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Do the merchant lose the money if the customer use stolen credit card?
Wiki User
∙ 12y ago
Yes, assuming the victim discovers the problem and reports it. It's called a "charge back" and if too many are accrued to a merchant, that merchant not only loses all the money that was stolen but will also lose the "merchant account" and not be allowed to take credit cards any longer.
Wiki User
∙ 12y ago
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Where can one obtain a merchant account credit card?
BluePay is a huge credit business that many businesses use and get information from to help pay and/or get money for their business. It is almost always businesses that obtain and use merchant account credit cards.
What is e credit accounts?
an arrangement in which a bank, store, etc., allows a customer to buy things with a credit card and pay for them later, In which the customer have to pay some money for the credit service.
What is credit customer?
Credit customer means that this customer has a credit term with the company. Credit term means that the customer can pay at a later date. Illustrations: Alice is your credit customer, she has credit term of 60 days. Alice bought stuff from you on 1st Jan, she can then pay you on 60 days after 1st Jan, which is 28th February.
What is the point of merchant card processing?
Merchant card processing is necessary for a business to accept payment by credit card. Specifically, it allows a business to be reimbursed by a bank. When you pay your credit card bill, the bank gets its money back.
How does one accept credit cards?
To accept credit cards, you need a special service called a merchant account. Merchant accounts basically is a very special bank account which deposits money taken from credit card transactions into your checking account. There are many ways that credit card transactions are submitted, such as online through payment gateways, or in a retail store through a credit card terminal, but at the end of the day, funds go into your merchant account and eventually your business checking account.
How do you accept credit card payments?
In order to accept credit card payments from your business, you would need to open a merchant account with a credit card acceptance company. The merchant account will provide you with a solution for taking credit card payments as well as settling those transactions so that the money that you are owed can be taken from the customer and deposited into your business account. For more information on taking cards as a form of payment see these resources:
What is e credit?
an arrangement in which a bank, store, etc., allows a customer to buy things with a credit card and pay for them later, In which the customer have to pay some money for the credit service.
Where can one obtain a merchant account credit card?
BluePay is a huge credit business that many businesses use and get information from to help pay and/or get money for their business. It is almost always businesses that obtain and use merchant account credit cards.
What is e credit accounts?
an arrangement in which a bank, store, etc., allows a customer to buy things with a credit card and pay for them later, In which the customer have to pay some money for the credit service.
What is credit customer?
Credit customer means that this customer has a credit term with the company. Credit term means that the customer can pay at a later date. Illustrations: Alice is your credit customer, she has credit term of 60 days. Alice bought stuff from you on 1st Jan, she can then pay you on 60 days after 1st Jan, which is 28th February.
What is visa card and for what it is used?
Visa is a brand of a network for accepting cards. A merchant may decide to accept Visa, and the customer can pay with his card, which might be a credit card issued by a bank (the bank is loaning the money to the customer, and paying the merchant). It could be a debit card (also called a check card, as the bank deducts the money from the customer's checking account, then pays the merchant). Or it could be a gift card, where the money is paid to the card issuer (usually a bank) in advance, then the issuer pays the merchant and deducts the amount from the available balance.In each case, the Visa network helps facilitate the transaction between the merchant's processing company and the customer's bank. There is also a MasterCard network (which now the credit card processing companies typically bundle into a Visa/MasterCard acceptance). There is a Discover/Novus network as well as American Express, and some other lesser used ones such as CarteBlanche, Diners Club, and JCB. For each of those, the merchant needs to have an account set up with the network to be able to accept the card with that logo.
What is the point of merchant card processing?
Merchant card processing is necessary for a business to accept payment by credit card. Specifically, it allows a business to be reimbursed by a bank. When you pay your credit card bill, the bank gets its money back.
What are the advantages of having an internet merchant account?
Pay pal offers security for your money, and great customer service. Also, you don't have to give anyone your credit card. A lot of online merchants accept pay pal just as easy as a credit card. Also, it makes shopping on eBay easier.
Should a bank credit card be considered money?
yes------NO. You should protect your credit cards as you would your cash. But it's not "considered money" for the obvious reason. If cash is lost or stolen, it cannot be replaced. A credit card, on the other hand, can be replaced. Even if stolen with fraudulent charges, there would be no financial lose on your part.
Is it better to bring cash or visa debt or credit card?
A debit card, because cash can be stolen. If your card is stolen then you can cancle the card and get your money back.
If there is no assets who's responsible for credit card debt?
If a person dies and owes money on credit cards, the person who issued the credit cards loses. The merchant still gets his money. (The credit card companies make money by charging merchants a small fee on each transaction. They make interest. They lose money on deadbeats and deaths.)
How many credit cards are stolen each year?
21.7 billion in 2006. Source: http://www.frbservices.org/files/communications/pdf/research/2007_payments_study.pdf
