Ibill fined $5.85 million by Mastercard

04-02-2003

obviously with pressure from shareholders, shifting some of the blame for this large fines to the old ibill is a standard practise. I guess thankfully for intercept the reserve covered the charge and they didn't have to dip into their own pockets.

However their claim that first data probably wouldn't asses fines greater than their reserve held was a bit of concern. Doesn't the merchant sign an agreement to cover all levied fines, fees, refunds etc. etc.,

[quote]
We have concluded that Visa fines in excess of amounts withheld by us from merchant payouts are not probable,

Last edited by meatloaf at Apr 1 2003, 09:53 PM

Thread Tools
Show Printable Version Email this Page
Display Modes
Switch to Linear Mode Switch to Hybrid Mode Threaded Mode

04-02-2003	#11
meatloaf Guest Posts: n/a	obviously with pressure from shareholders, shifting some of the blame for this large fines to the old ibill is a standard practise. I guess thankfully for intercept the reserve covered the charge and they didn't have to dip into their own pockets. However their claim that first data probably wouldn't asses fines greater than their reserve held was a bit of concern. Doesn't the merchant sign an agreement to cover all levied fines, fees, refunds etc. etc., [quote] We have concluded that Visa fines in excess of amounts withheld by us from merchant payouts are not probable, Last edited by meatloaf at Apr 1 2003, 09:53 PM