question about liberty reserve

Anyone know how dose liberty reserve works? Can it charge back or account limit like paypal? Is it trust to sell mils by using LR as payment?

 

Moved to Assets and Investment Discussion.

 

You cannot be chargedback with liberty reserve. Any payment on LR is irreversible for any reason

 

No chargebacks ever - no reversing the money ever.

Limitations are almost unheard of but do exist. NOTHING like paypal so don't worry about being limited.

Also the fee for receiving is only 1% and caps at $2.99. So even if you receive a $10,000 payment - fee is only $2.99.

Hacking related: Since there is no reversing the money ever, if you get hacked, your money is all gone. However, you can enable IP security so they would need your email access with verification pin for logging in with a different IP. Also if you keep your money in main balance they would also need your login pin number and master pin number which are only entered by clicking numbers (like runescape pins) so your money should be safe.

Why your customers might not use it: It is a hassle to fund Liberty Reserve. You can go through an official exchanger using methods such as WU/bank wire or try regular people exchanging that may take all kinds of other payment methods. So most customers would not want to pay you by LR.

This also effects you - you can't simply withdraw LR to bank or anything like that. You have to exchange it to another currency like bank wire or WU or whatever else you can get at some fee when using an official exchanger (or you can sell to regular people while charging them a fee).