This makes the most sense to me. They have their own chip and pin layer, which forwards the charge to the appropriate card account on the backend. They probab

This makes the most sense to me. They have their own chip and pin layer, which forwards the charge to the appropriate card account on the backend. They probably don't have to worry about fraud, since the barrier to entry is $155 and they charge your card immediately. The only thing that might be tricky is whether they get the 'card present' rates or not.