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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 15 Dec 2019
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    Patrick McKenzie Retweeted Keith Perhac

    If you think this is }^}+]^ing bonkers fifty years into the widespread use of credit cards and would like to perform an in-flight upgrade of (a fraction of) the global economy, https://stripe.com/jobs https://twitter.com/harisenbon79/status/1206396575452319744 …

    Patrick McKenzie added,

    Keith Perhac @harisenbon79
    Credit card errors are now our greatest source of churn! :) Credit card errors are... our... greatest... source... of... churn... :/
    8:24 PM - 15 Dec 2019
    • 5 Retweets
    • 84 Likes
    • Adel Random Ali paul shinn Richard Wilson Kaitlyn Luckey John Lee CJ Kloote Jason McCandless Magnus Petersen-Paaske
    4 replies 5 retweets 84 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 15 Dec 2019
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        And believe me the first time you see the stats on error rates it is a very this meme moment:pic.twitter.com/Sc46x67nIp

        2 replies 0 retweets 21 likes
        Show this thread
      3. Patrick McKenzie‏ @patio11 15 Dec 2019
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        “What percentage is it Patrick?” I don’t think we quote it publicly but it is higher than your first guess.

        6 replies 2 retweets 14 likes
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      4. Patrick McKenzie‏ @patio11 15 Dec 2019
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        Credit cards are still extremely important infrastructure, and I’m extremely glad the world has them, but they’ve tolerated pre-computer levels of operational errors for far, far too long.

        1 reply 3 retweets 33 likes
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      5. Patrick McKenzie‏ @patio11 15 Dec 2019
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        A question I periodically find interesting: “What’s your best estimate of how many people in the world are working on X?” For authorization rates, I think it is less than a thousand, total. Credit cards process trillions with a T dollars every year.

        2 replies 1 retweet 32 likes
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      6. Patrick McKenzie‏ @patio11 15 Dec 2019
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        One of the interesting lessons of working at an infrastructure company is the tension between centralized and decentralized infrastructure. You might think e.g. “Ahh big federated network minimizes SPOF.”

        1 reply 4 retweets 22 likes
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      7. Patrick McKenzie‏ @patio11 15 Dec 2019
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        But plausibly a big federated network has 10k+ nodes which each see a problem costing them $1M a year and independently decide “Well that’s not worth putting an engineering team on.”

        0 replies 6 retweets 39 likes
        Show this thread
      8. End of conversation
      1. New conversation
      2. Douglas Kilpatrick‏ @kilpatds 15 Dec 2019
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        Replying to @patio11

        I'd expect that if the cancel process is too onerous... What's the average lifespan of a credit card? Does your rate seem similar?

        1 reply 0 retweets 2 likes
      3. Patrick McKenzie‏ @patio11 15 Dec 2019
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        Replying to @kilpatds

        Good guess, but it is not correct. Forgive me for not being able to go into more detail; I have to ask you to treat me like an Oracle here.

        1 reply 0 retweets 4 likes
      4. 2 more replies
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      2. Keith Perhac‏ @harisenbon79 16 Dec 2019
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        Replying to @patio11

        What's bonkers to me is that Credit Cards have such a huge failure rate, while having ACH / routing number essentially means free reign into a bank account. Wish there was a happy medium.

        1 reply 0 retweets 1 like
      3. Colin Nederkoorn‏ @alphacolin 16 Dec 2019
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        Replying to @harisenbon79 @patio11

        Here’s some comparison data if helpful. Not all credit cards but mostly. We’ve done a decent job keeping it low and have a person on our team working to improve process and systems.pic.twitter.com/sy62tNoPFG

        1 reply 0 retweets 0 likes
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