for accepting and processing payments. If you have no control over the payment and you transfer responsibility to others this can be considered as fraud.
- No off-escrow trades allowed, no sharing contacts or off-site communications. It’s important that you DO NOT give other users your contact info for external trading. Paxful escrow must be used at all times or else you will be banned. No exceptions. This helps to prevent you from being reported for off-escrow trading and unnecessary provocation.
- No negotiation. The buyer of bitcoins must pay the exact price that is set for this trade. If the seller needs to make an adjustment, trade must be re-opened for the correct amount.
Stick to the rules above and you should be able to make a very profitable living on Paxful.