Merchants are not only being ripped of by the consumers with credit cards the banks are helping them
Not too difficult to work this one out after being a merchant for some time now I have discovered the banks are running their own scam on a huge scale.
They legalized shop lifting and share the booty!
A card holder will dispute a credit card transaction even when legitimate with THEIR bank, the bank automatically charges back the amount and then charges the merchant $15 for paperwork on top, 9 times out of 10 banks will charge back the charge to the merchant stating we are protecting our customer they said they did not authorize.
What a load of BS! Customers lie through their back teeth! This Is Legalized Shoplifting! Banks pocket $15 each time from the Merchant legitimate transaction or not, even if you win you still get billed $15
The merchant knows the client ordered, the client knows they ordered their is no evidence of card being used for anything else but the client wins and the bank wins, the merchant not only looses his product but also the money PLUS $15 paper fees.
The customers banks get to decide who wins and 9/10 goes in favor of their customer because they want to look good in front of their customer.
Then the merchant gets a letter stating "CARD HOLDER DID NOT AUTHORIZE YOU HAVE NO RECOURSE" when you call the Bank for answers all they say is sorry Sir I can only speak to the customer.
I have all ready suggested to the bank how to stop all legitimate charge backs but they state this would not be a profitable way to do business, I suggested they warn the customer when charging back if the Merchant proves the transaction you will be fined 25% of the original transaction that should put a lot of people of charging back, the bank laughed when I suggested it and stated their customers would not like that kind of fine and also charge back fees are a huge revenue for the banks!
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