Retailers Win $3 Billion Against Visa / Mastercard In Lawsuit Settlement - GoFuckYourself.com

KRL · 05-01-2003, 04:51 AM

Ouch! Some law firms hit the jackpot today.

Visa and Mastercard agreed to settle out of court for $3 Billion.

http://story.news.yahoo.com/news?tmp...ebit_card_suit

El Pres · 05-01-2003, 05:21 AM

I wonder who they're gonna squeeze to get some of those $$ back.
Keep an eyeout for the chargeback fines going up! hehe

FlyingIguana · 05-01-2003, 05:23 AM

Quote:

Originally posted by El Pres
I wonder who they're gonna squeeze to get some of those $$ back.
Keep an eyeout for the chargeback fines going up! hehe

thats pocket change for them

El Pres · 05-01-2003, 05:34 AM

Quote:

Originally posted by FlyingIguana

thats pocket change for them

True, but it adds up, how much did they hit IBILL for recently.

dapproid · 05-01-2003, 06:20 AM

I talked about this with a local McDonals employee once, he said that if I bought a $1 cheeseburger and payed with Visa, McD would have to pay almost the same amount to the card company. I haven't been able to validate this, does anyone here know??

scoreman · 05-01-2003, 06:21 AM

I hope what is addressed next is the chargeback and fraud issues. As it stands right now, the card associations pass all online transactions that are chargebacks or fraud onto the seller. For most of us the cost is primarily bandwidth, but for those dealing in tangible goods like videos and magazines they get screwed out of the goods, the shipping, and they get a nice fee from the credit card companies on top of a complete revoke of the transaction. The credit cards companies lose nothing, and in fact they actually generate revenue from this fraud because of the extra fees they tack on. How can it be expected that they will get serious about online fraud if they pass all the loss to the sellers and then even make extra money when fraud occurs?

stocktrader23 · 05-01-2003, 06:24 AM

Quote:

Originally posted by scoreman
I hope what is addressed next is the chargeback and fraud issues. As it stands right now, the card associations pass all online transactions that are chargebacks or fraud onto the seller. For most of us the cost is primarily bandwidth, but for those dealing in tangible goods like videos and magazines they get screwed out of the goods, the shipping, and they get a nice fee from the credit card companies on top of a complete revoke of the transaction. The credit cards companies lose nothing, and in fact they actually generate revenue from this fraud because of the extra fees they tack on. How can it be expected that they will get serious about online fraud if they pass all the loss to the sellers and then even make extra money when fraud occurs?

Well, at 15% a fucking pop the 3rd party billers should be eating all of this.

shimmy · 05-01-2003, 06:27 AM

Quote:

Originally posted by dapproid
I talked about this with a local McDonals employee once, he said that if I bought a $1 cheeseburger and payed with Visa, McD would have to pay almost the same amount to the card company. I haven't been able to validate this, does anyone here know??

Well you should believe him, cause there's no one smarter than your local Mcdonalds employee

SykkBoy · 05-01-2003, 10:01 AM

Quote:

Originally posted by shimmy

Well you should believe him, cause there's no one smarter than your local Mcdonalds employee

...especially adult webmasters....

gruffy · 05-01-2003, 10:03 AM

Quote:

Originally posted by El Pres
I wonder who they're gonna squeeze to get some of those $$ back.

bwahahaha... its like fighting satan, you win a huge settlement, they increase their cut to make money on paying out the settlement.

Kimmykim · 05-01-2003, 11:53 AM

Actually I believe the retailers pay less on debit transactions than credit transactions -- however the ones who take ATM (not debit) for payment -- grocery stores, gas stations, etc -- still pay less taking a straight ATM card with no debit logo --

I think the total was actually 3.5 billion paid... I'd look for them to start figuring out how they can re-coup some of the money on the backs of merchants.

05-01-2003, 04:51 AM	#1
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	Retailers Win $3 Billion Against Visa / Mastercard In Lawsuit Settlement Ouch! Some law firms hit the jackpot today. Visa and Mastercard agreed to settle out of court for $3 Billion. http://story.news.yahoo.com/news?tmp...ebit_card_suit __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains

05-01-2003, 06:20 AM	#5
dapproid Confirmed User Join Date: Sep 2002 Posts: 469	I talked about this with a local McDonals employee once, he said that if I bought a $1 cheeseburger and payed with Visa, McD would have to pay almost the same amount to the card company. I haven't been able to validate this, does anyone here know?? __________________ Data Entry - $680 \| Graphic Artist- $880 \| Developer - $980 \| System Administrator - $980 [email protected]

05-01-2003, 06:21 AM	#6
scoreman Confirmed User Join Date: Nov 2001 Location: Miami, Florida Posts: 1,491	I hope what is addressed next is the chargeback and fraud issues. As it stands right now, the card associations pass all online transactions that are chargebacks or fraud onto the seller. For most of us the cost is primarily bandwidth, but for those dealing in tangible goods like videos and magazines they get screwed out of the goods, the shipping, and they get a nice fee from the credit card companies on top of a complete revoke of the transaction. The credit cards companies lose nothing, and in fact they actually generate revenue from this fraud because of the extra fees they tack on. How can it be expected that they will get serious about online fraud if they pass all the loss to the sellers and then even make extra money when fraud occurs? __________________

05-01-2003, 05:21 AM	#2
El Pres Confirmed User Join Date: Aug 2002 Location: Alicante, Spain Posts: 382	I wonder who they're gonna squeeze to get some of those $$ back. Keep an eyeout for the chargeback fines going up! hehe

05-01-2003, 11:53 AM	#11
Kimmykim bitchslapping zebras!!!!! Industry Role: Join Date: Jun 2001 Location: In a shack by the beach Posts: 16,015	Actually I believe the retailers pay less on debit transactions than credit transactions -- however the ones who take ATM (not debit) for payment -- grocery stores, gas stations, etc -- still pay less taking a straight ATM card with no debit logo -- I think the total was actually 3.5 billion paid... I'd look for them to start figuring out how they can re-coup some of the money on the backs of merchants.