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Charging Ahead: The Growth and Regulation of Payment Card by Ronald J. Mann

By Ronald J. Mann

This ebook tells the tale of charge cards world wide: why humans use them, the results at the economies of the international locations the place they be triumphant, why they're used so another way worldwide, and what could be performed to reply to the issues they reason. It contains a wealth of knowledge from all over the world, attention-grabbing narratives in regards to the alterations from state to nation, and penetrating analyses of rules that may stem misuse of playing cards.

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Extra resources for Charging Ahead: The Growth and Regulation of Payment Card Markets

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Few understand the different legal protections associated with the cards. Although it would be easy to overstate the point, press reports suggest that both issuers and networks are contributing to consumer confusion. 6 Similarly, the pervasive advertisements for the PIN-less debit card products emphasize the convenience of the products as compared to the check. However, they do not point out the difference in legal consequences between using the debit card and either a credit card7 or a check (where, at least technically, the consumer’s right to stop payment extends until the check-clearing process is complete).

Those rules, in turn, govern the contract between the acquirer and the issuer. Instead of negotiating a separate agreement with each issuer, each acquirer simply joins the relevant network and agrees to comply with the network rules for all transactions on that network. For example, the network rules specify for all entities in the network the fees that the issuer will deduct from each transaction when it forwards payment to the acquirer. Although the network rules are central to the operation of the system, they are proprietary documents, owned by the networks, and thus not readily available.

The acquirer, in turn, charges the transaction back to the merchant by withholding payment 28 CHARGING AHEAD from the merchant equal to the claim. Visa and MasterCard also impose fees (generally about $25) for each chargeback processed through their networks. Merchants that have a large number of chargebacks often are obligated to deposit funds with their acquirers as a reserve to cover anticipated future chargebacks. Merchants with too many chargebacks eventually are evicted from the networks.

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