- Platinum Member
- Posts: 66
- Joined: Tue Oct 30, 2012 7:10 pm
- Location: Atlanta, GA
This is an interesting debate, and it ties into the discussion about a merchant that ripped someone off using UPS in the AmEx forums.
Essentially, everyone wants you to sign so they can protect themselves. Merchants make you sign and save the receipt so that if you dispute the charge, they can 'prove' that they are not liable (which is what happened with the UPS issue). The card companies make you sign the back, because in the old days of cards, they would verify that original signature against what you signed for.
Now, with electronic signatures, large companies don't need to have the local stores mail a receipt. They simply pull the electronic signature off the transaction ID in their point of sales system, and send the banks an electronic copy of the signature.
Tons (and I mean tons) of information that the store captures and sends upstream to the processing networks never makes it to your statement, or anywhere useful. I have an IT company, and the software I use for POS sends the original IP address where the card number was entered, but I can never see it in my merchant interface, and the card companies don't show this to their cardholders.
I think over the next five years, just as you've seen pending transactions show live in your billing portal, the credit card companies will finally use this information to show detailed information about a transaction, including what you bought, who checked you out, etc. Banks and credit card companies are in a unique position of being expected to be on the cutting edge, but burdened with regulation and tradition.
Looking to maximize credit, for myself and others.
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