Tuesday, September 11, 2007

The Pigs of Greed (Commentary: WayTooHigh.com)

You would think that $40,000,000,000 [ that's 40-billion dollars in annual interchange fees] would be enough to fill the bellies of greed by the two leading credit card associations and its member banks, of which are the defendants in our antitrust price-fixing litigation, but no.

Here is another example of unbridled greed and growing buffet of piggishness.

Last Saturday, we receive a call from a customer in Florida who was not pleased with the nearly 1,000 pictures we scanned for her. Like all orders, it was received, scanned and mailed back the same day, but, she said the scans were "too dark."

Because ScanMyPhotos.com retains all images for 60-days, a quick look at her order revealed that the scans were perfect. But, we've been in business for 17-years because "word-of-mouth" and credibility matters most. In this case, without any discussion, we advised the customer that an instant full-refund was just applied to her charge card. We took a full loss on the order [$49.95, plus delivery charges]. When we issued an electronic refund, it occurred to us just how piggish the merchant interchange cartel is. While we issued a full-refund, the interchange fee charged, remained.

FACT: There are no refunds to cover merchant costs for interchange fees when refunds are initiated.

Nice going, Visa and MasterCard! Can't wait to read read your next PR and marketing profiles about how business friendly you are.

[Source: Commentary, WayTooHigh.com]