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MasterCard Forcing PayPal To Pay Higher Fees
iComp sends this quote from El Reg:
"PayPal, Google Wallet and other online payment systems face higher transaction fees from MasterCard in retaliation for their refusal to share data on what people are spending. Visa is likely to follow suit. The amount that PayPal has to pay MasterCard for every transaction will go up as the latter introduces new charges for intermediated payment processors. This change is on the grounds that such processors don't share transaction details, which the card giants would love to get hold of as it can be used to research buying patterns and the like. Companies such as PayPal allow payments between users, so the party (perhaps a merchant) receiving the money doesn't need to be registered with the credit-card company. PayPal collects the dosh from the payer's card, and deducts a processing fee before passing the cash on to the receiving party. MasterCard would prefer the receiver to be registered directly so will apply the new fee from June to any payment that is staged in this way."
Perhaps if Mastercard and Visa hadn't allowed PaypaI to usurp what they could very well have done themselves, long ago, they wouldn't be in this situation. I've always wanted the ability to painlessly send someone money, directly, and it's idiotic that paypaI (and other 3rd party wallet services) are the only way to do it. Completely redundant.
Guess end users will be seeing a fee increase coming our way. Awesome.
You remember when credit cards used to have annual fees? They didn't just forget about those costs, they just found new ways to make money off you!
Man is the animal that laughs.
And occasionally whores for Karma.
I smell some antitrust concern here...
Paypal and Mastercard are both horrible companies. I suppose I should side with the company trying not to share my personal data, but Paypal is incredibly sleazy and dishonest in its own right.
Paypal is doing the right thing for once? Is the world going to come to an end soon?
Why am I not surprised, the rich will not tolerate the proletariat or others removing their rightful entitlement.
... and I'm hardly surprised. Mastercard has a stick up it's ass lately about that kind of thing.
For large sets, this will be our guide even unto death, for the LORD will work for each type of data it is applied to...
So, this article is basically saying that if you receive credit card payments from PayPal and you aren't registered then you have to pay more? well, paypal has to pay more, but the savings will be passed on to you. Is there any source of what transactional data is shared? As someone who works with electornic funds transfer software, I only ever see non-personablly identifiable info in transactions. I can't say I blame Mastercard either, fraud is a major problem in this world. so until I see some real evidence, I will just assume that the author here is some tin-foil hat wearing privacy nut. but I will hapiily change my opinion if there are new facts....
sig?
The real question is not if Visa will follow Mastercard, but will American Express (the number 3 card) will follow Mastercard.
excitingthingstodo.blogspot.com
Saving up to buy a nice widget used to mean something, now everyone just buys junk after junk with no planning, all while accruing enormous debt. This house of cards is just waiting for the right wind to knock it all down.
Quite frankly we deserve it.
So the company I won't do business with because I don't trust them is being sued by the companies I'm stuck with because the ones I won't do business with won't share enough of our data with them?
So, we're fucked then -- the megacorps have utterly won the privacy and financial data battle, the advertisers know everything you do because of it, Google and everybody else reads your email, and the government can collate the whole damned thing if they declare they Need To.
Dammit, the tinfoil isn't working any more. :-P
Lost at C:>. Found at C.
Providing a CC account to PP is a recipe for CC theft which happened to me one time too many. When I signed up for PP, the system demanded a CC for overdraft so I provided a CC that I was going to close shortly. I never needed ANY overdraft because the PP account was tied to a bank savings account soley used for PP transactions and I simply moved $$$ between banks when I wanted to make a transaction. The bank account has no overdraft and has zero connection to the bank where my payroll check is direct deposited. When PP nagged me about the CC expiration approaching, I ignored it. That was over three years ago and I'm still using PP.
You don't need a CC to use PP.
Eternity: will that be smoking, or non-smoking? I Corinthians 6:9-10
I'm not exactly sure how all this works, but when I buy stuff from paypal, I deposit directly from my credit union into the paypal account and then pay from there. To my knowledge, MC and Visa aren't involved at all. Unless there's something I'm not understanding?
