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PistolPay

Discussion in 'General Firearms Forum' started by cs133atom, Aug 20, 2012.

  1. cs133atom

    cs133atom

    207
    0
    Feb 28, 2007
    The Old Dominion
    Check out this new payment method PistolPay Like PayPal accept you can pay for firearms and related items without hassle. Thoughts?

    C
     
  2. stmcelroy

    stmcelroy Holster Maker

    1,787
    0
    Jul 22, 2001
    Central Oregon
    Fees are too high. Plus to many of us got burned by Gpal to trust another start up payment processor.
     


  3. XNYTRUCKIE

    XNYTRUCKIE Smoke Eater

    Guys, I am the Vice president and founder of the company as well as a member here.. I understand your fears of another "gpal" but we different.. there is always the inevitable comparison to Gpay, which is understandable as it really burnt the gun community. We have learned from that experience as well and have intentionally built our platform differently. Unlike Gpay, we are not a banking institution. We are not in the business of holding customers funds on deposit. We are a financial intermediary, loosely described as a third party payment aggregator. We are basically the financial middleman. We only hold funds long enough for a specific transaction to complete and then we transmit the payment to the seller. So unlike Gunpay where users actually had large balances on deposit, only our users with pending transaction will have money on deposit with us, and only for the time period that it takes to deliver the item to the buyer. During that brief period of time where we hold the funds, we have taken the step to open a holding account with BB&T bank. The holding account is no commingled with our operating account. Its sole purpose is to hold customer funds, and its funds will never be used for corporate overhead. We have tried to limit the user's risk by using this type of structure as it really reduces a user's risk into two areas. First, if BB&T bank goes out of business, the holding account may not be fully FDIC insured. This is a risk that we can constantly monitor and take step necessary to mitigate or change banks at any time. But for now, we have chosen what we feel is one of the strongest banks so as to minimize this risk. The other risk is that of fraud. Since we are a start up company, we have to build that trust one customer at a time. The owners of the company have put a tremendous amount of time and capital in building this business model and delivering a safe financial process to the public. But at the end of the day, we have to build the reputation and trust in the industry, and we hope we can earn your trust as well!

    if you have any questions please feel free to contact me at customerservice@pistolpay.com

    Ira
    aka XNYTRUCKIE
     
  4. faawrenchbndr

    faawrenchbndr DirtyThirty fan CLM

    36,077
    443
    Nov 24, 2005
    Troy
    I'm all over it,.......seems to be more safe than a USPS money order.
    No telling when they will bankrupt. Pistol Pay is good to go!
     
  5. dnuggett

    dnuggett PRO 2A

    2,153
    0
    Feb 28, 2005
    DFW TX
    No offense here bro, but what is it that makes you say this?
     
  6. faawrenchbndr

    faawrenchbndr DirtyThirty fan CLM

    36,077
    443
    Nov 24, 2005
    Troy
  7. ctfireman

    ctfireman

    3,567
    14
    Feb 13, 2010
    Bridgeport, CT
    Like a credit card fee, most sellers will ask the buyers to pay the full fee, 5.4% in this case. Too high for me & i just couldn't trust a new company with my funds.
     
  8. dnuggett

    dnuggett PRO 2A

    2,153
    0
    Feb 28, 2005
    DFW TX
    Sounds like a fine reason. What method did they use to determine the transaction was to everyone's satisfaction?

    Personally I want the funds in hand before I ship. That said as a buyer I'd like a little insurance that I am happy with what I got. Seems like I'd be willing to use as a buyer, but not a seller.
     
  9. NeverMore1701

    NeverMore1701 Fear no Evil Platinum Member

    38,385
    3,712
    Jun 25, 2004
    Amarillo, Tx
    I like the idea, I don't like the fee. I'll pay money order instead of use Paypal on large internet purchases just to avoid the damn fees.
     
  10. faawrenchbndr

    faawrenchbndr DirtyThirty fan CLM

    36,077
    443
    Nov 24, 2005
    Troy
    A fee is a **** load cheaper than messing with a crooked seller
    who has cashed your money order without sending your firearm!
     
  11. XNYTRUCKIE

    XNYTRUCKIE Smoke Eater

    it is not 5.4% it is split between both parties.. 2.7 to each side.

    We will be offering E verify on checks shortly which will process at 1.6% for the seller as it goes directly into his account not his cc.
     
  12. XNYTRUCKIE

    XNYTRUCKIE Smoke Eater

    Since we are the new kid on the block, we want to offer an easy way to try us out, No seller fee's till the end of the month..
     
  13. pesticidal

    pesticidal Eh? CLM

    11,810
    8
    Jun 5, 2002
    North Dakota
    Don't want to start an argument, but it still adds up to 5.4%
     
  14. SigFTW

    SigFTW

    2,385
    39
    Nov 4, 2010
    TX
    1.65% is a lot better.
     
  15. XNYTRUCKIE

    XNYTRUCKIE Smoke Eater

    neither person is paying that amount.. so I would politely disagree.. I am not here to fight.. Just want to see other shooters be able to buy and sell how they like online without other's morals dictating how they do it.
     
    Last edited: Sep 7, 2012
  16. glock_19guy1983

    glock_19guy1983

    2,555
    0
    Sep 8, 2002
    dixie
    Hope your new business venture succeeds. Next time I buy a gun online if the seller uses your service I'll probably try it.
     
  17. XNYTRUCKIE

    XNYTRUCKIE Smoke Eater

    thanks for the words.. if you have any questions feel free to contact me at any time.. customerservice@pistolpay.com FYI as a buyer you can always invite a seller ( probably better if you already know them) to do the transaction from our system..