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groze

Why doesn't wal-mart just stop taking signature based debit cards instead of suing Visa?

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Why doesn't wal-mart just stop taking signature based debit cards instead of suing Visa?

 

https://consumerist.com/2016/05/10/walmart-sues-visa-over-security-of-debit-card-authorizations/

 

 

If am understanding Visa & MasterCard rules correctly. Merchants have a choice.

 

Here is the option as I understand them.

 

They can take only credit cards that are signature based

They can take only debit cards that are signature based

They can take only debit cards that have a pin (those cards can still have a Visa or MasterCard logo but transaction will be run through the debit card network)

They can take only take cash.

 

Proper signage at the door is required. Of course they can take all or combo of the above.

Edited by groze

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From what I've read before I think a merchant is required to accept any type of plastic that has the Visa logo on it per the agreement the merchant signs with Visa before they're allowed to accept cards. This is why merchants take foreign cards, swipe only cards where chip and pin is the norm, and why countries where chip and pin is the norm still have magnetic stripes on the back of them. The same idea probably applies to chip vs. signature... Since the coding on card is supplied from the bank and issuer, the terminal will abide by what the coding on the card tells it to do (either ask for a PIN or signature), it's not logical for Walmart to just stop accepting signature priority cards.

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