Re: Father duped by multi-level scheme
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Posted by Michelle (18.104.22.168) on September 09, 2002 at 20:17:06:
In Reply to: Re: Father duped by multi-level scheme posted by Why Chat on September 09, 2002 at 19:21:25:
MLM's are a part of Visa's "prohibited merchant list", which means that a processor cannot sign them up to process Visa/MasterCard. The processor that signed up the business that took the money has liability here. In fact I'm sure of it.
Earlier this year,in Florida, a processor had to eat over 15 million because they worked with a prohibited merchant that was Multi Level Marketing. It was a work at home sceme. "Give us $3000 for a jewelry kit, assemble it and we'll buy it back for $6000.
Nobody got paid back and the processor ate everything.
The question is how do you make the Judge that ruled against you aware of Visa's rules and regulations?
The business should never have had the ability to take credit cards.
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