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Thread: Staying safe using MoneyPak

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    Staying safe using MoneyPak

    Some quick background info for those who don't know, Green Dot MoneyPak (GDMP) is a card you can buy to reload some pre-paid debit cards (https://www.greendot.com/greendot) and can also be used to add money to your paypal. Loading up either will require your SSN to be attached to your account.

    For those using the Green Dot Debit Card to collect payments:
    Take a look at the cardholder agreements yourself as well, but it seems that you can currently add up to $2.5k a day to your card. You can only withdraw $400 per day via ATM (or spend $2.5k per day). I'd keep in mind that you aren't technically supposed to be using the card as a business tool to gather payments. As with most things that you break the rules on, they have the right to cut you off from the service.

    For those using paypal to collect GDMP payments:
    I'd strongly suggest only accepting GDMP if you are actually going to spend the money using paypal (don't withdraw paypal balance to bank account). In my experience, PP really hates it when GDMP's are withdrawn to your bank account as it is more or less proof you are using the GDMPs to collect payments/launder money. They will literally stop allowing you to load up your paypal with GDMPs if you abuse it. That said, if you are accepting GDMPs and loading your paypal there is no risk of chargebacks! I'm not sure if it's the same for everyone, but I have a $4k per month funding limit using GDMP and paypal.

    From knowing others in a different industry that have gathered payments using GDMPs here are a few tips to stay below the radar:
    -Don't accept more than $500 a day in GDMP payments. The system flags your account if a lot of money flows through it
    -Stick to one customer's payment per day, if possible limit it to less than 3-4 payments a week. They can track where the MoneyPaks (moneypak.com) are bought from. The system flags your account for review if you load moneypaks from different states in the same day.
    -Don't let the moneypak codes sit around before adding them to the account. From what I can tell, the system also flags "stale" codes (codes that were bought a while ago but never cashed out). Just think about it, if you were using it legitimately would you pay cash to reload your card and then just leave your money sitting in limbo? No. It's best to add the codes within 48 hours of them being purchased.
    -Withdraw at ATM/spend money relatively soon after loading it on the card (just do your best to not allow a bunch of money to accumulate). In very extreme cases I've seen them close cards and not refund the money. To be fair, this happened to people accepting large amounts of money for something more illegal than stuff that goes on at this site. The cards were also registered under "stolen" SSNs.

    For buyers paying with GDMP:
    They are sold at most convenience stores in the US (7/11, CVS, Walgreens, RiteAid, etc, full list on website). You can find them near the gift cards and pre-paid debit cards.
    ** Make sure to buy the Green Dot MoneyPaks NOT Green Dot Debit Cards! MoneyPaks are used to reload the debit cards, they look like gift cards, not like credit cards (picture) **
    The cards cost a $4.95 flat fee to buy. You can load up to $500 on each. Take them to the register and tell them how much you want to load on it (much like a gift card). Be careful with the receipt as sometimes people can steal the card number from it. When you get home, scratch off the backing and send the vendor the number. They will be able to load their account using it.

    ** MAKE SURE NOT TO MENTION THAT YOU ARE USING THE GDMP FOR A BUSINESS TRANSACTION! IF THEY ASK, YOU ARE LOADING MONEY ONTO YOUR OWN PAYPAL TO PURCHASE SOMETHING! **
    Last edited by ikakk; 09-07-2012 at 11:22 AM.

  2. The Following 6 Users Say Thank You to ikakk For This Useful Post:

    Ana Phylaxis (08-06-2014),Demo (09-07-2012),I_royalty_I (09-07-2012),John (09-07-2012),Ked (09-07-2012),Maison (11-15-2012)

  3. #2
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    Thanks a ton bro! Now send me yo moneys!!!

  4. The Following 2 Users Say Thank You to Possible For This Useful Post:

    ikakk (09-07-2012),Shawn (09-07-2012)

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    +rep this amigo

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    ikakk (09-07-2012)

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    Thanks I never knew you can use moneypak at a atm

    +REP

  8. The Following User Says Thank You to Ked For This Useful Post:

    ikakk (09-07-2012)

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    me neither, opens a whole new world for me.

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    I'm glad I could help you all out. It's really a great method to take in money for large-ish transactions. It only costs the buyer $4.95 (compared to the expensive WU) but keeps you safe from pesky PP chargebacks! Also, you can confirm you have the money without having to leave the house to pick it up at a sketchy WU location...

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    So would you say it's safe to accept moneypak with paypal once in a while? (Like once or twice every month or so).
    Also, +rep. Need to know this before I start to sell ^.^

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    Yeah its definitely safe to try it out. Obviously if you get an email warning or something you should stop. Warnings usually come if you load up a moneypak then withdraw to a bank account right after.

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