Quote:
Originally posted by Kimmykim
What you're failing to realize is that this has nothing to do with processing companies and everything to do with Visa/MC rules.
Back in the day when there were banks all over the Caribbean acquiring for people, they were getting whacked right and left because they couldn't handle the volume or the issues that came with it.
The bottom line is that there are not many banks left that both meet the requirements for 5967 processing AND want to run the transactions.
The cross border acquisition rules are designed to protect the banks, its not really any more than that. All the banks are grouped into regions and they are responsible for each other as well as their own business, when things go wrong.
If you were a bank that didn't accept high risk processing AND you got stuck with a tab to bailout some little bank in your region that got burned on high risk and went under, you wouldn't be too happy now would you?
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I still can't understand why USA and Canada are two separate regions. After 15 years of free trade and over 300 years of cooperation between the two countries, you,d think they would simply make it one region... That really sucks for anyone in Canada, especially if Visa adds more requirement as time goes by, such as having a principal officer being a US resident, having employees and an office there that they can verify, etc. I'd gladly move to the US if that was the case, but it's not like it would be easy to get a US citizenship with all that's been going on since 9/11.
Do you think Canadians with a US company will be safe for a good period of time, or do you think they'll start coming down on us next?