Originally Posted by
328dud e
Can someone explain how this whole credit processer thing works. Seems UAL was having issues with them as well as of late.
Anyone know how that whole thing works in simple english? Does the company have to have a certain amount in reserve or are the fees outrageous?
Just curious.
328dude,
In a nutshell, F9 doesnt charge your credit card, a credit processor does and sends the money to F9 minus a fee to do business. Well let's say F9 goes out of business tomorrow, and refuses to give a refund. All those customers start to dispute the charge on their CC's, hence the hold F9's credit processor put on them. If i remember correctly, they held 100% (!) of their revenue from tickets for i believe three monthes to place in the bank so if F9 does tank, they won't be screwed out of their piece of the pie. Make sense?
BB from the iphone