Gold-Pay and Matchbook

xyz · 04-07-09, 05:18 PM

Originally posted by Gold-Pay

2. You have four options to fund your gold-pay account, Western Union, MoneyGram, XOOM transfer, and Bank Wire.
(XOOM is exclusively an online transfer system that allows people to send person to person transfers using ****, **********, Discover, and Paypal. Gold-Pay will supply the receiver information.)

Does Gold-Pay cover any of the fees for funding the gold-pay account? All four methods would incur charges for the sender. Thanks for the clarification.

Gold-Pay · 04-07-09, 05:30 PM

Originally posted by xyz

Does Gold-Pay cover any of the fees for funding the gold-pay account? All four methods would incur charges for the sender. Thanks for the clarification.

Unfortunately, with our low fee strucuture it is not possible for Gold-Pay to cover any external fees. Thank you for the question.

Negative · 04-07-09, 09:51 PM

Originally posted by Gold-Pay

Unfortunately, with our low fee strucuture it is not possible for Gold-Pay to cover any external fees. Thank you for the question.

may i learn your e-wallet service only for matchbook use or there are another bookmakers to use this ?

Santo · 04-08-09, 04:10 AM

Originally posted by Gold-Pay

Matchbook is the first gaming site to use Gold-Pay. We are in the process of adding additional sites and expect to have many more in the coming months.

.

TeamPlayer · 04-08-09, 04:17 AM

If a matchbook customer uses Gold-pay to fund his/her matchbook account, is the customer still free to withdraw from his/her same matchbook account via "courier check" option or is he/she somehow required to withdraw only using the Gold-pay service?

TeamPlayer · 04-08-09, 04:29 AM

Also, can you explain the "Xoom" option for funding a person's Gold-pay account in more detail. If you're saying that we can basically now use our credit cards to fund a matchbook account, then this is big news. thanks

Gold-Pay · 04-08-09, 07:27 AM

Originally posted by TeamPlayer

If a matchbook customer uses Gold-pay to fund his/her matchbook account, is the customer still free to withdraw from his/her same matchbook account via "courier check" option or is he/she somehow required to withdraw only using the Gold-pay service?

That would be up to Matchbook and rather than trying to repeat their policy which may be client dependent you are best off asking Matchbook directly about your particular case.

Gold-Pay · 04-08-09, 07:54 AM

Originally posted by TeamPlayer

Also, can you explain the "Xoom" option for funding a person's Gold-pay account in more detail. If you're saying that we can basically now use our credit cards to fund a matchbook account, then this is big news. thanks

XOOM is person to person transfer service just like Western Union and MoneyGram. The difference is that XOOM has no agent locations in the U.S., everything is done online. XOOM accepts ****, **********, Discover, PayPal, and checking account as methods to fund transfers. You will receive a receiver name and information to make the transfer from Gold-Pay and then when the funds are received your account will be credited.

In summary it is very similar to making an online transaction with Westren Union or MoneyGram but it is less expensive. For example, total cost to send:

In Person to send:
MoneyGram $250 fee of $9.99
Western Union $250 fee of $29.99
XOOM No in person option

MoneyGram $500 fee of $9.99
Western Union $500 fee of $43.00
XOOM No in person option

MoneyGram $899 fee of $9.99
Western Union $899 fee of $68.00
XOOM No in person option

Online to send:

MoneyGram $250 fee of $25.99
Western Union $250 fee of $34.99
XOOM $250 fee of 15.99

MoneyGram $500 fee of $39.99
Western Union $500 fee of $51.00
XOOM $500 fee of $26.99

MoneyGram $899 fee of $69.99
Western Union $899 fee of $81.00
XOOM $899 fee of $33.99

The most economical option is always in person with MoneyGram. If you want to use credit cards or PayPal then XOOM is the next most affordable option.

I hope that answers the question.

shooterman · 04-08-09, 08:43 AM

HaHaHa No thanks!

Gold-Pay · 04-08-09, 09:43 AM

Originally posted by shooterman

HaHaHa No thanks!

We are not pretending to be the perfect solution, just a solution.

username474 · 04-08-09, 10:13 AM

2000 a month max is absolutely pointless,you realy need to work on getting your limits raised. I was about to sign up before I saw this.

Gold-Pay · 04-08-09, 10:34 AM

Originally posted by username474

2000 a month max is absolutely pointless,you realy need to work on getting your limits raised. I was about to sign up before I saw this.

