This is exactly the apples I’m talking about. Merchants eat much higher fees on behalf of the customer so they can hide the much longer settlement times from the customer and accept that they’ll also have to just eat the occasional fraudulent chargeback from the customer. They put up with all this hassle because “That’s just how it’s always been if you want to do business.”
And, yet people say crypto can’t work because the fees are too high (they’re lower) and the settlement times are too slow (they’re faster).
Dealing with merchant fraud is a legit call-out though. I don’t know what a good crypto solution to that is. I can imagine replacing that department with a smart contract. But, I’ve haven’t looked around to see what’s been tried.