The Green Sheet Online Edition
November 9, 2009 • 09:11:01
10 Years ago in
The Green Sheet
The truth about check conversion
In the fall of 1999, it came to light that certain sales agents were telling prospective clients that by running a check writer's driver's license number and bank account number through a database, they could unequivocally determine the check's viability. However, the database did not contain real-time data, so this could not have been true. The agents were also misrepresenting check conversion fees. The Green Sheet recommended honest representation and disclosures.
Curbing fraud killing e-tailers
A Gartner Group Inc. study explored the impact of card Association (now card company) fraud prevention rules on online merchants. The study, Limiting Credit Card Fraud and Chargeback on the Internet, warned merchants of the high costs of chargebacks and posited that most chargebacks resulted from customer disputes rather than fraud.
Lynk likes Omni
VeriFone, which was then a division of Hewlitt Packard Development Co. L.P., signed a purchase agreement with Atlanta-based Lynk Systems (now RBS WorldPay) for 20,000 of Lynk Systems' Omin 3200 POS payment systems. VeriFone intended to deploy the solution to retail and hospitality customers nationwide.
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