Quote:
Originally Posted by cstreit
MAmex is the worst. Had a customer that bought a brake system, Admitted to ordering it, admitted to receiving it and simply stated to Amex, "I don't understand the charge".
They sided with him, of course. I don't take Amex any more.
Bottom line is, if the customer files a dispute, they will win. The small business gets the shaft. Credit card companies don't care, at all. They know they have business by the short ones. It's the consumer they care about.
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It's a business decision by the CC companies, which are effectively banks. For the 2-3% they got on each transaction from us when we ran our business, they were not willing to guarantee payment. Had they been willing to take that risk, their cut would have been substantially larger. That's exactly the same as a bank. When you cash a check, you endorse it. That means
you guarantee payment, not them. I recall blessedly little UCC Article 2 law, but I do recall the basic gist of it is "at the end of the day, the bank always wins."
Quote:
Originally Posted by WolfeMacleod
This is why I have business insurance.
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Does it guarantee payment against back charges, Wolfe? Not familiar with that insurance product. And don't get me started on insurance companies . . . the lowest form of human life.