Moreover, there's a way to use your bank's billpay feature to put money directly in your paypal account. Neither of these strategies appear to involve MC/Visa. Mind you, either of these strategies take time for the transfer, so you have to plan out your purchases, but that's not necessarily a bad thing.
Oliver's law of assumed responsibility: If you're seen fixing it, you will be blamed for breaking it.
It's not a human. It's a bot program written purely in hostfile.
PayPal has a customer list of its own and is large enough to perhaps issue their own credit cards. To keep it sane the card might be limited to Ebay purchases only. In other words Master card might be beaten over the head even more because they took this posture.
Holla for a dwolla? Always good to help a local Iowan out.
<quote>I've always wanted the ability to painlessly send someone money</quote>
Please do! Here is my IBAN number: CH14 0025 5255 F665 2263 0
Thanks.
banks and credit card companies don't understand the concept of information security
They do. But they are not concerned about things like password theft, because neither the bank nor their customers lose money that way.
So nobody cares about what you may perceive as bad security. As this PDF linked from this recent /. story shows, only third-party suckers lose money when a bank password is abused.
Actually, they'd love to know about a lot of your spending. For instance:
- If you buy a gun: Then they'll know who to search if/when they decide to confiscate them.
- If you buy gold, silver, or other long-term store-of-value commodities: If/when the dollar weakens they can make those illegal to possess and confiscate them to try proping pu the failing dollar and heading off a competing currency, forcing people to stick with the printing-press fiat money. (They already did that with gold during the Great Depression.)
- If you buy a bunch of long-shelf-life food or other "survivalist" supplies. It's stuff to raid in a crisis and an indicator of who the non-sheep are.
- If you buy political literature of a non-mainstream nature.
I could go on for pages.
Bantam Dominique roosters crow a four-note song. Once you've heard it as "Happy BIRTHday" you can't NOT hear it that way
So the fact they would have access to your account, to link to another account at a different financial service to transfer your funds (who knows maybe a few times via a few hacked or "fake accounts" to finally withdrawal via debit card or whatever (money laundering service?) And disappear...
In Europe (at least in Belgium and the Netherlands and probably in other countries as well) VISA, MasterCard nor any other credit card company will know what you used your card for.
They will see where you bought it, but not for what.
So if you pay with it at a supermarket, they will not know if you bought only alcohol or baby food or condoms.
In Belgium it is even illegal to do any analysis of what type of stores or how you use your credit card. So no analysis if you spend it in other countries, online, at gas stations or just for getting cash from a machine. (In the Netherlands this is allowed)
This all because of privacy and protection of the consumer and other communist shit. Yet those companies still make money.
So if Europe can do it, so should the US be able to pass a law for the people to not let credit card companies know this kind of detail (or any other type of company).
Also when I pay with my card, the company that I do my payment is not allowed to do anything with it. The companies I worked for were not able to do any analysis on credit card sales, because we only had the transaction number, the last four numbers of the card and some other stuff to make it possible to identify the sale, but not enough to link different sales to one person even when done with the same card.
Oh, and while you are at it, change to using the chip reader like the rest of the world. It is so much safer (not perfectly safe). If the rest of the world was able to pay for the change, I am sure you could bare the cost as well.
Don't fight for your country, if your country does not fight for you.
Doesn't MC make enough money gouging 3% out of retailers? Do they really need to exploit buying patterns too? I know, I know... profit, but geez. And PayPal sucks.
Visa and MasterCard have ~90% of the payments market between them (and Amex another ~8%); the clunky PreyPal has ~1%, most of which rides on the backs of Visa/MasterCard PreyPal has never been, and never will be, any real threat to these three operators PreyPal at physical POS is simply a joke, and a very poor one at that Regardless, this suggested MasterCard extra fee is the least of the clunky middleman PreyPal’s problems. Give it another twelve months and the new "professional" digital wallets from Visa (V.me) and MasterCard (MasterPass) will have driven PreyPal, eBay's hard working bilge pump, back into the rusting eBay bilge http://bit.ly/UVXx53 And then there is the ugly reality for consumers dealing with the rest of the clunky, manipulative, unscrupulous eBay complex ...
