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Author Topic: Do the same Fraud Risks Apply with Bitcoin Payment Processors?  (Read 368 times)
Payment21
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February 15, 2017, 06:35:50 PM
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In an article on ComputerWorld, contributing columnist  Evan Schuman has wondered ‘Why merchants let their payment processors get away with so much.’ He points out a case where Mercury Payment Systems was sued for inflating fees it charged shoppers on behalf of merchants.

Do the same Fraud Risks Apply with Bitcoin payment Processors?

http://www.computerworld.com/article/3162097/retail-it/why-do-merchants-let-their-payment-processors-get-away-with-so-much.html
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February 15, 2017, 07:00:43 PM
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I don't think so, The merchants accepting bitcoins directly do determine the price and the fees are also included, ones accepting bitpay/Coinbase though are different. Since everything depends on Bitpay and how they value bitcoin/price.
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February 15, 2017, 07:15:11 PM
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its all to do with whatever service agreement terms they signed

eg if they signed to say 1cent a tx .. then mercury should only charge 1cent a tx

if however they signed to say 1cent introduction, but variable with 1month notice..
then mercury need to inform the merchant a month before going up to 4cent a tx and allow an exit of the agreement usually penalty free, unless stipulated.

it appears the merchants were not signed up to a variable fee agreement, but mercury went ahead and changed fee's without notice

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