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Credit Card

  • 19-11-2010 3:00pm
    #1
    cusackd
    Registered Users, Registered Users 2 Posts: 126 ✭✭


    Hello Everyone,
    Just making an enquiry, if i am setting up a merchant account and am processing credit card payments online and a fraudulent credit card is used, am i liable for any charges, do i have to refund the amount or is this the responsibility of the credit card company.

    Thank You.


Comments

  • #2
    Nuttzz
    Registered Users, Registered Users 2 Posts: 3,784 ✭✭✭Nuttzz


    Yes you are, you'll find it buried in the small printer of your merchant agreement


  • #3
    cusackd
    Registered Users, Registered Users 2 Posts: 126 ✭✭cusackd


    Cheers thanks


  • #4
    fishy21
    Registered Users, Registered Users 2 Posts: 159 ✭✭fishy21


    afaik yes the store is responsible for the refund unless you have mastercard securecode or verified by visa. Then i think its the bank pay. Open to correction on this.


  • #5
    LionelNashe
    Registered Users, Registered Users 2 Posts: 1,961 ✭✭✭LionelNashe


    cusackd wrote: »
    Hello Everyone,
    Just making an enquiry, if i am setting up a merchant account and am processing credit card payments online and a fraudulent credit card is used, am i liable for any charges, do i have to refund the amount or is this the responsibility of the credit card company.

    Thank You.
    fishy21 wrote: »
    afaik yes the store is responsible for the refund unless you have mastercard securecode or verified by visa. Then i think its the bank pay. Open to correction on this.

    I agree, you are liable for the amount of the transaction, plus an additional fee, unless the transactions is verified-by-visa or Mastercard 3DSecure.

    There can be additional sanctions if the value of fraudulent transactions goes over a certain percentage of your whole volume for 2 or 3 months in a row. e.g. you could lose the merchant account, which would have an impact on your sales.


  • #6
    TheWaterboy
    Registered Users, Registered Users 2 Posts: 379 ✭✭TheWaterboy


    The reason you are liable is because Banks consider a purchase online as a 'person not present' transaction. All the risk is then with the retailer so hence you should do extra checks on orders - One great way to make sure its not a fraudulent transaction is to ask for a landline contact number. Fraudsters will rarely give you one as a landline number belongs to a verified address.

    Mastercard 3D Secure puts the risk back to the credit card company as it means that the purchaser has to enter their pin to verify the order.

    Most online stores are afraid to implement this level of security as most people dont understand how the 3D Secure and Verified by Visa works so cancel their transaction.

    Hope this helps.


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