I agree higher limits will be better and I am sure as the months progress we will probably see those increased. There are basically 4 ways for US players to deposit to Matchbook. Wire transfers and Interbook transfers have no monthly limits, Credit cards have a monthly limit of $1500 and Gold-Pay has a monthly limit of $2,000. Gold-Pay is the only option worldwide if you want to use MoneyGram or Western Union to get funds into Matchbook.

Generally speaking about 75% of most sportsbooks business is in transactions of $500 or less and 50% is $300 or less.

bleedblue · 04-08-09, 01:58 PM

Originally posted by username474

2000 a month max is absolutely pointless,you realy need to work on getting your limits raised. I was about to sign up before I saw this.

Possibly a bigger issue, the daily limit is only $250. I don't even see people who want to fund their account in the $500-2000 range bothering with this if they can only do $250/day.

Is this really gonna make a big enough impact on the players making $100-$200 deposits to make it worthwhile?

Santo · 04-08-09, 04:19 PM

There's probably a trust issue; Matchbook will need to establish that that G-P are reliable before they are willing to have large funds in transit with them.

Gold-Pay · 04-08-09, 07:01 PM

Originally posted by bleedblue

Possibly a bigger issue, the daily limit is only $250. I don't even see people who want to fund their account in the $500-2000 range bothering with this if they can only do $250/day.

Is this really gonna make a big enough impact on the players making $100-$200 deposits to make it worthwhile?

Well, we do open up the ability to use ** and ** which will be very helpful. Over the next few months we do expect limits to be increased.

GamblingMike · 04-08-09, 08:16 PM

Originally posted by TeamPlayer

If a matchbook customer uses Gold-pay to fund his/her matchbook account, is the customer still free to withdraw from his/her same matchbook account via "courier check" option or is he/she somehow required to withdraw only using the Gold-pay service?

I was told on live chat today at MatchBook that Gold-Pay is currently only a deposit method.

LVHerbie · 04-08-09, 08:16 PM

Originally posted by bleedblue

Possibly a bigger issue, the daily limit is only $250. I don't even see people who want to fund their account in the $500-2000 range bothering with this if they can only do $250/day.

Is this really gonna make a big enough impact on the players making $100-$200 deposits to make it worthwhile?

Wow, this is the deal killer for me... I can already pretty easily get $1500 a month on matchbook using various cash deposit debit cards and am looking for more options to move more on there in a month if needed... Having to make 8 deposits to only move $2000 would be absurd considering there are fees involved per transaction...

Or am I reading this wrong? Is the 250 per day just on matchbooks side? Can I make a $2000 moneygram deposit into my account with you and then transfer the money at $250 a day? If this is the case it still seems pretty time consuming as well...

bleedblue · 04-08-09, 09:22 PM

Originally posted by LVHerbie

Wow, this is the deal killer for me... I can already pretty easily get $1500 a month on matchbook using various cash deposit debit cards and am looking for more options to move more on there in a month if needed... Having to make 8 deposits to only move $2000 would be absurd considering there are fees involved per transaction...

Or am I reading this wrong? Is the 250 per day just on matchbooks side? Can I make a $2000 moneygram deposit into my account with you and then transfer the money at $250 a day? If this is the case it still seems pretty time consuming as well...

The $250 max is just the matchbook side; it is how much you can transfer into matchbook from gold-pay in one day. The rep didn't mention what the max is to transfer into gold-pay, though it is pretty irrelevant because of the matchbook max...

LVHerbie · 04-08-09, 10:50 PM

Originally posted by bleedblue

The $250 max is just the matchbook side; it is how much you can transfer into matchbook from gold-pay in one day. The rep didn't mention what the max is to transfer into gold-pay, though it is pretty irrelevant because of the matchbook max...

As you have to cover the moneygram/** fees it would wiser to make one deposit to the payment processor and then make multiply ones to matchbook (ignoring that making a bunch of repeated small daily deposits with moneygram and ** could possibly bring unwanted attention as well...)

Personally I'm not too fond of having 2k lying around in a new and unproven payment processor these days (even for eight days or whatever) and the low daily limit on matchbook's end seems to imply that they are not too confident with this solution yet as well... Hopefully it proves to a good out eventually but I'm going to give it some time and choose not be an early guinea pig...

