

Does not work around the necessity to get all major retail banks or the central bank on board, as they outline in their FAQ.
There’s no magic bullet, if you want to act as a payment processor you only have a handful of options:
- Do a bank wire (but it’s not pre-authorized so you’re just providing a deposit account for your customers, like PayPal)
- Use Visa/MC (which PayPal falls back to if you have no money in your deposit account)
- Use regional payment processors where they exist (e.g. Bancontact/iDEAL in the Benelux, which Stripe conveniently abstracts for the retailers; however most countries don’t have such a widespread alternative to American payment processors)
- Use physical cash
- Agree on a protocol to pre-authorize transfers on behalf of your customer with all banks your customers are likely to be using (in the EU you can do that with SEPA mandates, which PayPal does support as well)
In practice the EU is doing that last thing with Wero (which already has partnered with all major retail banks in Benelux+France+Germany) and Brazil successfully did the same with Pix. It’s not that the technical part is particularly hard, it’s that convincing the banking sector to adhere to and commercially promote a new standard is a long, expensive, arduous process that requires strong political connections.
I hear that a lot but would that actually work? Sure, you will get a redhat level 1 support employee within the hour for a severity 1 ticket. But does the actual contract (which I don’t have access to) make any legally binding guarantees regarding the time-to-resolution? I seriously doubt it. Which is to say – your legal team will be SOL.
They also won’t take responsibility for any fuckup on your part if you install a bad driver or deviate from the admin guides in anyway (which is why Legal says for a minor issue you can’t apply a patch from StackExchange, you must raise a ticket and wait 3 business days for RedHat to tell you to apply the patch from StackExchange).
Getting phished definitely falls in this category BTW. Vendors may or may not help you but they certainly won’t accept any liability.
It’s still a good enough safety net to have for corporations with no trustworthy in-house expertise as vendors do have an incentive to keep their customers happy and most will help to the best of their abilities (which often isn’t as much as one might think…), but it’s hardly a legal panacea. If you need guarantees against catastrophic financial losses, that is what insurance is for.