Paxful offers more than 300 payment methods to buy and sell bitcoin. Some of these payment methods require additional caution. As a seller, you should be aware of these specifics to increase the safety of your bitcoin and to have an overall pleasant experience on Paxful.
- Ensure that the buyer deposits cash in your name, and ask for the receipt.
- Make sure that you are trading with the actual person making the deposit. Avoid dealing with third parties in such situations.
- Ensure that the buyer’s account is verified on the wallet service provider (i.e. verified PayPal account).
- Ask for the buyer’s ID. Make sure the user’s full name matches both their ID as well as their online wallet account.
- Ensure that you are trading with the owner of the account and that no third parties are involved.
- For extra precaution, you can ask the buyer to write on a piece of paper the confirmation of the purchase of bitcoin along with the trade ID, including the trade amount, and take a picture of it. In case of a chargeback, you can show this picture as evidence.
- Paypal specific tips:
- Ask for Selfie with ID and a note saying “I am making payment of x.xx to email address + real name.
- Make sure the person has sufficient balance in their account and they pay directly from their account. If they pay by card, a chargeback is much less likely to occur. Stick to low amounts and limit new buyers to one trade per day/week to limit chargeback risks.
- Accept payments only from verified PayPal accounts to ensure they have a bank account linked to it. This will help in case of chargebacks as PayPal will have information about such users.
- Make sure that payment comes as a single transaction from the Paypal account owner.
- Prefer payments as “Friends and Family”.
- This method is just as risky as online wallets as you could easily be charged back. Use the same precautions as for online wallets.
- To avoid gift card deactivation, ask for a receipt and make sure the gift card is bought with cash.
- Be aware of card resellers. If the card was obtained from third parties there is a risk of the card becoming invalid during or after the trade. Ask everyone to provide a picture with your username and trade ID.
- Be careful when accepting e-codes or gift cards bought with debit/credit cards as any debit/credit card purchase can be charged back.