[Asterisk-biz] Tomtelecom

[snacktime]

> >
> There is a "funder" and a "merchant underwriter".
>
> In the case of my visa/mc debit cards my bank is the funder. If they
> approve an authorization against my card they have to settle(pay it). My
> liability as cardholder is to my bank. My bank might fund transactions
> when I don't have enough in the account and then charge me same way they
> charge if paying an NSF check.
>
> In the case of my merchant accounts the underwriters are amex, discover
> and ipayment(visa/mc).

Visa and mastercard don't underwrite merchant accounts, they are
merely associations made up of member banks that do the actual
underwriting.   Amex and discover are a different story as they do
their own underwriting.

Chris