Quote:
Originally posted by slavdogg@Nov 16 2002, 07:12 AM
interesting quotes
Worldcom owes ibill $2.4 million for WEB900, the good news its not effecting webmaster payouts.
also this
"" In the third quarter of 2001 and the first quarter of 2002,
Visa determined that iBill violated its operating rules by having excessive
charge-backs, which resulted in fines. Also, MasterCard is currently reviewing
our charge-back ratios. If MasterCard or Visa determine that our charge-back
percentages exceed their limits, it could result in additional fines or the
termination of our ability to accept credit cards for payment, either of which
would materially adversely affect our financial condition and results of
operations.
""
also MasterCard fined their bank $75,000
|
OUCH
We see where this is all going.
Come on WIG do a Adult Pay card now! Maybe we can form a cartel and create a new pay system.
There's no way in hell to meet their charge back ratios. Years ago all this would have been factoring which is against their regs. Third party processors found loop holes that basically allowed them to enter a type of partnership where they would provide the processing.
If you see the post on Oprano about
: Visa, Mastercard Tried To Block Rivals - Disclosures revealed massive federal.... (now on thesecond page)
It seems to me that third party processing isn't something they want. The charge back ratio was always 3% in the past. Why would they do this now? I honestly feel that this will become a major issues in the near future unless these class action suits delay or change everything.
DV