Subject:
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Re: $7000+ PayPal Warning
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Newsgroups:
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lugnet.market.services
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Date:
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Tue, 3 Jun 2003 21:21:43 GMT
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Viewed:
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3095 times
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In lugnet.market.services, Mark Papenfuss wrote:
> In lugnet.market.services, Steve Chapple wrote:
>
> > If a
> > criminal uses a stolen VISA card to buy a computer from a store, VISA
> > takes the loss (and passes it on to its other cardholders). If a criminal
> > uses a stolen VISA card to buy LEGO from my Bricklink store, VISA
> > should likewise cover it.
>
> Where did you get that info from? If a charge is reversed the money is taken
> from the seller and returned to the buyer. What you are claiming is exactly what
> I pointed out as an easy way to fraud and double your money. It just does not
> work like that, not in any way
Mark is correct. I did e-commerce setup for a software company a few years back
and had to deal with all the credit card banking things. If you accept Visa or
any other credit card, you must have a bank account with a certain amount in it
so that if charges turn out to be fraudulent, the credit card processor will go
into it and take the money back.
Visa does NOT eat the loss. What's being described here is indeed what any
processor does. Now, whether Paypal is less helpful to a vendor who's had his
money taken... that I can't say.
Peter
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Message has 1 Reply:
 | | Re: $7000+ PayPal Warning
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| (...) If that's the case then why would VISA complain about credit card theft and say that's one of the reasons their interest rates are so high? More to the point, what is the 1.75??% fee for then? (And why is the PayPal fee 3% - even higher than (...) (21 years ago, 4-Jun-03, to lugnet.market.services)
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Message is in Reply To:
| | Re: $7000+ PayPal Warning
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| (...) Where did you get that info from? If a charge is reversed the money is taken from the seller and returned to the buyer. What you are claiming is exactly what I pointed out as an easy way to fraud and double your money. It just does not work (...) (21 years ago, 3-Jun-03, to lugnet.market.services)
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