Quote:
Originally posted by sextoyking
Hi Rand,
good comments. so of course it can't be used offline as a POS card without a pin code?
also, you say it will lower cb's, sure I can see that with a pre-paid visa card, but remember they have to buy this pre-paid card somehow correct??
so they use a credit / debit card to purchase this, what diff. fraud controls do you use on this, that you don't use now??
avs, cvv2, etc, etc.
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This solution will lower chargebacks because the card used to load the epassporte will show as an account funding transaction utilizing CVV2, AVS, etc... and that particular tran type has it's own set of rules very different from high risk transactions. And, once Verified by Visa kicks in and is utilized, it will be virtually impossible to charge back these trans. It is becuase of these differences that Epoch stands to benefit. Increased revenue, reduced chargebacks are always the prize we're after. Think about the number of trans that fall on the floor becuase they come from a region that is so high risk that we can not risk the sale. Now, they will no longer be such a risky transaction. Add to that the anonymity that comes with using this card and you have a great selling point to the consumer. Their bank, their spouse, or anyone else with access to their credit card statement will ever know what they purchased online other than epassporte. All purchases with the epassporte card show up on their online statement only. No more embarassing discoveries to argue about. This is all stuff on the consumer side. I truly believe that the peer-to-peer stuff may, at least in the beginning, be a much bigger deal to most webmasters than the reality of an improved payment method for their surfers. There are a lot of possiblities here. We have several experts in the field of electronic commerce, fruad, and credit card transactions working with us on this project watching it every step of the way, which, is a much longer journey than anyone might think. There may ultimatly be some changes made once we begin to see wide spread usage, but we really feel that we've delivered a first rate, well thought out product that will indeed make significant changes to most programs.