The people at Ingenico who decided you can’t insert your chip-card until the green light goes on will be the first against the wall when the revolution comes.
-
Show this thread
-
“Oh sorry we have to restart this entire transaction because you inserted your card before the green light went on” they say, as you look at the 18 people in line behind you and wonder why any working free market would spend more than five minutes tolerating this crap.
9 replies 15 retweets 91 likesShow this thread -
Replying to @matthew_d_green
Are you just trying to give the coinbros stuff to quote? :-)
1 reply 0 retweets 1 like -
Replying to @RichFelker
The payment card people are infinitely worse than the coin people. The payment industry is a festering wound on the fact of society. The coin people are like a wart.
1 reply 1 retweet 6 likes -
Replying to @matthew_d_green
I'm not convinced. For the most part, as both consumers and merchants, we could all just keep paying visa/mc 2%, dealing with minor inconvenience, and nothing awful could happen.
3 replies 1 retweet 1 like -
Replying to @RichFelker
2% is a pretty big hit. And I doubt that really captures all the costs of the current system.
1 reply 0 retweets 4 likes -
Replying to @matthew_d_green
2% really doesn't matter to either merchants or consumers in any absolute sense. It only matters if there's a competing alternative that lacks the fee and your business model is built on such small margins.
3 replies 0 retweets 0 likes -
Replying to @RichFelker
Matters a lot to low-income people who are paying cash and still eating a 2% (or 3% really) tax to subsidize a payment card industry they don’t benefit from.
4 replies 0 retweets 10 likes -
Replying to @matthew_d_green @RichFelker
yes, and also they're the worst affected (from late fees and overdraft fees, etc.) from the US having a 1960s-vintage interbank transfer scheme, whose transactions literally take *multiple days* to finalise (withdrawing cash from ATM and depositing it at the same ATM is faster!)pic.twitter.com/0V71F6EeK9
1 reply 0 retweets 2 likes
ACH is utterly awful (slow, lacking 2-step reservation/commit architecture of visa/mc, etc.) but if anything that's an argument for the visa/mc networks and tolerating their ~2% skimming.
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.