[PreProposal] Purchasing Dash with CC and ACH Platform

[Quasar]

Hello, Dash Community! I've been quietly working on a project that would allow direct purchases of Dash using a credit card, or by linking a bank account.

About Me
My name is Sandeep, and I reside in Portland, Oregon(USA). I work as a Web Application Developer, and also build projects(like this) on the side. I am a Dash hodler(since it was about $20), and I am looking to become more active within the community. I also would love to create any other projects that can help Dash grow as a whole!

About the Project
I don't have a name for it currently(Just gave it a placeholder name of "On Demand Crypto"). I am trying to make it as user-friendly as possible, so that anybody regardless of technical proficiency can be able to buy Dash directly with ease.

I have the project uploaded through Heroku. I plan on adding a domain very soon. I am also trying to see how many people would be interested in using a service like this, so that I can upgrade the bandwidth and database to accommodate everyone.

Project Link
https://peaceful-woodland-26974.herokuapp.com/

*Note*
Project is using Stripe to process ACH and credit card payments. The project is currently is "Sandbox mode" which at the moment only takes test credentials.
A working example of a Visa Card is,
CC#: 4242 4242 4242 4242
CVV: Any 3 digit CVV
Expiry Date: Any expiry date into the future

A working example of an ACH login credentials:
Userid: user_good
Password: pass_good

A successful transaction will show you something like this
object(stdClass)#132 (5) { ["display_message"]=> NULL ["error_code"]=> string(15) "INVALID_PRODUCT" ["error_message"]=> string(177) "the provided API keys do not have a connected Stripe account. please see https://plaid.com/docs/link/stripe for more information on how to connect your Stripe and Plaid accounts" ["error_type"]=> string(13) "INVALID_INPUT" ["request_id"]=> string(5) "EgsM0" }

Basically this is just a response from the Plaid server. Plaid is a service that allows for instant verification with Bank accounts. The message is asking me to link my Plaid account to my Stripe account, which requires that I have a company that is registered, and also has a Tax Identification number. Both of which are being worked on.

Funds Needed
1000 Dash (For users to purchase)
5 Dash (Proposal fee)
Total
---------
1005 Dash

The 1000 Dash is just an arbitrary number. It can be higher, or lower depending on what the community thinks is reasonable.

I am also working with an Accountant who is also my business adviser. We are working on registering the Company with the State of Oregon, and are also in search for Attorneys to help us meet regulation requirements. I promise to be active, and am looking forward to answering all of your questions/concerns.

Thanks!

-Sandeep

 

[TheSingleton]

Yea 1000 Dash is way too much maybe around 30. Also, you need a way to purchase more Dash from exchanges and a way to deal with CC fraud.

 

[Quasar]

Yea 1000 Dash is way too much maybe around 30. Also, you need a way to purchase more Dash from exchanges and a way to deal with CC fraud.

Hi, TheSingleton. Thank you for your response. I will consider dropping the funding amount. I will wait to see what other members think as well.

As for fraud. We will have a identity verification process. This will be tied in to the KYC/AML laws as well. I disabled it from the site, for now, until we start taking live payments. But it checks for government issued id, and a photograph of the user with their id. By the time the site launches, I will have a completed policy in place. Also, Stripe has built in anti-fraud features. For example, it will check every credit card through their database, and if the card has been used for fraud, it will automatically deny the transaction. I can add in custom rules, like if the provided zip code is entered incorrectly, I can then have stripe deny the transaction. It's called Radar. If you or anyone is interested in learning about Stripes "Radar" documentation can be found here
https://stripe.com/radar

Thanks again!

 

[Dashmaximalist]

hi sandeep,

i hate it to break it for you, but getting through identification fraud and convincing the bankster to work with you is nearly impossible

There are companies like simplex which can you help you but they need $100k per month minimum transactions and they charge 7-8% as fee etc

so its not as simple as coming up with one website and you are good to go

buying crypto through CC is s*** hard, there is no easy way out of it

the biggies like coinbase have a strict weekly limits etc in place and still charge 4% transaction fee

so ya think about these first

 

[TheSingleton]

Could you also please link to your WebSite? So far we have only heard an idea from a new member of the community. Best thing would be to get it working with a limit on how much people can buy so that we can see it actually working.

 

[Quasar]

hi sandeep,

i hate it to break it for you, but getting through identification fraud and convincing the bankster to work with you is nearly impossible

There are companies like simplex which can you help you but they need $100k per month minimum transactions and they charge 7-8% as fee etc

so its not as simple as coming up with one website and you are good to go

buying crypto through CC is s*** hard, there is no easy way out of it

the biggies like coinbase have a strict weekly limits etc in place and still charge 4% transaction fee

so ya think about these first

I've heard of some of these issues. It's usually really hard for MSB(Money Service Businesses) to find banks. There is no chance that a large bank will accept us. But I've found some smaller banks in the country, that do have MSB divisions. I reached out to First Midwest Bank(https://www.firstmidwest.com), and will need to talk to someone over the phone.

Thanks for the response. It's much appreciated!

 

[Quasar]

Could you also please link to your WebSite? So far we have only heard an idea from a new member of the community. Best thing would be to get it working with a limit on how much people can buy so that we can see it actually working.

OMG! I can't believe I forgot the link. I've updated the OP, but here it is again https://peaceful-woodland-26974.herokuapp.com/ .

I do have limits set in place. Minimum purchase is currently $10. I have the max purchase limit set at $100 per 24 hours. I will probably lower the $100 purchase limit for unverified customers, and I can increase limits based on what verification details customers choose to share with us.

 

[Dashmaximalist]

Please come up with a idea of how will convince banks to get msb license until then keep other things on hold, we can fund good amount once you get the license.

Alternatively I am looking for some one with good app development experience if you have people in your team we can collaborate to come up with a good dash wallet that has a face recognition verification etc

 

[MizzyMax]

I would like to suggest creating a free market. Allow for buy/sell orders by users, that's something I'd definitely like to see completed. So if I want to sell Dash, I could instantly and receive fiat instantly as well by linking an account to make payments to. All funds would need to be held in escrow by your site, once both parties pay, you disperse the funds to each party.

That gets rid of the 1000 Dash available for buying that needs to constantly be replenished.

 

[Quasar]

Finding an MSB friendly bank will be my next priority. I'll try and contact First mid west bank. There are a few other small banks that I'll contact as well.

Pretty much everything else is in place. The banking issue will probably be the biggest challenge. But, I am going to make sure things get done right before launching this project. I may be a few months out from launching this project, but I definitely wanted to create this preproposal ahead of time to get feedback.
Thanks Dashmaximalist!

 

[Quasar]

I would like to suggest creating a free market. Allow for buy/sell orders by users, that's something I'd definitely like to see completed. So if I want to sell Dash, I could instantly and receive fiat instantly as well by linking an account to make payments to. All funds would need to be held in escrow by your site, once both parties pay, you disperse the funds to each party.

That gets rid of the 1000 Dash available for buying that needs to constantly be replenished.

Hey, MizzyMax. I accidentally missed your post, and had just seen it. Sorry.

I do plan to add a way for users to sell Dash for fiat. But your idea also seems interesting. I will definitely consider it.

Thank you