[Asterisk-biz] Tomtelecom

[Paul]

snacktime wrote:

>>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.
>  
>
By ipayment(visa/mc) I meant that ipayment is the underwriter for my
visa/mc merchant account. If it's not ipayment, it's whatever bank they
are working with.