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Let me just clarify one thing from RedPass/Zombaio's side. We own our own BIN, processor and all agreement is direct agreement with MasterCard. Both for Issuing and acquiring. Compared to co-branding partnership with Choice Bank that some of our competitors have, owning a BIN means full control over all card program parameters. Simplified; none except MasterCard can tell you what to do.
However, even if you own your bin, you need a sponsoring BANK, for that we have chosen Choice Bank. However, choice banks co-branded card programs are process in one part of the world with one processing solution/card parameters/etc and our program in another part of the world with completely own parameters/etc. Should you have problem with the sponsored bank, when owning a BIN and the processor agreement, you can just switch bank.
In the RedPass case, we have own MC agreements, own collateral's, program type. And we can control how we will conduct business by adjusting those parameters.
Bottom line:
So just because the 3 of us (i think all know who I refer to) uses Choice Bank as sponsoring/issuing bank, does not mean we all have the same rules/policy/thresholds/fees etc. I know 2 of us own our BIN, the other program is a co-branded program. Fully dependent on Choice Bank.
We use Choice Bank as sponsored bank for card issuing, and we honor refunds without any problem. Should we get a lot of fraudulent refunds without a matching purchase, we would of course investigate that, but not until then.
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