Payment processing company takes VISA/MC to trial

[Miklo]

PSW, another payment processing company, started a lawsuit against Visa/MasterCard. The articles describes perfectly what payment processing companies have to cope with nowadays. If PSW wins this case, Visa and especially MasterCard will get more claims from other processing companies. You can read the full article here:

[www-1.officialspin.com...]

You can only imagine what MyPaysystems will do, after they went out of business just days ago!

[blaze]

Wooh!

This should be very very interesting.

[Essex_boy]

good find, I wish them luck

[Morocco]

This will be an interesting case.

My understanding is that PSW is suing based on Chargeback rates and unfair fines. Shouldn't that be an issue between them and their bank.

[Morocco]

I'm sorry I meant processor, not bank.

[Miklo]

Well, normally Visa/MasterCard will fine the acquiring bank, who will normally fine the processing company or will just unplug Visa or MasterCard.

I have to say that Visa/MasterCard requirements change every week. They have tried to stop us from using our retail model, which legally is rock solid and now they have made a small change to their requirements. Now we need to change all the order pages and host them on our own server to be in compliance with their 'new' requirement. If we are not in compliance before Septemebr 7, we might loose the MasterCard facility.

That is why I totally agree with PSW. Visa and MasterCard have a monopoly position and they tweak there requirements constantly, which in the end, can cause huge damage to your business. That's what probably happened with PaySystems as well.

[DaveAtIFG]

Let's consolidate this discussion into the one at [webmasterworld.com...]