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Old 08-05-2017, 05:53 AM   #1
MallOfErotica
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Why can't we do this?

Hey GFY people, specifically the developers and the people who understand the online payment industry.

This is probably a discussion too big for me to be asking, but I’ve been bothered a lot lately (as I’m sure many of you have) on the uptick of moral policing by the CC companies. I understand the need to protect minors and to not prevent the online selling illegal content but their definition of “morality” really sucks, especially if you’re into any number of kinks that they take issue with. I’ve been hit by it because of words in product descriptions taken out of context. Several months ago the site Fetlife.com had to shut down a ton of groups and remove content to acquiesce to a CC company demand about content they found objectionable.

Ultimately it’s the Credit Card companies that suck. They’re being moral police above and beyond what is legal in countries like the US and Canada.

As an expert software/web developer/analyst (with a lot of experience in large-scale business solutions) I was curious about how to solve this problem. There are people with money who want that sort of content, and providers with content to sell, but no medium to exchange funds. There’s Bitcoin (and other cryptocurrencies) but they’re not trusted, well-supported, or well-understood by the average porn-purchaser yet.

I looked into what it would take to build a PayPal-like system. I found (this link) that explains what you’d have to do, but it’s largely from a banking/CC payment-accepting premise. It looks hard, expensive, and full of regulatory hoops and whatnot.

Then I thought about money lender places here in Canada (like MoneyMart, etc.). They’ll lend you money and they don’t care what you spend it on, as long as you pay them back. I also thought about how Credit Cards worked before the realtime electronic infrastructure; you used the card, they sent you a bill and you paid it by cheque or through your bank.

So why couldn’t a group of us create an online payment company that acts like a credit card, in that your account is allowed to spend so much and then you’re billed and charged interest if you don’t pay back (like a money lender or the old way credit cards worked)? Except that it’s dedicated for adult sites and charges lower interest rates (we’d be starting small and lean, no bloat to support like the legacy CC companies). It'd have a kick-ass API to integrate seamlessly into adult websites too.

I imagine most porn purchasers aren’t too concerned about their privacy as they already use credit cards that know everything about them to buy porn, so why couldn’t this hypothetical company protect itself by requiring a similar amount of verifiable information from the user?

Also the security of the account could be way better than the current credit card system by using a two-factor authorization (like a code sent via SMS to your phone) in order to approve purchases.

So what’s stopping this? Some sort of banking regulation? Business regulations? What if there’s no actual online realtime transfer of money? Users can pay their bill via cheque or money order, or maybe through their bank (if you can get registered as a company that can be paid through online banking), and merchants will get paid out via cheque or money order.

Is it just the untrustworthiness of snail-mail payment methods that make this undesirable? Has this already been tried and proven unsuccessful/unpopular?

Why can’t we just say GFY to the credit card companies and do our own thing?

I’m sure Fetlife would be on board and they have millions of users.

I know my adult sites would use it.

Why can't we do this?
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Old 08-05-2017, 06:35 AM   #2
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In theory you could bypass the existing credit card system.

Very simple in concept ...

The customer funds his wallet via non credit card association sources.

The real problem is the MTA aspect -- money transfer laws that are national laws.
You need a money transfer agent's license from your domiciled country (in most places) if you act as an agent.
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Old 08-05-2017, 06:43 AM   #3
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Quote:
Originally Posted by Barry-xlovecam View Post
In theory you could bypass the existing credit card system.

Very simple in concept ...

The customer funds his wallet via non credit card association sources.

The real problem is the MTA aspect -- money transfer laws that are national laws.
You need a money transfer agent's license from your domiciled country (in most places) if you act as an agent.
Thanks for the info Barry; I was unfamiliar with the term MTA. I'll research it and see what it means for Canadians like me, or if its easier to do it incorporated in other countries.
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Old 08-06-2017, 11:42 AM   #4
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Originally Posted by MallOfErotica View Post
Thanks for the info Barry; I was unfamiliar with the term MTA. I'll research it and see what it means for Canadians like me, or if its easier to do it incorporated in other countries.
MTA is a acronym used in the UK

MTB is a acronym used in the USA

What it is called in Canada IDK? Check with the Canada Department of the Treasury
Talk to Royal Bank of Canada I believe they can set up account holders with US bank accounts and access to the US ACH network through the US Federal Reserve
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