Startups Stack Exchange Archive

Can I keep incorrect bit coin payments?

Lets say I’m charging my user 0.03 BTC ($10 USD), and I receive 0.025 BTC, Refunding them is really difficult, So can I have a policy that If they get the amount wrong, there will be no refund of the money? …So I keep the 0.025 BTC without delivering the product, or if the pay me 0.035 BTC I keep the change.

Note: A warning about exact change will be made clearly visible, so it won’t come as a surprise.

Answer 1199

I was recently reading an article that really surprised me. It basically states that as long as your policy is clearly stated, clearly documented, and easily visible, you can in fact have these kinds of policies. It specifically talks about a no refund policy, but I believe it applies to your situation. check it out here

Things to remember:

1.Must be clearly visible (I think an alert is sufficient)

2.Must be documented. On their reciepts that I assume you will be e-mailing to them re-document the policy

3.Watch the wording. Don't make it tricky to understand plainly state, "We keep all incorrect amounts, no exceptions, This includes underpayment, for which you will not be refunded"

That being said, I don't this this inspires customer loyalty, and I know I would be VERY hesitant in buying something from your site. I would only do so if I knew someone else who had done so. So be careful about what policies you have.


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