Do You Think That Payment Gateways Should Start Providing Escrow Services?

[Good-Guy]

Online scams have been becoming a really big problem. There are many websites out there that do not pay money and get away with it. The biggest reason behind this is the fact that many payment gateways do not provide escrow service. As far as I know, the only payment gateway that has this ability is PayPal payment system where you can actually file a complaint. However, as far as other payment gateways are concerned, there is no such option to do so. I am not talking about cryptocurrencies because cryptocurrencies cannot offer such services due to the fact that it is a decentralized digital coin. I am talking about other payment processors such as Payeer, Perfect Money, Neteller, AdvCash, etc. I am not sure about if other payment gateways like stripe, visa/mastercard payment options, WePay, 2Checkout, etc also provide this feature or not. But at least Perfect Money and Payeer should have provided this ability to reverse transactions.

 

[Augusta]

Your idea is valid I wish the creators of these gateway gets to read this and practicalize it.i hate scams in whatever form because one will be losing his or her hard earned money to thieves online. There should be a way of reversal just like PayPal to protect users from scammers online

 

[Josemendez]

The ability for a payment gateway to reverse transaction depends on the structure of the business . They are business structured in such a way that transaction will be irreversible as a security measures. For such payment gateway to reverse this structure might be very difficult or may change what they have in their whitepaper.
This doesn't mean that it won't be a welcome idea if these other payment gateways can start to reverse transaction.

 

[Mika]

I use escrow service when I am working with someone for the first time. This will allow me to secure my payment and not get scammed. One of the reasons why I like paypal and prefer paypal payment when I am buying services or products is because I can easily reverse the transaction if the seller or client tries to cheat on me.

 

[Yugocean]

While this may be a good attempt to prevent online scams, some forex platforms also do this which also have this feature for payments made with cryptocurrencies. But it cannot be levied so easily as it will increase the duty. There is already pressure on them to reduce fees for dealing with cryptocurrencies.

 

[Good-Guy]

While this may be a good attempt to prevent online scams, some forex platforms also do this which also have this feature for payments made with cryptocurrencies. But it cannot be levied so easily as it will increase the duty. There is already pressure on them to reduce fees for dealing with cryptocurrencies.

Well, I do realize that it is not so easy for payment gateways to deal with such disputes because dealing with such kind of dispute is a very tiresome process. Paypal must have a separate department that deals with such kind of issues related to payment disputes. Many online payment processors would not like to get into such disputes so they just make a "No Reversal of Funds" policy. I believe that payment gateways must do something about it.