1 upvotes, 1 direct replies (showing 1)
View submission: ⚡ Lightning Network Megathread ⚡
In the original comment: "if, say, an item they ordered never arrived."
In this comment: "100% guarantee against fraud."
With respect to credit cards, I believe these are two quite different things. The guarantee that cards offer is against fraudulent charges on the card account not related to any action of the cardholder. I don't think cards *guarantee* chargebacks (transaction reversibility) on cardholder request against merchants with whom the cardholder voluntarily made a transaction. They *may*, of course, provide a reversal in some cases depending on circumstances.
Comment by Zalwol at 13/01/2018 at 23:44 UTC
1 upvotes, 0 direct replies
Correct. But the idea is that both parties trust the credit card company to be the ultimate arbitrator in this dispute. And the company has absolute power to reverse any transaction based on its finding. This is a process borne by the market that most people are very comfortable with.