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I'm assuming most of you are eCommerce business owners. And I have a question for you all. I've developed a new technology that will make it impossible for a thief to use a stolen credit card number to purchase goods and services over the internet (or even in a real store). That means when a business receives an order from a customer (if my technology is implemented) we will guarantee that the customer is the legal owner of the credit card account.
Now, for something like this, would it be worth an increase of about 0.15% in discount fee and 8 cents in transaction fee? Or aren't chargebacks from fraud that big of a deal?
Any comments or feedback will be appreciated :)
To eliminate chargebacks would be superb many of us would then be able to drop our prices with no charge backs and still absorb your costs.
Make sure you see a lawyer to protect your intellectual copyright etc.
Only friday there was a n obituary for a guy that made a stunning inventions for shipping saved countless lives, however he forgot to patent it and never made a bean.
However, I would have to be sure that your technology will not affect the conversion rate as in the case of VbV where there is a question mark.
A solution to that including paying a higher discount rate as immunization against it would be very welcome! Anyone know if that is possible?
The credit card firms are so much on the consumers side they even allow the customer to KEEP the product or service and do not mandate its return or cancellation. Had that happen several times where the credit card could care less that the customer never even tried to cancel or send back the product, which is amazing!
The credit card firms are so much on the consumers side they even allow the customer to KEEP the product or service and do not mandate its return or cancellation.
Sometimes though it's not the cc company that does this. I had a situation with a new monitor which required the company replace the monitor within the warranty period. They did. AND they refused to allow me to return the defective but still usable one.
Can't blame that one on BOA.
I don't really care for the absence of chargebacks as long as legs are being broken :)
Preventive (that seems to be popular these days) batting is even better :)
VbV is great. But not when it comes to real life merchants. My system doesn't discriminate between retail, moto, or internet.
When it comes to the charges, which was my main concern, initially it will be about 0.15% plus 8 cents above what you are paying today. However, since we can guarantee that it is not a stolen card; we are currently building a case we hope to present to the card association with the goal of lowering all transaction rates going through our system from Internet to around retail rates (which would mean around 1% drop). This won't happen from day one though. More likely a year or two out if we build a good case.
When it comes to chargeback due to customer being disappointed with the product, that is something we can't do anything about. We just make sure that the transactions comes from an authorized person.
You have your feedback and further discussion begins to sound like self-promotion to my ear. :) Please review our Terms of Service, in particular item 25 re: whisper campaigns. I'm NOT making accusations but I am going to lock the thread and prevent further discussion.
Feel free to discuss this decision further with me in stickymail if necessary.
And good luck with your idea! :)