It's an interesting discussion. I know Glo-Bill isn't going to come in and say, "you guys figured it out" - but I also venture to say they really DO have a way around the new VISA regulations. I further surmise that they are definitely brilliant if they do - but it also has to be something that isn't too hard to figure out.
I like my theory
And as m0rph3us stated in his first reply, "they have to monitor chargebacks ever(y) second so that 1 client doesn't fuck it up for everyone." Wouldn't they be the "first line of defense" anyway? I mean, they are the processing company - they would surely know the chargeback activity and they could "self-monitor" the situation and still "pull weeds" just like VISA would be doing. They are merely eliminating a step - the costly step - in the process.
This furthers the discussion as to why the "Big3" haven't been shutting guys down with huge chargeback ratios? Everyone knew that chargebacks would eventually be the downfall of the industry - and that has come to roost here and now - why weren't they more proactive? Or were they? I ask because I do not neccessarily know the answer to that question.