Cryptocurrency
- Thread starter Playboi Carti
- Start date
But back to crypto...markets seem to have stabilized for a bit here.
Now if the cyclones can stabilize the defense.
Now if the cyclones can stabilize the defense.
Total market cap is at 585 billion right now. Needs to be above 700 to be back to where it was.
And the vendor. And the number of transactions that they are running in a month. Card transactions are all about volume.
Market cap is a deceiving thing in crypto, so I wouldn’t put too much emphasis on that.
And the contracts they have - but there are standard and set fees per transaction no matter what, and percentages that are applied no matter the charge. Also there are monthly fees from the 3rd party interchange that are charged as well.
The merchants cause most of the risk in the credit/debit system with their inadequate security and don't pay for it as long as they follow their procedures. The interchange has to cover those losses...
Sorry - I was confused on which you were referring to. The merchant carries all the fees and all the risk. The interchange does very little as far as risk is concerned, I don’t think. Any returned charges goes back to the original merchant who took the payment. And for the most part it is a very strict and quick response time for them to keep their funds. The customer wins most of the time, I would say.
And the “inadequate security” is all based on what the credit card companies tell them to have. There are standards they have to meet, and if they don’t fees go up substantially.
There are strict rules as to what charges can be returned. If a merchant more or less follows their procedure and they get a good authorization they are not liable for any fraudulent card charges - that falls back on the banks. And on top of that, the merchants know that they have good money when a transaction is authorized - as opposed to check transactions where they can be liable for a bad check after the transaction has been completed.
The inadequate security refers to the merchants that have let millions of card numbers to escape their systems and they are not liable for the cost of reissuing those cards.
Sure they know they do - but not until after a completed transaction. Only if they prepay for those goods or services. You can verify a card but it puts a hold on the customers money.
And if merchants do their part the interchange and visa are also fine - if the person disputes the charges it goes back to the merchant.
Those merchants that let credit card numbers escape are very well liable for certain costs, and most likely will cost them a lot one way or another. But if it was their security system that failed, the interchange is there to enforce they are using the security correctly. If they find that they weren’t, it will definitely go back to the merchant.
There's a third half that has trouble getting transactions confirmed. Nothing like buying the dip and having your winner settle weeks later for a very different price.
