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My point is that this would become optional and the cardholder chooses whether to opt-in (and pay an extra fee) at the time of payment. If the cardholder doesn
by Nextgrid 2y ago
My point is that this would become optional and the cardholder chooses whether to opt-in (and pay an extra fee) at the time of payment.
If the cardholder doesn't opt-in then the payment is as good as cash (with the same recourse available as if you paid cash).
This could allow low/no-fee transactions for low-stakes situations where the chargeback protection wasn't going to be used anyway.
- jkaplowitz 2y agoAh, you're proposing to remove US credit card customers' statutory right to those chargebacks except if they opt into a surcharge on a per-transaction basis.
- Nextgrid 2y agoYes, essentially moving the transaction fee the merchant pays to the consumer. This means they can choose whether they want the additional protections those fees currently pay for.