Quote:
Originally Posted by camerasngifts
I called the contact person and the credit card company and it is for real.
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Congrats! I really hope this works out for you.
While these things seem legit, it may simply be that the actual card holder is not aware that their information has been compromised. Everything will check out until the card holder gets their monthly statement. If there's a problem, they'll call the bank and they'll pull their cash back so fast it'll make your head spin.
Merchant Account providers place the onus on the merchant to make certain that the payment is legitimate.
This is important: If the value of the transaction is greater than your estimated average transaction amount, or if you're processing more monthly transactions than you are rated for by your merchant account provider and you do get scammed, they can cancel your merchant account, freeze your accounts and hold you responsible to repay the cash.
Your merchant account provider may also decide to hang on to the money until the chargeback period has passed in order to protect themselves. This is dangerous as well because you can't access the funds that will help keep your business running.
A word to the wise: Don't spend the money until you're past the cutoff date for chargebacks through your Merchant account provider. This can take a few weeks to as long as six months!!! Even if this purchase is legit, make certain that you've looked into your merchant account provider's policies so you know where you stand.
Please don't assume that because the front end bank staff don't see any problems and the transaction gets processed that everything is hunky-dory. Make sure you've covered your @ssets.
