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Sales reps would have a disincentive to identify possibly fraudulent merchants. No sale, no commission.

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Separate research departments are supposed to vet the merchants, but they are often overwhelmed. Given that markets are valuing daily deal companies on revenue, there is also a disincentive for senior management to make an effort to fight fraud in the short term. The fraud actually shows up as revenue. It can be hard to tell which is which. By February 16, there were reports of trouble redeeming vouchers. In that month, the salon redeemed about vouchers.

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At that rate, it would take about two years to redeem all of the vouchers that were sold. In June, the year-old business closed. That is just one example. My inbox is full of dozens of stories from TechCrunch readers about businesses that have closed shortly after running a daily deal. So far, consumers have been protected. Even if a merchant disappears, refuses to provide service or is simply overwhelmed, the big daily deal companies have covered the losses.

If the deal companies were doing risk assessment, like a bank would, they would never run deals like this. And if they need money for expansion, they can get it from a bank on much better terms. Whether they know it or not, the deal companies are in the factoring business.

Repeat customers are important. Great word of mouth is important for a new company building a completely new business.

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VISA, MasterCard and others closely monitor what are called chargebacks, transactions disputed by cardholders. As far as the credit card companies are concerned, the deal companies are the merchant of record. We may incur significant losses from fraud and counterfeit Groupons.

We may incur losses from claims that the consumer did not authorize the purchase, from merchant fraud, from erroneous transmissions, and from consumers who have closed bank accounts or have insufficient funds in them to satisfy payments. In addition to the direct costs of such losses, if they are related to credit card transactions and become excessive, they could potentially result in our losing the right to accept credit cards for payment. If we were unable to accept credit cards for payment, we would suffer substantial reductions in revenue, which would cause our business to suffer. While we have taken measures to detect and reduce the risk of fraud, these measures need to be continually improved and may not be effective against new and continually evolving forms of fraud or in connection with new product offerings.

If these measures do not succeed, our business will suffer. For an e-commerce company, not being able to take credit cards would be a death blow. If you were concerned about that happening, one way around it would be to just issue refunds. A customer has a problem? They will be valid in-store from Wednesday, July 10 through Tuesday, July 16, with a different deal for Prime members every day. Here's a look at what you can expect to save on at Whole Foods Markets while you keep checking your Prime Day countdown clock.

We all have one of those going, right?

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A mini muffin might not totally fill you up as an entire breakfast, but who doesn't love a little something sweet in the morning? So, you don't have to cook and you get a deal on your grub? Sign me up. Loading up on goods for lunches for the week? When the temperature is rising in the summer, the last thing you probably want to do is crank up the oven for a fresh batch of cookies. Well, you can score a free package of Whole Foods' Brown Butter Cookies in the bakery department when you buy another package at regular price on Monday, July Still have a sweet tooth on the last day of Prime Day?

The deal is also good for Butter Mini Croissants, if you're feeling a less chocolatey bite.