WileOut · 04-08-09, 10:50 PM

Originally posted by bleedblue

The $250 max is just the matchbook side; it is how much you can transfer into matchbook from gold-pay in one day. The rep didn't mention what the max is to transfer into gold-pay, though it is pretty irrelevant because of the matchbook max...

I disagree. It is very relevant because of cost to you. If you can transfer $2000 into Gold Pay through moneygram for 10 or 20 bucks, then transfer $250 per day into matchbook for free, then this is a great solution. However if it was only $250 a day into Gold Pay then you would have to pay 80 to 160 bucks to get the $2000 into matchbook. It looks like you can send at least $500 to Gold Pay per transaction but the exact amount I'm not sure about.

Also this solves the recreational player problem matchbook had with getting recreational players a way to deposit (even though I have tried to tell everyone that gift cards are about as easy a transaction into a sportsbook as it gets, and very inexpensive). So now joe public has no excuse not to play at matchbook.

This is great news, matchbook should explode now.

$2000 a month is the perfect solution for joe public. Joe Public does not send $2000 in 6 months. Really good news here for matchbook fans.

Just don't send money online, go to moneygram locations like you do for all your other books and it costs 9.99 to send just about any amount of money using **.

And the thing with Gold Pay not having any other books right now is not really a problem because matchbook already does free interbook with most other A+ books.

LVHerbie · 04-08-09, 11:03 PM

And while I think gold could potentially be a decent investment longterm I really don't like the fact that my funds are held in a currency form that can have pretty high fluctuation rates against the US dollars over a short period while I'm moving my money to matchbook at $250/day... Right now this seems like it is probably only a good solution for those making small deposits and don't mind paying high fees to get money moved around... Get the daily deposit rate raised at matchbook and I think this service would probably be more appealing for alot of people...

Gold-Pay · 04-09-09, 08:18 AM

Originally posted by WileOut

I disagree. It is very relevant because of cost to you. If you can transfer $2000 into Gold Pay through moneygram for 10 or 20 bucks, then transfer $250 per day into matchbook for free, then this is a great solution. However if it was only $250 a day into Gold Pay then you would have to pay 80 to 160 bucks to get the $2000 into matchbook. It looks like you can send at least $500 to Gold Pay per transaction but the exact amount I'm not sure about.

Also this solves the recreational player problem matchbook had with getting recreational players a way to deposit (even though I have tried to tell everyone that gift cards are about as easy a transaction into a sportsbook as it gets, and very inexpensive). So now joe public has no excuse not to play at matchbook.

This is great news, matchbook should explode now.

$2000 a month is the perfect solution for joe public. Joe Public does not send $2000 in 6 months. Really good news here for matchbook fans.

Just don't send money online, go to moneygram locations like you do for all your other books and it costs 9.99 to send just about any amount of money using **.

And the thing with Gold Pay not having any other books right now is not really a problem because matchbook already does free interbook with most other A+ books.

Yes, the deposit limit is on the Matchbook side and that is quite normal for any place using a new processing solution. The maximum deposit limits for Gold-Pay with Western Union or MoneyGram is $3,000 per transaction. There are no monthly deposit limitations with Gold-Pay.

We do think that the recreational player will enjoy having the additional options for depositing. We anticipate in the future that Gold-Pay will be available for withdrawals as well.

Thank you for your response.

Gold-Pay · 04-09-09, 08:25 AM

Originally posted by LVHerbie

And while I think gold could potentially be a decent investment longterm I really don't like the fact that my funds are held in a currency form that can have pretty high fluctuation rates against the US dollars over a short period while I'm moving my money to matchbook at $250/day... Right now this seems like it is probably only a good solution for those making small deposits and don't mind paying high fees to get money moved around... Get the daily deposit rate raised at matchbook and I think this service would probably be more appealing for alot of people...

Thanks for your response. It is true that the price of gold does fluctuate and that can be positive and negative. I do like to share this story when discussing gold versus the dollar:

If you had put $35 and 1 oz. of gold (which at the time were equivalent) in a box in 1972 and sealed it until today when you opened the box today you would still have $35 and 1 oz. of gold. However, the $35 doesn't buy nearly as much as it did in 1972 and you can trade the 1 oz. of gold for about $883. The dollar and gold are moving in opposite directions.

Thanks again for the response.