"eBay-Facilitated Shill Bidding Fraud on eBay Auctions: Case Study #5" ... http://bit.ly/11F2eas
Should be fun to watch the rusting old scow, eBay, finally slip beneath the waves
How to block this guy using a HOST file?
Or master card.
Fuck um where it hurts.
The default rate for unpaid CC bills is 2.5% in Canada and 6% in South America all the rest is P R O F I T!!!
I received a phone call from Master Card notifying me that my spending habit did not fit my profile. What I have a profile?!? I visited a gas station more that twice in a 24hr period. Um, I own a landscaping business and I fill up a lot. They call me every time it gets annoying.
Fuck banks
How about I start a new business. OKay, it starts out with a giant fee for all banks in the same state, then I get to spendin that money to get some shitty fucking media reels and I fight and win a lawsuit saying that the backbone of the internet has to provide my bandwidth and stream for the next 75 years for free. We're going to whip the sysadmin's till they hang themselves with cat5 Huh , you don't like fascism? Every app for now on costs. No more free operating systems, no more reverse engineering tools, no more file managers, you don't have files. if you use them we will call you crazy, send in teams to kill or lock you up in a fema re-education camp being crazy you will never hold a trusted job again, this plays out just like dhs vs the 2nd A gun people after the dhs gets finished with those 1.6, got a book dhs don't like? your fucked.
I don't know about your banks, but with mine I can open an account with an overdraft limit of 0.00. In other words, if there's no money on it, they get their attempt to withdraw rejected.
Yes, but they *love* their overdraft fees, so they usually make the overdraft program operate similarly to Facebook privacy controls. "We've changed something about our overdraft program and so we've opted you back into what you explicitly told us you didn't want! Contact us if, for some bizarre reason, you don't want this amazing service!"
Besides, have you actually used this approach in practice? What *really* happens is that even if you have the account setup to not overdraft if something comes in that would bounce then they refuse to pay *and* they charge you some absurd NSF fee.
For example, once I was hit with an NSF by a credit union after the fucking FDIC yanked money out of my account because the bank from which I had transferred the money failed. So, the FDIC "helped" by absconding with thousands of dollars of my money which was at a completely different institution than the one that failed and then sent me a paper check later. Fuckers.
Basically, the best way to be able to prevent overcharging by other entities with whom you transact is to use a controlled payment number like BoA ShopSafe. The only failing with this approach is that it is limited to entities that accept credit card payments.
Didnt Paypal buddy up with Visa and Mastercard to bully Wikileaks? Irony is a bitch Paypal.
If you have your bank account registered in PayPal when you go to make a transaction it chooses your bank account first. There is no way to change this. You have to click on this little link that says use other payment method (or something similar). This is so sleazy, they have more to gain by drawing from your bank account, but instead of being honest about it they attempt to force and trick the user.
The joke will be if PayPal snubs Visa and Mastercard. We don't need Visa and Mastercard anymore. They're old and decrepit, as well as greedy. PayPal's greedy too but at least they're young and nimble. They could just tell V/Mc to shove it and continue with setting their own standard. I, my wife and our business now do most of our transactions without V/Mc just using PayPal. Time to cut out V/Mc from the equation and let them sulk in the corner.
...You trust friend Mastercard, right?
Indeed, I don't understand why Visa et al don't do something other than a card #'s for recurring payments. If I want to to for my electric bill or whatever, allow me to generate a either a single-use token (for one payment) or one which can only be used by a single company (the electric co).
For the multi-use token, it can only be used by the entity which it was initially created for. That means if the Electric Co's payment system gets hacked, nobody can use my token to go on a spending spree elsewhere.
I don't have Paypal attached to an account, but most banks I've dealt with have overdraft as an option.
If you don't have overdraft, then you can end up with NSF fees if a cheque bounces, and sometimes they'll hold recent deposits a bit longer, but for Paypal that shouldn't be an issue.
I like Google Payments, much better than PayPal.
I would be pleased to have a Google Credit card that is NOT Visa or MC.