Using intermediary services when making payments can be quite a pain to deal with. Unfortunately, companies dealing with Bitcoin are not exempt from this rule. Payza, a well-respected online payment platform, recently started accepting Bitcoin payments for deposits and withdrawals. However, there are still some kinks that need to be worked out sooner rather than later.
Payza Is Not An Ideal Bitcoin Payment Processor
There is a very big difference between existing payment processors adding Bitcoin support, and companies solely focusing on Bitcoin payments as a business model. Payza is a good example of the first category, whereas BitPay is a prime example of a Bitcoin-only enterprise.
One Reddit user ran into quite a bit of trouble when trying to complete a Bitcoin transaction. By the look of things, the Payza payment system lets users make transfers before telling them to verify their account. However, at that time, those Bitcoin transactions are already pending, and they can’t be canceled.
The Reddit user in question noticed how his Bitcoin transfer was used to fund the Payza account balance, instead of paying the seller of an item.Unfortunately, it is not possible to pay the seller from the account balance, unless the user verifies their account for payments above US$500.
This is where things get even messier, as Payza would not let the user verify the account. In fact, all he got was an automated page saying how there is a requirement to further verify that particular account. Interestingly enough, when trying to make the payment again, a different error popped up, stating how the e-wallet did not contain sufficient funds.
In the end, the whole ordeal with Payza become more of a pain in the rear than anything else. The user will have to submit to a thorough identity verification procedure before being able to get the money back. Never use third-party payment processors relying on staff who seem rather clueless when it comes to Bitcoin.
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