Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

This is how Visa works

eduardo.intermeta.com.br

Post reply on HN
Print view View original

71–80 of 106 posts

Re: This is how Visa works

#71

Post by rlander »

vannevar wrote: post #61

It might be more accurate for the headline to read "This is how Brazil works." In the US we tend to take for granted how much a functioning regulatory system, far from retarding healthy growth, is essential for promoting it.

You remark shows that you didn't even bother to read the entire article.

They're not a credit card company, but a provider of employee benefits (hence they don't even touch the money). They just happen to use small rectangular plastic cards as a medium for carrying balance information.

Re: This is how Visa works

#72

Post by j_s »

DanBC wrote: post #26
hannibalhorn wrote: post #17

Plenty of multinationals play "dirty" in Latin America, I've heard similar stories about several other companies here from people that work for smaller, local competitors. That said, I highly doubt that it's a policy of the home office, it's really just the end result of hiring people who get results in the region, in a situation where oversight is difficult to impossible.

> in a situation where oversight is difficult to impossible. That excuse no longer washes.

It washed just fine last year right here for airbnb: http://news.ycombinator.com/item?id=2815183

Re: This is how Visa works

#73

Post by daemon13 »

Since I was dealing with compliance, FCPA and such for the last 15 years, here are my two cents:

- in case people involved in the unethical behavior are either employees of Visa OR employees of Visa subsidiaries, joint ventures or partnerships, such behavior does constitute a violation of at least Visa's internal Code of Business Conduct and Ethics [1], not sure about FCPA due to lack of details;

- compliance matters are a serious business for most all multinational companies, especially public/US based;

- this Code is an internal Visa document, that implies that Reporting any Illegal or Unethical Behavior [2] shall/can be done by Visa's employees, but you are not an employee;

I would recommend to write an e-mail, describing your facts, and send it to 4-5 Visa employees, including US HQ. Having multiple recipients, including HQ people, will ensure that one of those will report this case internally. Your e-mail will trigger internal investigation of this matter, and hopefully favorable resolution [i.e. discontinuation of such practices].

Of course, speak with lawyer before doing anything. Also, I would advise against talking to press, at least for now.

1 [http://investor.visa.com/phoenix.zhtml?c=215693&p=irol-g...]

2 [http://investor.visa.com/phoenix.zhtml?c=215693&p=irol-g...]

Re: This is how Visa works

#74

Post by chmod775 »

I just got a VISA-card some weeks ago and I'm going to give it back to my bank and close the account tomorrow. Good thing VISA's not the only one offering such services. (I never used it yet anyways)

Some large companies are just not able to have some self discipline. Others do.

Re: This is how Visa works

#75

Post by saraid216 »

chmod775 wrote: post #74

I just got a VISA-card some weeks ago and I'm going to give it back to my bank and close the account tomorrow. Good thing VISA's not the only one offering such services. (I never used it yet anyways) Some large companies are just not able to have some self discipline. Others do.

Which?

Re: This is how Visa works

#76

Post by chmod775 »

eduardordm wrote: post #13
larrys wrote: post #6

"I built a small credit card company, we have around 500k users and 2k merchants." URL of this company? Links to some of the merchants that you've lost or currently have? Clear scan of the document in the photo?

The company is called Redeconv (www.redeconv.com.br). I didn't want to attract attention to the company itself, we are just regional. I can provide the xerox of contracts we had and the forms I'll post that to the blog post later today.

On an unrelated note:

You don't provide any contact info in your profile and I don't really understand Portuguese either so I'll use this comment to inform you that your website renders horribly in my browser. It looks unreadable and unprofessional. Using Firefox 14.0.1 on Linux.

Also: '©1998-2012' Props, that is quite a while.

Re: This is how Visa works

#77

Post by jpdoctor »

vannevar wrote: post #61

It might be more accurate for the headline to read "This is how Brazil works." In the US we tend to take for granted how much a functioning regulatory system, far from retarding healthy growth, is essential for promoting it.

> In the US we tend to take for granted how much a functioning regulatory system

Really? Which people are in jail because of the mortgage fraud?

And Jon Corzine's MF? Who is going to jail because of that?

I find that the US has pockets of enforcement.

Re: This is how Visa works

#78

Post by fffggg »

eduardordm wrote: post #23
IsaacL wrote: post #21

Earlier quoted context omitted.

Regardless of this story, I find it very cool that in Brazil you can just setup your own credit card company. Are there many regional CC networks like yours in Brazil? How did you get the idea?

Credit card company is generic term. In our case we are a PAT (we provide employees benefits). We never "touch" the money, your employer is, indirectly, who pays the merchants. We cannot provide loans (credit). For that, we need a lot of cash (FDIC insurances, etc)

FDIC? In Brazil?

Re: This is how Visa works

#79

Post by spindritf »

rlander wrote: post #71
vannevar wrote: post #61

It might be more accurate for the headline to read "This is how Brazil works." In the US we tend to take for granted how much a functioning regulatory system, far from retarding healthy growth, is essential for promoting it.

You remark shows that you didn't even bother to read the entire article. They're not a credit card company, but a provider of employee benefits (hence they don't even touch the money). They just happen to use small rectangular plastic cards as a medium for carrying balance information.

> a provider of employee benefits

What kind of service is that? What do they actually do?

Re: This is how Visa works

#80

Post by jakebellacera »

chmod775 wrote: post #76
eduardordm wrote: post #13

Earlier quoted context omitted.

The company is called Redeconv (www.redeconv.com.br). I didn't want to attract attention to the company itself, we are just regional. I can provide the xerox of contracts we had and the forms I'll post that to the blog post later today.

On an unrelated note: You don't provide any contact info in your profile and I don't really understand Portuguese either so I'll use this comment to inform you that your website renders horribly in my browser. It looks unreadable and unprofessional. Using Firefox 14.0.1 on Linux. Also: '©1998-2012' Props, that is quite a while.

The website is pretty readable in Chrome using the Google Translate feature. I don't think it's fair to quickly assume that a regional, small business' website would be published in both your language and their language.
Post reply on HN