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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Wed, 4 Jun 2003 17:16:10 GMT
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Viewed:
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3357 times
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In lugnet.market.services, Peter F. Guenther wrote:
> 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).
> >
> > Where did you get that info from? ...It just does not work like that...
>
> 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...
> 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.
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 the CC fee - for that matter.) If that's all
just for "processing" and provides no protection from criminal use of CCs,
doesn't that make accepting CCs rather risky - especially over the internet?
It also doesn't jibe with what an upper-level VISA rep. told me when I was
disputing a charge on my card. She explained that if a merchant gets your
CC info. and puts a charge through, VISA can request clarification/correction
(in case it's an error) but if the merchant doesn't want to give a refund,
it's up to the cardholder to take it up with the merchant. Apparently the
biggest problem in this area is kids using their parent's credit cards.
SRC
LUGNet#765
http://www.bricklink.com/store.asp?p=SRC
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Message has 1 Reply:
 | | Re: $7000+ PayPal Warning
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| (...) If you want to know who gets what on the fees check out this article (URL) just look at the PDF flow chart. The PDF file (who gets what when you use plastic) is located on the right hand side of the article under "Special Package". Most of (...) (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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| (...) 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 (...) (21 years ago, 3-Jun-03, to lugnet.market.services)
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