In message , at 14:05:50 on Tue, 28 Feb
2012, Stephen Sprunk remarked:
The dispute and chargeback procedures involving the issuing
bank, the card network, the card processor and the merchant are all
identical regardless of what class of payment card is used.

You just made something up. I'm still calling it a refund, and not a
chargeback, to distinguish between the merchant receiving payment in
advance of when the cardholder pays his bill, and the merchant receiving
money from the cardholder's bank account.

The merchant _never_ receives money from the cardholder's bank account.

I certainly feels like that, when you use a debit card.

When a purchase is posted, the card processor credits the merchant's
account and debits the network's account, the network credits the card
processor's account and debits the issuing bank's account, and the
issuing bank credits the network's account and debits the customer's
account. NO ACTUAL MONEY CHANGES HANDS at that time.

No folding banknotes (because it's all electronic), but why do you say
those credits and debits above are not "money"?
--
Roland Perry

On 29-Feb-12 02:49, Roland Perry wrote:
In message , at 14:05:50 on Tue, 28 Feb
2012, Stephen Sprunk remarked:
The dispute and chargeback procedures involving the issuing
bank, the card network, the card processor and the merchant are all
identical regardless of what class of payment card is used.

You just made something up. I'm still calling it a refund, and not a
chargeback, to distinguish between the merchant receiving payment in
advance of when the cardholder pays his bill, and the merchant receiving
money from the cardholder's bank account.

The merchant _never_ receives money from the cardholder's bank account.

I certainly feels like that, when you use a debit card.

When a purchase is posted, the card processor credits the merchant's
account and debits the network's account, the network credits the card
processor's account and debits the issuing bank's account, and the
issuing bank credits the network's account and debits the customer's
account. NO ACTUAL MONEY CHANGES HANDS at that time.

No folding banknotes (because it's all electronic), but why do you say
those credits and debits above are not "money"?

Perhaps I'm being too strict about my definition of "money", but debits
and credits are just accounting entries until cash (or checks, or wire
transfer) is used to settle them at some later point.

A "debit card" is special because it is settled every day by the issuing
bank with no further action by the customer; however, the rest of these
transactions, including those involving a "credit card", do not get
settled until later, eg. monthly.

S

--
Stephen Sprunk "God does not play dice." --Albert Einstein
CCIE #3723 "God is an inveterate gambler, and He throws the
K5SSS dice at every possible opportunity." --Stephen Hawking

In message , at 09:29:57 on Wed, 29 Feb
2012, Stephen Sprunk remarked:
Perhaps I'm being too strict about my definition of "money", but debits
and credits are just accounting entries until cash (or checks, or wire
transfer) is used to settle them at some later point.

A "debit card" is special because it is settled every day by the issuing
bank with no further action by the customer

Maybe in the USA, but here in the UK a debit card transaction is in
effect a wire transfer. Perhaps because the various banks are so much
more integrated with each other.
--
Roland Perry