@vintagecraze50 wrote:
There needs to be a huge lobby created by merchants appealing to congress. Why this has not happened yet is beyond me when you think of all the merchants loosing millions of dollars because of this every year. At the VERY LEAST, the laws should state that NO chargeback can be initiated without trying to resolve the issue first with the merchant. Then, however you still will get the crooks who send back the wrong item or nothing in a return. But with that here you can deduct 50 percent off the return money. Then let em fight that.
BILLIONS of dollars, 48 Billion this year according to the big retailers online.
There needs be changes.
First secondary purchase validation through the consumers online bank account validating the purchase. That gets rid of "My card was stolen." We presented this 20 years ago in a simulation I coded to Visa/MS Risk services. Sellin' snow to Eskimos as they make money coming and going.
Second: The franchises need track things better. Those habitual chargeback folks if claim found to be false, they pay all fee's (minimum $50). Habitual issues, habitual returns loose the ability to order online and the franchises in case of credit card can call in full balances due immediately.
Those two curtail a whole lot of what goes on. Not perfect, dont think there can be a perfect.
