More so to me this month because of the John Manasso’s article on a subject I’ve been blogging about. http://issuu.com/stratton/docs/sept2013/15?e=1313087/4711350..
Weighing in on the same topic is Jason Oxman, ETA CEO in an American Banker article. http://www.americanbanker.com/bankthink/FTC-crackdown-punishes-processors-for-merchants-misdeeds-1060109-1.html.
An excerpt from his article reinforces my warnings:
“The cause for concern is that the FTC has been seeking to hold payment processors financially responsible for the full amount of harm suffered by consumers at the hands of unscrupulous merchants. A processor handling $100 million in transactions for a merchant later proven by the FTC to be a bad actor could be forced to pay all that money back to consumers, even if consumers never sought refunds from the merchant or asked their credit card issuers to “chargeback” the charges.”
And my own warnings have been http://www.acquirerrisk.com/blog/?p=678.