zero floor limit

Archi_Bald

meer53 wrote: »

Electronic floor limits still exist.

Why are you asking this question about floor limits ?

He appears to be trying to make a case that Betfair allowed him to gamble away a few thousand pounds and should now pay him back since they should have had a zero floor limit since all Internet transactions should in the OP's view have a zero floor limit. Or something like that.

Aquamania

bankingworries wrote: »

Hi there, I previously posted regarding an issue I had where my bank account allowed me to make over £5k worth of deposits to a betting company online even though I didn't have the money in my account (my error not the banks) and I hope to shortly post an update on the whole situation but first I am hoping if someone can confirm if the following is correct....

Is it true that all visa debit card transactions that are carried out in a non face-to-face capacity i.e. over the internet as is my case have what is known as a zero floor limit which means that all transactions over an amount of zero require a pre-authorisation check or face the possibility of a chargeback?

The reason I ask is that the payments that were taken from my bank account where taken by the company during what they describe as 'technical issues' and they have subsequently admitted that they did not carry out the pre-authorisation checks and so are expecting my bank to issue the chargeback requests for said amount and I can only presume this is for the above reason?

*My bank is currently looking into the chargeback's but may take upto 21 days to do so, in the meantime if anyone could answer the question about the floor limit and if possible provide links then I would be extremely grateful.

Forgive me, but I don't think I've seen your earlier posts so have no idea what you have posted previously.

I'm confused by what you are trying to establish here.

Did you authorise the transactions? If so, as you said, your error.

If you did not authorise the transactions, contact your bank asap about the unauthorised transactions. It seems like you have done this. If the bank agree they were applied without your authorisation then they will probably put you back into a position you would have been in had the unauthorised transactions not occurred.

As I said, I'm confused by what you are getting at. Sounds like you did authorise the transactions but told the bank you didn't and are now looking for an angle out because you fear the bank will discover the truth. But I'm sure that isn't the case ... :cool:

System

He might be able to get the bank to chargeback the amount but I would imagine the bookmaker may still consider the amount owed and therefore pursue the amount via debt collectors / court.

On the other hand, the company should be held accountable as by not seeking authorisation they caused most of the situation.

Is there an ombudsman or industry body?

Archi_Bald wrote: »

He appears to be trying to make a case that Betfair allowed him to gamble away a few thousand pounds and should now pay him back since they should have had a zero floor limit since all Internet transactions should in the OP's view have a zero floor limit. Or something like that.

bankingworries

Hi thanks for the reply!

I DID authorise the transactions however I have been contacted by the company in question since that stating that due to technical errors at their end the transactions were not processed correctly at their end and the required pre-authorisation checks where not carried out and as such they state that they are expecting my bank to do a chargeback request.

This ofc was confusing to me as I don't know the rules and regs however on seeking advice I was told that all internet transactions have to be authorised correctly as the floor limit is zero for non face2face/card not present transactions and as such the transactions are deemed as rechargeable, this is what I am trying to validate whilst I await for my banks reply as they were a little bit unsure of the rules also in truth.

What is frustrating is that people are taking the moral high ground due to the nature of the beast, ie i gambled the money however if they can see past who or what is to blame all I am after is the actual facts as to whether or not the chargebacks would be made successfully as the truth is if they are then I should be able to claim them whether or not I am morally correct to do so.

All I guess I need is for someone to confirm whether or not they have a floor limit of above zero for internet based transactions, anyone?

*awaiting the hounds who wish to not answer the question I asked but instead wish to abuse me

Funkyfreddy

bankingworries wrote: »

All I guess I need is for someone to confirm whether or not they have a floor limit of above zero for internet based transactions, anyone?

To which I suspect non of us have the answer - you will need details of Betfair's agreement with the Card Processing Co they use.


FF

bankingworries

Hi Freddy, the advice I have been given is that ALL internet based companies have a zero floor limit for card not present/non face2face transactions, if this is not the case I would like to know so I can lower my expectations.

Aquamania

bankingworries wrote: »

Hi thanks for the reply!

I DID authorise the transactions however I have been contacted by the company in question since that stating that due to technical errors at their end the transactions were not processed correctly at their end and the required pre-authorisation checks where not carried out and as such they state that they are expecting my bank to do a chargeback request.
...

I'm pretty sure the bank will only do a chargeback if you request one.

I'd be pretty annoyed with my bank if I had authorised transactions and the bank unilaterally decided to carry out chargebacks on my behalf (especially if they didn't inform me they were and why)

JKSandy

If you do get the chargeback I hope you take this as a lucky escape and seek help for your gambling problem.

FireWyrm

Funkyfreddy wrote: »

I have no idea with current Electronic Card processing if floor limits form part of processing agreements - its hard to see that they do now as all electronic transactions obtain authorisation regardless of value. The latter would also require verification of address details.

FF.

They do. I've worked with integrating PDQ payments across multiple platforms including the internet and there are pre-advised floor limits for the retailer. Anything below that is automatically allowed and then charged back later if the funds are not available. Some I have worked with have greater than zero floor limits for non-face to face payments.

FireWyrm

bankingworries wrote: »

Hi Freddy, the advice I have been given is that ALL internet based companies have a zero floor limit for card not present/non face2face transactions, if this is not the case I would like to know so I can lower my expectations.

It isnt the case. It would depend on the retailer, but I can tell you I have worked with payment integrations in various verticals and I can tell you that your information is at best innacurate or misleading. I have seen pre-auth ceilings greater than zero on internet based transactions.