Visa card network crashes, causing increased decline rates across UK and Europe • Hacker News Board

Re: Visa card network crashes, causing increased decline rates across UK and Europe

#81

Post by raphinou » Fri, Jun 01, 2018, 6:15 PM UTC

ryanlol wrote: post #72

the_duke wrote: post #3

Luckily, credit cards are really a second tier payment system in most of the EU. Country-specific (debit) cards and the international Maestro payment system are the primary way to pay, along with cash. Apart from online shopping, of course. But even there, you usually have other viable payment options. So it's probably not all that much chaos...

I don't think we live in the same EU. As far as I can tell "Country-specific (debit) cards and the international Maestro payment" are only common in a couple of really backwards countries.

What do you call really backwards countries? Seems maestro cards are used in France, Germany, Belgium, the Netherlands, Italy...

https://en.m.wikipedia.org/wiki/Maestro_(debit_card)

Re: Visa card network crashes, causing increased decline rates across UK and Europe

#82

Post by davnicwil » Fri, Jun 01, 2018, 6:15 PM UTC

anoncoward111 wrote: post #71

Ironically my credit card info literally got stolen at a restaurant last night and most of the purchases they tried to make were declined hahahahah Honestly, I really enjoy using my credit card. I can buy anything, anytime, online, the customer service department always resolves fraud quickly, and they even pay me to use the damn thing

I know, it seems great. But who is paying for that fraud protection? Who is paying for that customer service team? Who is paying for the fact you get paid to use it?

In the end.. It's you, through slightly higher prices on everything you buy every day because retailers have to price in the cost of credit card fees that pay for all that.

Re: Visa card network crashes, causing increased decline rates across UK and Europe

#83

Post by JeanMarcS » Fri, Jun 01, 2018, 6:17 PM UTC

ihattendorf wrote: post #55

falcon620 wrote: post #50

Earlier quoted context omitted.

https://www.businessmanagementdaily.com/1387/know-best-days-... That random site happens to agree with my kind of thinking, so I copied that content in here: "Fire on Mondays. This lets dismissed workers start looking for a job right away. Make job offers on Thursdays. If candidates need time to think, you can give them one extra day. If you give them the whole weekend, they may find another offer. Give good job revi…

One day to accept a job offer seems extremely short. If someone gives me one day to accept a job offer, chances are I'm still interviewing elsewhere and will decline unless it's my primary choice.

I guess that’s the point, to avoid thinking time. It’s from the interviewer point of view

Re: Visa card network crashes, causing increased decline rates across UK and Europe

#84

Post by gomox » Fri, Jun 01, 2018, 6:17 PM UTC

CosmicSteve wrote: post #78

If a decentralized cryptocurrency platform could properly scale in the future, likely with a stable cryptocurrency for currency usage, then this scenario will become a thing of the past.

In all fairness credit cards have a much better reliability track record than any cryptocurrency.

Re: Visa card network crashes, causing increased decline rates across UK and Europe

#85

Post by jayd16 » Fri, Jun 01, 2018, 6:18 PM UTC

davnicwil wrote: post #82

anoncoward111 wrote: post #71

Ironically my credit card info literally got stolen at a restaurant last night and most of the purchases they tried to make were declined hahahahah Honestly, I really enjoy using my credit card. I can buy anything, anytime, online, the customer service department always resolves fraud quickly, and they even pay me to use the damn thing

I know, it seems great. But who is paying for that fraud protection? Who is paying for that customer service team? Who is paying for the fact you get paid to use it? In the end.. It's you, through slightly higher prices on everything you buy every day because retailers have to price in the cost of credit card fees that pay for all that.

Most of the time there's no explicit CC charge so you'd still be paying for it whether you paid cash or not.

Re: Visa card network crashes, causing increased decline rates across UK and Europe

#86

Post by gomox » Fri, Jun 01, 2018, 6:19 PM UTC

the_duke wrote: post #3

Luckily, credit cards are really a second tier payment system in most of the EU. Country-specific (debit) cards and the international Maestro payment system are the primary way to pay, along with cash. Apart from online shopping, of course. But even there, you usually have other viable payment options. So it's probably not all that much chaos...

10 euro-bucks says you're either from Austria or the Netherlands!

Re: Visa card network crashes, causing increased decline rates across UK and Europe

#87

Post by CosmicSteve » Fri, Jun 01, 2018, 6:21 PM UTC

gomox wrote: post #84

CosmicSteve wrote: post #78

If a decentralized cryptocurrency platform could properly scale in the future, likely with a stable cryptocurrency for currency usage, then this scenario will become a thing of the past.

In all fairness credit cards have a much better reliability track record than any cryptocurrency.

Currently? Correct, hence I'm referring to a network properly scaling in the future. Ethereum currently has difficulties processing a image-based cat game, nevermind actual transactions.

Re: Visa card network crashes, causing increased decline rates across UK and Europe

#88

Post by crazygringo » Fri, Jun 01, 2018, 6:21 PM UTC

Curious, do credit card companies provide SLA's?

If you lose x% of sales on a day due to customers not having alternative forms of payment... is there anything a merchant can do to recoup their losses?

Re: Visa card network crashes, causing increased decline rates across UK and Europe

#89

Post by usrusr » Fri, Jun 01, 2018, 6:23 PM UTC

merinowool wrote: post #80

anoncoward111 wrote: post #71

Ironically my credit card info literally got stolen at a restaurant last night and most of the purchases they tried to make were declined hahahahah Honestly, I really enjoy using my credit card. I can buy anything, anytime, online, the customer service department always resolves fraud quickly, and they even pay me to use the damn thing

That works fine until people sleepwalk into cashless society and then someone from the government will think you are undesirable and delete your assets.

I do all my day to day in-person payments in cash, yet all my assets would be just as vulnerable to that kind of attack as those of a completely cashless person.

Re: Visa card network crashes, causing increased decline rates across UK and Europe

#90

Post by distances » Fri, Jun 01, 2018, 6:24 PM UTC

wil421 wrote: post #63

Glad I happen to be in Munich where cash is king otherwise I would’ve noticed. Using cash here has made me rethink my habits. Still no chance I will put down my AMEX. 6% cashback at Grocery stores, 3% at the pump, and 3% at the department store I shop at. Even if I carry a balance sometimes I made almost $700 back last year.

Cashback is very US thing though, so using cash in Germany won't deprive you from that. There are some companies offering modest cashback in Europe too, but in my experience their cards are rarely accepted anywhere. Which is fine by me, I'd rather have lower prices to start with.