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What is the meaning of successful liability shift for enrolled card is required.?
Successful liability shift for enrolled card is required.
A successful liability shift (successful liability shift for enrolled card is required.) means that the cardholder (you) can no longer be held responsible for unauthorized transactions.
This means that, in case of a fraudulent transaction on your account, you are not liable to pay any amount or suffer any loss as per law.
The liability shift (successful liability shift for enrolled card is required) is a process that allows the holder of an enrolled card to move their liability for the debt from the original creditor to the new creditor. It is also known as debt transfer.
As per Section 39(2) of MasterCard and Visa, MasterCard and Visa can refuse to accept payment on any transaction where there has been a transfer of liability from one party to another without first obtaining written consent from both parties.
Besides, this isn’t applicable in most cases. In fact, if it happens during a sale made under Section 39 (1), then only the seller will be liable for non-payment of amount due after credit limit has been exceeded by more than 50%.
Also, in case where customer uses card number that belongs to different customer account or used by third party account holders who are not liable for payment obligations against them, then neither seller nor buyer will be liable for non-payment of amount due after credit limit has been exceeded by more than 50%.
I hope I have been able to answer your question: “What is the meaning of Successful liability shift for enrolled card is required.?”
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