And believe me the first time you see the stats on error rates it is a very this meme moment:pic.twitter.com/Sc46x67nIp
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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.
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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.
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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.
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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.”
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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.”
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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?
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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.
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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.
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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
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