Jack Dorsey, CEO of Square, has taken to Twitter to announce that the mobile payments start-up is now processing more than $1 million a day.
It would be interesting to see what the fraud and chargeback rates are for this service.
See legal notes: "We will only process Cards that receive an authorization from the applicable Network or card issuer. The person who present the card to you ("the Payer"), may not be authorized to use the card or otherwise contest the transaction through
the Chargeback process"
In fact, Squareup User agreement is very interesting reading, good example for many banks how to do the business :)
I must say that, having read the T&C, I find them quite poor. For example, there are incorrect internal references and ungramatical English, an example of which you quote above.
However, I was not asking if Chargebacks can occur but what the volume of them is.
© Finextra Research 2013