Online Credit Card Sales Liability
by brennajn2000, Performer
- Created: March 20, 2009, 10:42 pm
I have a business coach from a local university's business school. He has made me aware of a seller's liability for customer credit card information when conducting online credit card transactions. The concern is that a 3rd party could gain access to a customer's credit information without the buyer or the seller's knowledge (hacking).
PayPal changed its Terms of Service agreements and policies in early 2008 stating that all liability for any breach as described above is on the seller, not on the credit card processor. Since that time, all other credit card proc. companies have done the same with their policies. Here is the link to the PayPal policy statements: https://www.paypal.com/us/cgi-bin/webscr?cmd=xpt/UserAgreement/ua/USUA-outside (Section 10 especially).
Question: Has anyone noticed this? What have you done about it? More insurance? I have a quote, and it is cost-prohibitive for a very young company. What do you do about online credit card sales and the liability on the seller?
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