Subject:
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PayPal and X.com Warning
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Newsgroups:
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lugnet.market.auction
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Date:
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Fri, 11 Feb 2000 21:17:04 GMT
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Reply-To:
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tcoats@cyberis.net^AntiSpam^
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Viewed:
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452 times
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I don't mean to make anyone paranoid, but there is one very serious
problem I see with these services. Technically in order for a credit
card transaction to be valid there HAS to be a signature. I know that
people don't alway do this, especially on the Internet and by phone.
The reason for this is for proof that the person authorized the CC
transaction. If a person does not sign something they can do a
chargeback request on their credit card and get their moeny back by
claiming the transaction was not approved. They can even to this AFTER
they get the items. Of course this would be very sleazy, but that is
how it works. Technically if someone is paying via credit card you
should reguire that they physically sign for the item at least when they
get it. According to the merchant services people I have talked to this
is enough proof that they can legimately be billed on their card.
Where Paypal is concerned maybe it isn't an issue as PayPal is billing
their card, not you. Also, money could certainly be put in the account
other ways as well. However, if you read the fine print of PayPal and
x.com they state sometime to the effect of "if a chargeback is requested
on an account that account is debted the amount of the chargebac." Of
course this would make sense on that users account, but I am concerned
they may debit the account of the user money was transferred to as well,
since the money isn't really there.
Anyway, mayber PayPal would just consider this the equivalent of
bouncing a check and not bother the person the money was paid out to. I
am just a little concerned it might get back and affect the sellers
account. If anyone has any more info. on this let me know.
Timbo
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Message has 1 Reply:
 | | Re: PayPal and X.com Warning
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| (...) <snip> Even before the internet, I have used my credit cards 100s of times w/o a signature. This problem, if there is one, extends *way* beyond X and PayPal. -John (25 years ago, 12-Feb-00, to lugnet.market.auction)
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Message is in Reply To:
| | Anybody use PayPal??
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| Hi. I was browsing Ebay listings and noticed a connection to the PayPal site (paypal.com). From reading through it, it appears that it's a free and quite handy, and offers $10 signup and referral bonuses. Anybody use it, and what kind of luck have (...) (25 years ago, 7-Feb-00, to lugnet.market.auction)
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