Assuming everything else goes as expected, the merchant then issues a "Capture" which finalizes the transaction, and they receive the funds once settled (within 24 hours).
If the CC # details were stolen or the customers otherwise feels that it was a fraudulent transaction, they can call up the bank who will do what's called a "chargeback" and take the money back from the merchant plus a $25 "fuck you" fee.
Fraud rates are expected to be less than 1%, if they get higher than that you get in trouble as a merchant.
But the thing that's absolutely not happening is blind shipping of goods or delivery of electronic goods with a guess that the customer will probably pay, even below any amount.
Bitcoin:
* funds transfer: instant
* fraud vulnerability window: 1 hour
* fraud exposure: reversal of transaction
Credit card:
* funds transfer: 24 hours
* fraud vulnerability window: 60 days
* fraud exposure: reversal of transaction + $25
And while a shorter "fraud vulnerability" window is good for the merchant, it's terrible for the consumer. People have come to expect that they can get their money back if they get scammed or get their CC details stolen, it's a huge part of what's attractive about credit cards vs. cash.
Would you carry $50,000 in cash on your person? No. But you wouldn't mind carrying a credit card with a $50k balance on you, because you know you're protected.