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Originally Posted by Webby
Offshore still needs banking relationships...and they are fickle as shit when it comes to the US.
What we do need is a totally different payment model where card company interest ends when a customer tops up their "internet debit card" from other cards or by check.
That version means no chargebacks - the money is there or it is not, no banking relationships needed globally and no obligations to card companies. It's up to cardholders what they want to use their cards for - ie top up another "internet card" or whatever.
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There are non US banks underwriting adult merchant accounts right now, that are not fickle and are in the arena for the long term.
Any product that is funded with a credit card or debit card with a Visa or Mastercard logo on it IS subject to card association supervision, laws and other regulations. This is most likely going to be the next thing that governments and the card associations start to scrutinize.