151–160 of 178 posts
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Wow, that took me back. I don't remember seeing anyone swiping their card in recent years, even chipcards are becoming more and more uncommon - contact-less payment leads the way now.
Where do you live?
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Well if we really believed in the free market and consumer protection, there'd be a law requiring the total transaction cost be printed on the sales slip. Whether the merchant pays it or passes it onto the consumer would be up to the merchant, but the amount would appear on the slip so the consumer sees these costs and who is paying for it. What we really have is mercantilism, where the issuer by contract disallows f…
> Well if we really believed in the free market and consumer protection, there'd be a law requiring the total transaction cost be printed on the sales slip. So "if we really believed in the free market", we should regulate the details of how a private transaction can take place? Leaving aside any other aspects of that proposal, whether positive or negative, it doesn't seem reasonable to describe it as "free market".
Yes. I don't think "free market" is incredibly well defined but the concept it evokes to me (as someone with a degree in economics), is a market approaching perfect competition[0], which is well defined.
A perfectly competitive market has a number of requirements, things like low barriers to entry, lots of buyers and sellers, no externalities, and so on.
A government policy that intervenes to try to aid perfect competition (e.g. some anti-trust legislation) could still be called a "free market", I think.
That said, I realize some people seem to define it to mean "free" from all government interventions, but they don't have a monopoly (heh) on the use of the word.
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In addition to not being on the magnetic stripe, merchants are also not allowed to save it, so if you steal a merchant's database of stored CCs, you don't get the CVVs.
Requiring CVV's for online transactions invalidates this security feature.
(Yes, there are probably a lot of retailers breaching their PCI-DSS compliance by storing the CVV, but the point is they're not supposed to. Until we can do chip-and-pin or similar for online purchases, e.g. Apple Pay, the problem remains)
Does anybody know if using Stripe if we can pass the 2.9% fee onto our customers? We offer customized consulting plans that vary and typically in the thousands, so thinking of just adding a 3% credit card processing fee to the invoice for clients that use card. Researching around the net, it seems for traditional brick and mortar, some issuers don't allow you to charge a percentage based card processing fee. Any idea…
I can't really think of a specific, non-political reason to show the fee to the customer specifically on the payment terminal. If it's important to call it out, just put it on he invoice/receipt.
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I think we can all agree the correct model is a card that generates a globally unique card number for each and every transaction (e.g. coin failed , final). It should also have a 2nd factor authorization like CVV which is not embedded in the magnetic strip (can't be read by swipers).
I don't agree about the unique account number every time. That's nice to opt into when you want maximum privacy but it screws up things like loyalty programs or recurring billing where you actually do want a merchant to remember you. What we can agree on is that there should be strong authentication. Apple Pay is the best system I've seen. It creates a unique but static account number that can only be used with Apple…
But payments in general are just totally effed and can't seem to move forward without some sort of fix. as a consumer its both amazing and incredibly frustrating. as a merchant it's essential. Imagine how much money netflix would lose if you had to auth payments every 30 days.
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The first part is basically what Final claims to be doing: https://getfinal.com/
I have a Final card. You have three options: 1. Use your real card number. I never do this. 2. Use a merchant-locked card number. I use this commonly for online pizza and other online shops I don't trust much. Once a merchant uses it, only that merchant can use it. 3. Use a one-time card. The number is used once and disabled. Good for one-off orders or skeezy purchases. Overall I've been pretty pleased. I think the i…
edit, i checked it out. so 1) its no open to sign ups, and 2) you have to have pretty stellar credit to even be considered. so that leaves out most people.
> What happens when you swipe a credit card People look at you funny for not knowing how a credit card has worked for the last 30+ years. Here chips got introduced mid-80's and all cards had chips circa early-90's. Why did it take so long for credit card to feature chips in the US ? Because it took a while for CIA's in-q-tel to take over control of gemplus, the company who owned the smart card technology, which happe…
And what did the CIA want? Any recommended reading on the CIA's control of financial systems?
really exceptional reading material.
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The way I see it, this is describing the system exactly as much as it needs to make its case that 'banking system is bad and expensive, use our stuff'. Covering security, or the lower fees in Europe (thanks mostly to the security features), goes against the narrative. An interesting tidbit: An extra reason US fees are so high are premium credit cards choke full of rewards: Not every card has the same fees, and the hi…
JP Morgan Chase pays their reward costs out of pocket.
Either Chase has lower fees than most banks or it doesnt. The mony all comes from the same place.
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Really? Do you know where you can find that information? I'm surprised that Chase does it given the amount they could recoup from their rewards programs.
https://www.bloomberg.com/news/articles/2016-12-06/dimon-say...
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Really? Do you know where you can find that information? I'm surprised that Chase does it given the amount they could recoup from their rewards programs.
https://www.bloomberg.com/news/articles/2016-12-06/dimon-say...