Thread: Liberty Reserve

Anyone here use Liberty Reserve? Good experiences? Bad experiences?

I just signed up.

Heard of them but never used them

LibertyReserve is good, but problem id you have to use exchanger for transection. you can widraw you money directly from them.

its good i have been using it for quite a while, and it is secured.

I'm not using them because all of my clients are using PayPal. These smaller payment processors can't really succeed until PayPal is here.

liberty reserve is good when you are a seller

liberty reserve have no dispute option. If you complete transaction, you can't open dispute. So, its popular for HYIP site. Besides, you may not directly withdrew or deposit from LR. But, still I like LR. Because, they have no dispute. If you want to sell some product which you don't want any refund, LR is the best option. But, be careful from hacker. Because, if hacker hacked your account, you will never get refund.

Originally Posted by bdprem

liberty reserve have no dispute option. If you complete transaction, you can't open dispute. So, its popular for HYIP site. Besides, you may not directly withdrew or deposit from LR. But, still I like LR. Because, they have no dispute. If you want to sell some product which you don't want any refund, LR is the best option. But, be careful from hacker. Because, if hacker hacked your account, you will never get refund.

I see what you're saying. LR does seem to be less regulated than PayPal, which is both a good and bad thing. In the end, I've decided to include as many payment processors as possible. PayPal is not available in some countries and not everyone has a credit card. I have been moving forward with setting up Liberty Reserve and Moneybookers in addition to accepting PayPal and credit cards. That should increase sales a bit by making more options available.

Originally Posted by vectro

I see what you're saying. LR does seem to be less regulated than PayPal, which is both a good and bad thing. In the end, I've decided to include as many payment processors as possible. PayPal is not available in some countries and not everyone has a credit card. I have been moving forward with setting up Liberty Reserve and Moneybookers in addition to accepting PayPal and credit cards. That should increase sales a bit by making more options available.

If you are adding processors to maximize transaction potential for those that may nor use some of the other processors, here's a few I've used over the last 5 years on & off at least once because a client requested payment via them.

PayPal
MoneyBookers
Revolutionary Money Exchange
AlertPay
BidPay
StormPay
EGold
PayStone
Payso
Be-Cash
NetPay
AnyPay

Not sure about other payment processors out there, but the above I actually used at least once with a client in the past. EGold has been in the news a few time about being hacked back in 2007-2008, so not sure if they've taken measures to re-secure their servers or not (Just so you know). StormPay had an issue back in 2006-2007 where they shut down for a few months or their servers went offline & most peoples money were lost, so not sure about them currently. AlertPay I still hear good things about & know lots of people that use them as a secondary payment processor.

As for Liberty Reserve, I've never used them personally, but now I'm going to do some research on them to see if it's something that I might be able to add to my own payment processor list

I had a LR account but been hacked and never get my moneyback.So....

Thanks for the information. Going to try Liberty Reserve anytime soon.

I'm learning more about them. LibertyReserve does not allow you to transfer funds to your bank account or PayPal account. You have to get an account with a compatible forex brokerage first, then transfer funds there from LR. Or just use your LR funds when you buy stuff online at sites that accept it.

We've used them and personally like them since people can't do a charge backs like on PayPal

Originally Posted by SolidServ

We've used them and personally like them since people can't do a charge backs like on PayPal

False chargeback scammers are especially brutal with PayPal.

Liberty Reserve seems to be the most accepted e-currency nowadays. I use it to fund my forex trading account, used it like twice to buy stuff online. Yes, you can't fund or get the funds out directly as someone noted here, but you can do that thru exchanger. If you're looking for an exchanger, check the list of recommended exchanger on LR website. I am using e-forexgold exchanger, no problem and the fees are not high.

As I've been looking around & paying more attention, I'm noticing more & more companies that refuse any type of payment from the following countries EXCEPT a liberty reserve payment: Vietnam, Africa, Ghana, Lithuania, Russia, Nigeria, Romania, Yugoslavia. The reasons they give in their terms of use & faq is that the regions are very high risk for financial fraud & the only way to protect them self from the fraud is to use a payment processor that won't allow the funds to be over tuned.

Thinking about that, on one end, that's good for the merchant, as now they never have to worry about a charge back. However, on the other end of the spectrum, it's bad for the person that was originally robbed, as now they can't get their money back. Insurance does cover some of the thefts, but not all of them for the victims. On the same side of the coin where the theft victims lose, Bad merchants benefit as well, this means that a merchant that got paid via Liberty Reserve can't be charged back if they decide to never send the merchandise purchased.

It all sounds a bit scary to me when analyzed and looked at for what it is. While it does have 1 bonus to protect merchants from scammers, it has no protection for buyers or victims of theft. This saddens me