WileOut · 04-09-09, 10:07 AM

Originally posted by LVHerbie

And while I think gold could potentially be a decent investment longterm I really don't like the fact that my funds are held in a currency form that can have pretty high fluctuation rates against the US dollars over a short period while I'm moving my money to matchbook at $250/day... Right now this seems like it is probably only a good solution for those making small deposits and don't mind paying high fees to get money moved around... Get the daily deposit rate raised at matchbook and I think this service would probably be more appealing for alot of people...

High fees? It costs 10 bucks to send a **. Matchbook pays the fees from gold pay to matchbook. So you pay 10 dollars to move any amount up to $3000 to gold pay, and then you transfer it free to matchbook. Where are the high fees you are talking about?

The key here Herbie would be to not leave your money in Gold Pay. You are not investing here. You are in the market for a very short period of time, its not investing unless you leave your money in gold pay to sit.

Transfer the amount you want to have at matchbook to gold pay and move 250 daily to matchbook until you have no balance at gold pay. Even if you transfer the max matchbook will allow in a month ($2000), and move $250 a day from gold pay to matchbook, your risk would be minimal and you could gain money just as easily as lose it. You risk would be minimized daily by moving the money out.

And for the person who wants to send $500 or less, the risk is really a complete non factor. I would even say it is a non factor for $1000. Hell, for me its a non factor at $2000 but its just because I have looked at the gold charts and see that over 8 days and reducing the money at risk by 12.5% every day, the worst that could happen is I lose maybe 80 bucks in the process. And I could also just as easily gain 80 bucks (remember this is for 2000 dollars here, the less you send the less the worst case scenerio is). But most of the time I'm going to gain or lose 3, 7, 15, 25, 2, 5, 18...amounts similar to those.

And that is for $2000. For $1000 and less you aren't going to gain or lose much of anything unless you let your money sit in gold pay.

To me this is a great solution. I wouldn't hesitate to send $2000 to gold pay and transfer 250 daily to matchbook.

And certainly for the general public who only sends 500 and less usually, it is a perfect solution. Low fee, easy transaction.

LVHerbie · 04-09-09, 12:14 PM

High fees? It costs 10 bucks to send a **. Matchbook pays the fees from gold pay to matchbook. So you pay 10 dollars to move any amount up to $3000 to gold pay, and then you transfer it free to matchbook. Where are the high fees you are talking about?

When I said high fees I was actually referring to someone making small deposits into gold-pay and then into matchbook... Understanding that, using monegram only once and in person, this wouldn't probably be to considered too high a cost to make a single deposit but it also needs to be stated that typically these fees are offset by book on deposits (or by receiving fee credits as is the case at matchbook) and any other deposit option would come at a higher cost ratio to the player...

The key here Herbie would be to not leave your money in Gold Pay. You are not investing here. You are in the market for a very short period of time, its not investing unless you leave your money in gold pay to sit.

Transfer the amount you want to have at matchbook to gold pay and move 250 daily to matchbook until you have no balance at gold pay. Even if you transfer the max matchbook will allow in a month ($2000), and move $250 a day from gold pay to matchbook, your risk would be minimal and you could gain money just as easily as lose it. You risk would be minimized daily by moving the money out.

And for the person who wants to send $500 or less, the risk is really a complete non factor. I would even say it is a non factor for $1000. Hell, for me its a non factor at $2000 but its just because I have looked at the gold charts and see that over 8 days and reducing the money at risk by 12.5% every day, the worst that could happen is I lose maybe 80 bucks in the process. And I could also just as easily gain 80 bucks (remember this is for 2000 dollars here, the less you send the less the worst case scenerio is). But most of the time I'm going to gain or lose 3, 7, 15, 25, 2, 5, 18...amounts similar to those.

This is exactly what I would do if I was going to make a deposit their but I would like to see the max recieving amount raised on either matchbooks end or I'm going to have to wait at least a few months before I enough trust to have my money sitting there for eight days while I make the transfers to matchbook...

I've actually owned some gold bullion coins before (although several years ago) so I have an elementary understanding of how that market works but again if I'm stuck leaving my money somewhere for eight days (and going through the hassle of making daily transfers to matchbook) I would pretty unhappy if I lost 80 dollars while waiting to get this done... My point here is that I would rather have my money setting there in U.S. dollars (or another monitory currency with less fluctuations) when I'm forced to pick between having to wait eight days to transfer my balance from a new payment company, being forced to make small daily bets (if you will allow the analogy) gambling on an investment I can't control or making numerous small deposits to the payment processor that I have absorb the cost of repetitively depositing to... But personally the balance being held in gold isn't the deal breaker for me...

