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Re: Anybody using Checknique?
From David Dikin at Total Merchant Services on 26 August '99
replying to Re: Anybody using Checknique? posted by Darryl

That is an interesting question......

Visa and Mastercard are subject to Reg.Z of the Truth In Lending Act.


With out going into alot of Gobbildee Goop, You have rights to dispute transactions you are erronously billed for or did not authorize or participate in......Hence making the billed amount on your bankcard statement null and void, pending an investigation on the origin of the transaction ie; a signed sales draft, signed recipt from a delivery service for MO-TO activity...proof of acceptance of goods or services......This is why many merchants need to be carefull in which bankcard processing company they choose as their service provider......Ask questions like-

What pro active steps do you take to protect your merchant base?
WhAT IF ANY IS MY LIABILITY IN ACCEPTING ONLINE PAYMENTS FROM A STOLEN CCD......Whant can I do to protect myself from online losses?


The varriance in answers will amaze you!!


As far a checks.... your liability as a consumer is protected under Reg. J of the TILA as listed above... but the recourse is a bit late and uncomfortable, as in the worst case scenario ,your account has been drained... your checks are being returned and you have no money untill you chase down the culprit.....Don't get me wrong, I offer a checkdrafting service on my site www.accountsformerchants.com
But the rules for a merchant and the consumer are better with V/MC

It is alot easier not to pay an incorrect bill(Your right under v/mc regulations) than it is to scramble for funds when YOUR money is gone.......




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