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Shouldn't The CardSystems Victims Be Notified? | 429 comments (429 topical) | Post A Comment
Your are in error ![ Parent | Reply to This ] (none / 0) (#16)
by Anonymous User on Mon Jun 27, 2005 at 02:34:45 PM PDT

Question from another merchant: How many merchants could stay in business for very long without accepting credit cards? Unfortunately, saying that what the above merchant stated is "patently untrue" just demonstrates a part of the problem - consumers really do not know how the credit card system works, and certainly not the hands-tied-behind-back agreements merchants must sign just to take credit cards so the business can be competitive. Like the merchant told you above, merchants are the ones who bear the cost of fraudulent transactions - NOT the ccard issuers/banks. The particularly unjust, absurd part of this situation is that the banks verify a transaction is "good" but then months later they just reverse their verification, and we must then reverse the transaction, still lose the original processing fee related thereto, plus get charged a very hefty chargeback fee for the transaction to boot. Further, the fraudulent transaction then goes againt the merchant's overall rating as to what risk catgeory they are placed in, resulting in even higher ongoing processing fees to the merchant as another add-on "penalty". Where's the justice in that? And it surely doesn't take a rocket scientist to figure out who is making money on fraudulent transactions. As long as there is money to be made this way, fraud is going to continue to be rampant because the wrong folks are in bed together and it's all about the bottom line. In the meantime a lot of small business are going under directly attributable to this situation. Small businesses simply cannot absorb the kinds of losses associated. Obviously the current processing procedures are by design meant to keep padding the pockets of those who benefit by NOT stepping up to the plate and dealing with fraud appropriately.)

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yes[ Parent | Reply to This ] (none / 0) (#333)
by maderikapapa on Fri Jun 27, 2008 at 09:10:42 PM PDT

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fvbh[ Parent | Reply to This ] (none / 0) (#359)
by Anonymous User on Wed Oct 22, 2008 at 02:06:37 AM PDT

SEXlink1

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fgbb[ Parent | Reply to This ] (none / 0) (#378)
by Anonymous User on Thu Oct 23, 2008 at 03:45:50 AM PDT

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gbvv[ Parent | Reply to This ] (none / 0) (#396)
by Anonymous User on Fri Oct 24, 2008 at 01:00:48 AM PDT

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gfdd[ Parent | Reply to This ] (none / 0) (#414)
by Anonymous User on Sat Oct 25, 2008 at 01:07:17 AM PDT

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fgkk[ Parent | Reply to This ] (none / 0) (#433)
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fdmm[ Parent | Reply to This ] (none / 0) (#451)
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fbvd[ Parent | Reply to This ] (none / 0) (#470)
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gfmm[ Parent | Reply to This ] (none / 0) (#489)
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dgff[ Parent | Reply to This ] (none / 0) (#508)
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fdgg[ Parent | Reply to This ] (none / 0) (#526)
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Shouldn't The CardSystems Victims Be Notified? | 429 comments (429 topical) | Post A Comment
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