What is going on at PayPal, Stripe, and Square? | FinTech | B2B Vault | Episode 167

What is going on at PayPal, Stripe, and Square? So there is a buzz about the following. All 3 companies have a new policy Processing fees will no longer be refunded to your account when you issue a full or partial refund to your customers. They are all doing this to match industry standards. What is the industry standard? If you are using a Payfac – like PayPal – stripe – square etc. – they are a payment facilitator, and they are the merchant of record – you do NOT have a merchant account. When you process a transaction it is authorized and settled. If you have a merchant account: Transactions are authorized and settled – ONCE DAILY So if you make an error – charge someone $100 instead of $10 – you can void the transaction. Or a customer pays an invoice and overpays by mistake, uses the wrong card, or cancels an order from your website – you could VOID that transaction because it is in the same batch. Social Media Links: 📱 Follow us on Twitter for real-time updates and engaging discussions: https://twitter.com/b2bvault 💻 Connect with us on LinkedIn for industry insights and professional networking: https://www.linkedin.com/showcase/b2b-vault-the-payment-technology-podcast/ 📷 Check out our Instagram for captivating visuals and behind-the-scenes moments: https://www.instagram.com/b2bvault/ 👍 If you found this video informative and thought-provoking, please give it a thumbs up, subscribe to our channel, and hit the notification bell so you never miss an update! 🛎️