11–20 of 171 posts
Does the switch from a pre-paid cards to a charge cards affect the ability for a merchant to collect on balances over the configured limit in some way? Or will those still be declined as it currently is?
I've always been surprised by privacy.com's business model. Do they really make enough money from those small credit card processing fees to stay afloat, or are they coasting on investor money?
So the thing is, most of their customers are going to be connecting a debit card from a large bank (they don't allow credit cards as a funding source). A few will come from a Durbin-exempt institution like a small credit union or a community bank (including one issued by another fintech/bank partnership such as Chime). But on the whole, they will mostly be paying the low interchange and charging the high interchange.
Since the new cards are considered credit cards, not debit cards, they won't have to worry about Durbin amendment at all.
Seems like they are changing bank partners and will use cards that code as "charge card" instead of "prepaid card" which is great (some places block "prepaid" cards) but they are forcing this change on everyone (as much as I could see) and doing it with only 30 days of notice, which is much less great.
https://support.privacy.com/hc/en-us/articles/4414521565719-...
We offer virtual cards too through AppBind and when I can’t sleep at night, sometimes I do game plan the possibility of what it means if we had to change card partners. I expect we will see events like this fairly frequently in the next decade. I feel for them.
A lot of my use case for Privacy.com was avoiding giving out my debit card (and thus, direct debiting against my checking account). If this switch means it no longer enables that (just replaces a credit card), my usage of them drops quite a bit. It's nice to be able to cap a charge against the card I guess, but the level of effort required doesn't really give me the peace of mind needed to warrant it.
Well. I seem to be unable to replace the card I created for a purchase with Affirm using the new cards. A lot of my use case for Privacy.com was avoiding giving out my debit card (and thus, direct debiting against my checking account). If this switch means it no longer enables that (just replaces a credit card), my usage of them drops quite a bit. It's nice to be able to cap a charge against the card I guess, but the…
So as I scanned through, my read was "oh, Privacy.com had a security incident", which it did not.
We offer virtual cards too through AppBind and when I can’t sleep at night, sometimes I do game plan the possibility of what it means if we had to change card partners. I expect we will see events like this fairly frequently in the next decade. I feel for them.
Why not setup a backup system with another provider now?
Well. I seem to be unable to replace the card I created for a purchase with Affirm using the new cards. A lot of my use case for Privacy.com was avoiding giving out my debit card (and thus, direct debiting against my checking account). If this switch means it no longer enables that (just replaces a credit card), my usage of them drops quite a bit. It's nice to be able to cap a charge against the card I guess, but the…
Affirm fully supports the use of virtual cards. You can use the app to generate a new visa card for every purchase.
The prior Privacy cards worked fine; that's what I had entered beforehand. It's just the new ones I reissued on Privacy that aren't being accepted.