Save eSign Credit Card with airSlate SignNow

Save eSign credit card

signing credit card receipts are one of those antiquated systems of record-keeping that used to make more sense but now through preservation of only the tradition and not the purpose has lost most of its meaning and desperately needs to be replaced kind of like that collection of VHS tapes you still have from the 90s even though you no longer have a VHS player to understand this let's go back to the credit card receipt glory days actually we have to rewind a little bit before that and talk about credit as a rule people hate spending money but they love getting stuff people will spend more if they don't have to spend now but can get stuff now and businesses love getting more money even if they have to get it later this is where the idea of a tab or credit comes from at first London cut it were limited in where they could be used sometimes of our would you be a pointer token this group of you being a loyal customer and lets you build a tab in the bar or gas station would give you a paper card as credit to AB you exclusive stores within your area and a built in I didn t Protection existed because in most of these places everyone in the town knew everybody so they would know if the card wasn't held by the right person but if they need for more universal credit system came about credit card issuers had to find some way of securing their cards to protect against fraud after all if you're from Ohio and someone uses your card in New York how is the merchant to know it isn't you so this is where the signature on the back of your card comes in the merchant has you sign your credit card receipt and it's supposed to check it to signatures matched approved it really you now even when that system kind of made sense it had all sorts of blogs comparing signatures properly takes too much time the average clerk isn't a signature expert and because your signature is read on the back of the card any industrial state could just practice your signature Thursday before actually going out on the spinning street but this just it makes even less sense now because when's the last time anyone actually compared your signatures like that so why do we still have to sign it all has to do with blade if merchants don't have you sign and you decide that you want to dispute the charge the credit card company will make the merchants reimburse you but if they did make you sign they can say they use reasonable fraud prevention methods to verify that it was in that case either you or the credit card company would have to pay but let's not get lost in business buzzwords here it's important to note that what everyone considers to be reasonable fraud prevention is not reasonable at all because they never check if your signature matches anything let me give you an analogy imagine bars retired at the time it takes to individually check if everyone's ID but the government tells them they still need to check everyone's when one because the law says so so in efforts of reasonable age identification they ask everyone are you 21 and if they say yes they can drink this system would help the bar prove that they were trying to stop underage drinking but the actual result would be the equivalent of having no teach check at all in that's like point your credit card signature is equivalent to no signature at all because it will never stop everyone from using your credit card so what do we do about it well the good news is technology is making fraud protection easier and better than ever in Europe they rolled out a chips and pin system which requires a pin every time you try to buy something this is at least a fact the signing receipt and actually has some real security in it but in America although we've adopted the chip cards we're still using their signature system why you ask one credit card company explained this [Music] if you can possibly ignore the dripping condescension in the statement what it boils down to is that you're only going to get a credit card with actual security when you run it and for that to happen people everywhere need to realize that the story of the signature is a lie it doesn't protect you and worse it breeds a false sense of security in a system that needed to be replaced decades ago [Music]