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Credit Card Merchant Processors
Sonia Said:What are the best credit card processors?
We Answered:Get a merchant account from Costco.
Nina Said:Can i access my Credit Card Processors( like innovative and Chase merchants) statements- on-line?
We Answered:Yes, you can call them and get the site address then register... kr
Holly Said:Credit Card Chargebacks for Buying Online Items?
We Answered:1. Verbally, they can stonewall you, but if you provide the dispute, as is required, in writing - they must process per their respective 'membership' rule (membership of either Visa or MasterCard). They can ultimately cancel your card - but they cannot determine that you are a whiner and simply ignore. They can, however, have an internal investigator determine this is not covered by the cardholder agreement and decline to proceed with the dispute - but this must be done in writing. So Yes and No, but the later is very very rare.
2&3&4. The credit card (your issuer) does not and cannot have contact with the merchant, period. The process is handled in the respective systems (BASEII for Visa and INES for MasterCard) which is a virtual link between your issuing bank and the merchants acquiring bank. The amount of time it takes to contact the merchant is irrelevant - as the merchant and acquiring bank have a set time limit (varies by dispute code from as little as 7 days up to 45 days - but is usually 14 days for most typical disputes) to respond to the requests. If they fail to respond - the dispute is escalated to a charge back. Once a chargeback (depending on the reason code), it may be handled (debited against the merchants account and returned to your issuing bank) in a matter of days - up to 90 days from the initial dispute date.
5) Both acquiring banks (the merchants processing member bank) and the processor keep a very close eye on chargebacks - as red flags begin to go off in any one month with 1.5% of annual volume is disputed. At about 9-12% the merchant is usually terminated (CTMF) and not able to get another merchant account. Somewhere between the 1.5% and the 9% the acquirering bank/processor will begin holding or freezing funds to offset any possible losses.
I keep using the term MEMBER as both the acquirer and the issuer are MEMBER banks of the respective association (V or MC). NO ONE ELSE CAN DO THIS STUFF.
Hope this helps.
B.good and let me know if you want additional information or clarification.
Katherine Said:Credit Card Merchant Processors please HELP?
We Answered:You did this on purpose? or accidentally? umm..no transaction will have occurred. CC companies not bright enough to do the reverse operation. There's no money coming back to you, and the merchant - bless his heart will get a rejection notice from CC company regarding this transaction. If you got the merchandise, you might be home free.