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This CAN happen to YOU

MC & VISA charging 25k to100k for chargebacks

     
4:21 am on Dec 2, 2000 (gmt 0)

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This has convinced me to use things like PayPal for my transactions. I am dropping my merchant account. This is bad. :o
[b2bnow.com]

Air

4:49 am on Dec 2, 2000 (gmt 0)

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Yeah, I know what you mean. I felt the same way when this story first broke in April, but take a close look at your chargebacks, are you anywhere near those percentage levels?

From research I did a while ago, the card associations are really targetting the card processors that use their merchant account to accept transactions on behalf of other vendors. They want a method to shut down the bad ones. I wouldn't worry just yet, the good ones are still around, the bad ones have closed their doors, but it bears watching just the same.

4:18 pm on Dec 2, 2000 (gmt 0)

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I thought I heard a story on NPR a few months ago about an anti-trust case against Visa and MC, but never heard what came out of it.
5:28 am on Dec 3, 2000 (gmt 0)

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I'll take your advice, I see what you mean but I'm still spooked.

Sears, Walmart and some others were sueing VISA/MC in an anti-trust case. I think it is still in the courts.

10:54 pm on Dec 3, 2000 (gmt 0)

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>Sears, Walmart and some others were sueing VISA/MC in an anti-trust case.

Isn't Sears tied to the Discover card? That thickens the plot a bit.

1:42 pm on Dec 5, 2000 (gmt 0)

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If I remember correctly, the player with the most issues was AMEX. One of the issues was the no compete agreement Visa and MC had. Also, I seem to recall one of them having the smart card technology and not using it because the other one wasn't capable yet. The report I heard tried to make them sound as worthy of an anti-trust case as Microsoft's.

-Scott

9:31 am on Dec 20, 2000 (gmt 0)

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>>Isn't Sears tied to the Discover card? That thickens the plot a bit.<<

Come to think of it, Walmart, a.k.a. Sam's Wholesale is also tied to Discover/Novus.
Amex had some kind of case going. I understand the government is looking into an antitrust suit like the Microsoft suit against VS/MC. Saw that on the tv set. It is getting interesting.

mnw

1:40 pm on Jan 30, 2001 (gmt 0)

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Sears is no longer involved with the Discover Card. When Sears sold Dean Witter (or spun them off - I can't remember),Dean Witter took Discover Card with them. Morgan Stanley now owns Dean Witter and hence Discover Card.
 

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