Buy.com may shut down after Sept 1st (1 Viewer)

[John Telleria]

http://cnnfn.cnn.com/2001/08/22/news/buy_partner/
Looks like another e-tailer is about to bite the dust.

 

[AdrianJ]

Well, that's not the reason I would have thought they would shut down. Honestly, I've quit dealing with them since they did away with their customer service.
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Adrian Jones

 

[Michael Reuben]

Well, that's not the reason I would have thought they would shut down.

What was the reason you expected? All it means when a credit card processor cuts off a vendor is that the processor doesn't think the vendor has sufficient revenue to be creditworthy. Credit card processors are on the hook for any chargebacks made by dissatisfied customers (of which buy.com has had many); so if the processor isn't sure that the vendor is good for it, they'll end the relationship.
The article mentions an interim arrangement in which the processor withheld 5% of buy.com's revenues as additional security. That's typically an interim step before terminating the relationship altogether. It's the vendor's last chance to turn things around.
M.

 

[Reni D]

Another one bits the dust !!!!!!

 

[AdrianJ]

Buy.com has secured a new deal for someone to accept credit cards for them. The news article I saw wasn't very in depth though.
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Adrian Jones

 

[Michael Reuben]

The news article I saw wasn't very in depth though.

Do you have a link?
M.

 

[MarcRS]

Back to business as usual, says buy.com:
Link Removed

 

[Randy_M]

In my experience, business as usual for these guys is 'crappy customer service'