<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by sowalsky:
I never knew of ANY business that would refund a CC purchase to cash. That would in effect make them take a 2-4% loss on the amount in question.</font>
Ummmm .. and we might wonder why all Post Offices lose money each year?
And as to the other point -- I have accepted all Credit cards from Diners Club down for 25 years, and YES,
the merchant loses nothing on a voided credit card transaction.
It just becomes a zero sum game - goods bought for $1000 and goods credited to same person for $1000 = NO merchant fee.
To this day this works for me as a cheap way to transfer money to someone overseas. Say I need to get someone $US500 on this board. all I need do is bank a CREDIT slip to your account along with my regular banking. I bank $3000 less a $500 credit slip so I bank nett $2500 - and pay merchant fees on that sum.
Not only do I not pay merchant fees on that, I in fact am REBATED 3% on $US500. The alternative is a telegraphic transfer to your account which should cost ME $25.
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[This message has been edited by ozstamps (edited 06-16-2003).]