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

theguardian.com

101–110 of 190 posts

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

#101

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?

Merchants learn their lesson and look to alternative forms of payments...

Like... BITCO apple pay/android pay

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

#103

Earlier quoted context omitted.

You forget, everything is chaos in the media. Trains, travel, finance, whatever you like. Chaos sells :)

don't forget tweets, the most dangerous enemy mankind has faced

Nah, tweets are just the Two Minutes' Hate - intense rage, pure undistilled fury... then quiet until the next one.

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

#104
post #32

What's the betting someone pushed something to production on a Friday afternoon and has now gone to the pub?

At least to me, the fact this happens on a Friday evening suggests it's deliberate, precisely because nobody with any sense would deploy something on a Friday unless it's an emergency.

A friend:

>now I'm imagining a Visa IT bloke going to the pub, presenting his card and then shouting "oh SHIT!" and running back to work

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

#105

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.

Do you suggest we keep savings in cash and physical bonds, stock certificates and gold ingots under the mattress?

I pay cash often but even so I very rarely have more than $1000 in cash at any given time.

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

#106

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.

I've seen an estimate that credit cards are actually slightly cheaper overall for the economy than cash, when you factor in everything. The physical infrastructure to deal with cash is not cheap.

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

#108
post #98

Earlier quoted context omitted.

a) This isn't tested weekly b) I doubt any store actually has the forms/equipment/etc for this

Some cards don't even have the raised, embossed printing anymore, so the imprint method wouldn't work.

And you can bet that even if they did, the staff wouldn't be trained in using it. Particularly true for large stores with high turnovers of young workers. Card machines going down is a one-in-a-million event.

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

#109
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.

Amex is 0.5-1% cashback in Germany which is quite good.

SME Visa/MasterCards still give around 1% in airline miles.

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

#110

Earlier quoted context omitted.

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.

Amex is 0.5-1% cashback in Germany which is quite good. SME Visa/MasterCards still give around 1% in airline miles.

But I think Amex is very rarely accepted -- I don't own one, but judging by the "we accept these cards" labels outside stores.
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