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paulg's profile
Paul Graham
Paul Graham
Paul Graham
Verified account
@paulg

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Paul GrahamVerified account

@paulg

paulgraham.com
Joined August 2010

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    Paul Graham‏Verified account @paulg 1 Feb 2016

    I don't understand why we use credit cards instead of bank transfers for recurring payments in the US. Something is missing.

    10:10 AM - 1 Feb 2016
    • 98 Retweets
    • 254 Likes
    • Bruno BG Krish | Chargebee Bryde Enoh's Blog Larry Chiang McKenzy Germain Diego Prada Gracia Keith Wasserman Alfredo "Tommy" Espinoza Mohammed Jalil
    140 replies 98 retweets 254 likes
      1. New conversation
      2. Bill Gurley‏Verified account @bgurley 1 Feb 2016
        Replying to @paulg

        @paulg read this: https://en.wikipedia.org/wiki/Faster_Payments_Service … Banks use regulatory capture to keep ACH crippled. in the UK the gov't mandated better.

        12 replies 15 retweets 48 likes
      3. Imran Ghory‏ @imranghory 1 Feb 2016
        Replying to @bgurley

        @bgurley @paulg only really gets used for utility bills, etc. Online subscriptions in UK still dominated by credit cards.

        1 reply 0 retweets 0 likes
      4. Paul Graham‏Verified account @paulg 1 Feb 2016
        Replying to @imranghory

        @imranghory @bgurley Why?

        2 replies 0 retweets 2 likes
      5. Imran Ghory‏ @imranghory 2 Feb 2016
        Replying to @paulg

        @paulg @bgurley no obvious advantage for consumers; entering credit card for online a more familiar process

        2 replies 0 retweets 0 likes
      6. Imran Ghory‏ @imranghory 2 Feb 2016
        Replying to @imranghory

        @paulg @bgurley I’m sure YC alumni @GoCardless who operate in this space could give you a better answer re adoption challenges :)

        2 replies 0 retweets 1 like
      7. Hiroki Takeuchi‏ @hirokitakeuchi 2 Feb 2016
        Replying to @imranghory

        @imranghory @paulg @bgurley 3 problems: 1. limited access, 2. geographic fragmentation, 3. legacy systems. @GoCardless we're solving all 3!

        0 replies 1 retweet 1 like
      8. End of conversation
      1. Bill Clerico‏Verified account @billclerico 1 Feb 2016
        Replying to @paulg

        @paulg the consumer has the power of choice, and they choose credit cards for rewards, chargeback protection & ease of use

        0 replies 3 retweets 6 likes
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      1. New conversation
      2. Steven Sinofsky‏Verified account @stevesi 1 Feb 2016
        Replying to @paulg

        @paulg Many families lack a month's expenses in the bank so the "credit" part of the card matters. Also debit cards.pic.twitter.com/OD4sLaSUAc

        4 replies 0 retweets 18 likes
      3. 1 more reply
      1. New conversation
      2. Joel Grus  🚕 ✈️ ✈️ 🚗‏ @joelgrus 1 Feb 2016
        Replying to @paulg

        . @paulg someone steals my credit card info, no big deal; someone steals my bank account info, potential big deal

        2 replies 0 retweets 12 likes
      3. 1 more reply
      1. New conversation
      2. Christopher Deutsch‏ @Chris_Deutsch 1 Feb 2016
        Replying to @paulg

        @paulg miles

        1 reply 0 retweets 8 likes
      3. Taylor D. Edmiston  ⚡️‏ @kicksopenminds 1 Feb 2016
        Replying to @Chris_Deutsch

        @Chris_Deutsch @paulg would love to figure out a way to pay my rent on cc for this reason

        0 replies 0 retweets 1 like
      4. End of conversation
      1. Sahil Lavingia‏Verified account @shl 1 Feb 2016
        Replying to @paulg

        @paulg …credit.

        0 replies 0 retweets 8 likes
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      1. Shane Reiser‏ @shanereiser 1 Feb 2016
        Replying to @paulg

        @paulg exactly why @bpmilne built @dwolla

        0 replies 0 retweets 7 likes
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      1. New conversation
      2. Tommy Nicholas‏ @tommyrva 1 Feb 2016
        Replying to @paulg

        @paulg it's because ACH in the US takes days to set up and has a ton of risk! Terrible system - some folks like @synapsepay are on the case

        3 replies 0 retweets 4 likes
      3. Sankaet‏ @sankaet 1 Feb 2016
        Replying to @tommyrva

        2) @tommyrva @paulg @synapsepay for merchants, but not customers. Need points with @synapsepay & @dwolla to make this go mainstream

        1 reply 0 retweets 0 likes
      4. Tommy Nicholas‏ @tommyrva 1 Feb 2016
        Replying to @sankaet

        @sankaet @paulg have always thought merchants could drive this by offering discounts for recurring ACH - card churn alone merits 5% back

        2 replies 0 retweets 0 likes
      5. Sankaet‏ @sankaet 1 Feb 2016
        Replying to @tommyrva

        1) @tommyrva @paulg @synapsepay or @dwolla need to be inside ApplePay

        1 reply 0 retweets 0 likes
      6. Tommy Nicholas‏ @tommyrva 1 Feb 2016
        Replying to @sankaet

        @sankaet @paulg it'll happen - the reasons Apple Pay doesn't have ACH are actually well known turns out, they may wanna talk to you.

        3 replies 0 retweets 0 likes
      7. Tommy Nicholas‏ @tommyrva 1 Feb 2016
        Replying to @tommyrva

        @sankaet @paulg Apple won't take regulatory OR chargeback (all codes) risk. They want to make API calls and be done.

        1 reply 0 retweets 0 likes
      8. Tommy Nicholas‏ @tommyrva 1 Feb 2016
        Replying to @tommyrva

        @sankaet y'all might be closer to being able to get an Apple Pay deal than you think if you could provide chargeback protection :)

        0 replies 3 retweets 1 like
      9. Sankaet‏ @sankaet 1 Feb 2016
        Replying to @tommyrva

        2) @tommyrva then again RTGS has network effect contrants. Maybe changing core banking is the way to go ;)

        1 reply 0 retweets 1 like
      10. 1 more reply

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