When you are pro-war even the abortion doctors call you "baby-killer."

2003-12-08

Bankcard Shakeup

No one seems to be talking about the shakeup in the Visa/Mastercard bankcard world.

Why the fuck not? Don't you people use credit/debit/bank cards anywhere?

I have a MasterCard-branded debit card from PayPal and I use it a lot, its linked to my iTunes account. I also have a Visa card from CapitalOne.

The big deal that came out of a long-running lawsuit-turned-settlement over bankcards and retailers is that retailers can elect to NOT accept certain bankcards because of their excessive processing fees on every transaction. Also at issue is the requirement of debit cards to have PIN-enabled POS (Point of Sale, not Piece of Shit dummies) terminals at every retail outlet.

Basically it comes down to WAL*MART bitching about processing fees (which to be fair were rather excessive for MasterCard) and having to purchase new universal POS terminals for *each* register in every store. This can add up when you are the largest retail store in the world. I will concede that point. However, refusing to accept say MasterCard and only Visa is going to end up hurting the consumer - you know the ones making WAL*MART the largest retail store in the world.

If I can't use my PayPal card at WAL*MART or a gas station what the hell am I supposed to do? You just lost my potential sale guys. I may not want to use my Visa card because it has a shitty interest rate or I need it for emergencies (in case I break down and need a tow).

The best scenario for the consumer is to accept EVERYTHING so that EVERYONE can walk in and buy your products and pay with whatever method they have selected at that moment.

Visa is making headway with its check card, essentially a paperless check system, especially in the face of potential refusal to accept certain bank/credit cards. Unfortunately I don't have one of those so its either cash or debit/credit card for me. This ridiculous settlement is going to cause confusion and resentment by consumers. Especially those who really need to get gas only to find out they have to pick and choose which card they can use instead of just jamming one into the pump because it is snowing like crazy and their kids are about to get out of school.

Total bullshit I say. What say you?