To cover any future refund requests from those credit card customers, the processor withheld daily reimbursements to Flooz.com from credit card sales and froze other accounts until it held $1 million of Flooz.com's money by the second week of August, the person close to the company said.
Now Nassau's new county executive, Thomas S. Suozzi, is planning a major overhaul to minimize if not eliminate future refund problems.
In the fourth quarter of 2012, we will have 24 months of historical transactional information which we currently anticipate will enable us to estimate future refunds and chargebacks.
While the $256 million payments revenues makes it look like Facebook saw a 45% increase on Q3's payments revenues of $176 million, it actually includes 24 months of "historical transactional information" that it's using to count towards future refunds and chargebacks, worth some $66 million.
To date, we have deferred recognition of Payments revenue until the expiration of this period as we were unable to make reasonable and reliable estimates of future refunds or chargebacks arising during this claim period, due to lack of historical transactional information.
Several cruise lines have introduced programs that allow passengers, for a fee, to cancel shortly before a sailing and receive a credit for a future trip or a refund.
Ticket-holders may exchange seats for a future performance or obtain refunds at point of purchase.
In some cases, they were also given the option to cancel and get credit for a future cruise or a full refund.
Ticket holders for performances through Oct. 7 can either exchange their tickets for a future performance or get a refund at the point of purchase.