And that is for $2000. For $1000 and less you aren't going to gain or lose much of anything unless you let your money sit in gold pay.

To me this seems like a great solution. I wouldn't hesitate to send $2000 to gold pay and transfer 250 daily to matchbook.

You would trust a unproven company with $2000 yet matchbook currently only trusts them to transfer $250 per the limited number of their customers who are going to choose this method? Can I ask what this company (that no one has ever heard of till yesterday) has done to deserve $2000 of your trust?

I actually signed up for account there yesterday to see what the deposit limits were on their end and was given account 1000xx... I'm assuming (I could easily be wrong) that this means they have less then a hundred customers currently which leads me to believe that this was set up recently to (and specifically to) make transfers to other entities such as matchbook... Currently I don't think this is a company I want to let hold my money even for a short time, given the climate of this industry, and until they are a little more proven or until someone like matchbook shows me that they putting their own trust in them by allowing larger daily transfers...

And certainly for the general public who only sends 500 and less usually, it is a perfect solution. Low fee, easy transaction.

As I pointed out above it is only low fees if you use one specific payment method and even then these are fees that are typically picked up by the book... As I have also pointed out in my other message it is already fairly easy to get $500 on matchbook currently for the recreational player using prepaid credit cards, etc... Personally what I think matchbook is missing is a method for are those who want to deposit a mid range amount there... I've already maxed out my credit/debit card deposit amount this month and if I need to get more money on their site my only remaining choices are this or bank transfer...

NeedProtection · 04-09-09, 09:42 PM

Aren't you guys located in the states? Why would anyone use a US based processor? WTF

michael777 · 04-09-09, 09:58 PM

i will not use them,but this is from their site : Gold-Pay.com
About Us
Gold-Pay.com is a limited liability partnership founded in Panama.

Gold-Pay.com was created to make online transactions as simple and private as making offline transactions with cash.

Gold-Pay.com has customer support and marketing offices in Costa Rica, and stores gold privately in a variety of locations and jurisdictions for maximum privacy and security.

NeedProtection · 04-09-09, 10:49 PM

their servers in the states.

next

Santo · 04-10-09, 05:37 AM

A search on their ip address throws up this, which is a bit worrying: http://www.moneymakergroup.com/Premi...3#entry5109783

Dark Horse · 04-10-09, 07:45 AM

Originally posted by michael777

Gold-Pay.com has customer support and marketing offices in Costa Rica, and stores gold privately in a variety of locations and jurisdictions for maximum privacy and security.

I store gold privately in a variety of locations too. My ring finger, my middle finger, my ...

michael777 · 04-10-09, 07:57 AM

Originally posted by NeedProtection

their servers in the states.

next

just posted what was on their site,i said i would not use them

Gold-Pay · 04-12-09, 05:04 PM

Originally posted by NeedProtection

their servers in the states.

next

Just to clarify. Our servers are not located in the US. We do use some DDOS protection services and that is run through a company that uses servers based in the U.S. The web servers and database servers for Gold-Pay are not in the US.

Dark Horse · 04-14-09, 04:11 AM

Originally posted by Gold-Pay

Gold-Pay is a 100% gold backed online currency. All account balances are accounted for in grams of gold and Gold-Pay holds on your behalf, physical gold.

Can you prove this? How do we know you really hold gold? Anybody can say so.

Originally posted by Gold-Pay

For convenience your account balance can be calculated in other fiat currencies like U.S. Dollars. What this means is that your balance as calculated in fiat currencies will fluctuate based on the price of gold. This fluctuation can be both positive and negative.

So account holders are basically investing in gold?

Gold-Pay · 04-14-09, 08:05 AM

Originally posted by Dark Horse

Can you prove this? How do we know you really hold gold? Anybody can say so.

So account holders are basically investing in gold?

We are planning two independent audits a year of the gold reserves. The first audit is scheduled for June of this year. We will post the results of the audit on the website.

Accounts are maintained in balances of gold. Most users will probably not be holding gold very long so in those cases I wouldn't consider it investing in the traditional sense of the word. Another way you might look at it is that when you keep your money in dollars or some other fiat currency your essentially "investing" in that particular currency. I don't think there is any debate that the long term value of dollars and every other fiat currency is downward.