Credit Card Companies and Processors
The biggest scam perpetrated on the American public has been done by the credit card companies, visa, master card, discover and American express just name the main players. Not only do they charge the consumer, that’s you, anywhere from 10% to 30% interest to charge things on the card they also charge me, the merchant, to simply be able to accept the cards for payment.
The rub here is that with the advent of the Internet there isn’t any way to verify that if you make a charge its actually you because you aren’t there to have your card swiped and to sign the receipt. So here is the scenario…customer comes to me, rents server for a few months, decides at the end of the few months they didn’t feel like paying for those months, customer calls their credit card company and says they never authorized the purchase, customers credit card company issues a “charge back” to me the merchant, no notice is given, they just take the money out of my account and charge me $75 for the “processing”. I then have to dispute the charge back and provide all the information I collected at the time of sale. This includes all the customers contact info as well as their ip number, and all the address verification, fraud protection screening and whatever else I was told would protect me from getting a charge back issued. WELL ITS ALL CRAP!!!
As an Internet merchant I have NO recourse to fight the charge backs. Why is this? Because the merchant processing companies aren’t regulated by any government agency or over sight commission. They police themselves!!! They make up the rules as they go along. My favorite one is when they change your statement date for your credit card from 30 to 20 day grace period, there by making your next payment late and giving them a reason to hike your interest rate. This is the most corrupt industry in this country next to the federal government.
All I can think of is at the end of the movie Fight Club when they blow up the credit card companies and credit reporting agencies head quarters to make everyone even again. This is a word of warning to you, credit card merchant processing companies, I’m coming after you. The national news will be coming to talk to me soon about the atrocities you have been up to and how it has affected my business. Then we’re going to start a class action lawsuit against all of you for your unfair business practices. What you are doing is illegal, and its time you were stopped. You pissed me off and now its pay back time