Guys! MCX will allow you to pay LESS at the cash register because the 3% - 7% credit card fees fall way. Be happy! Support it. And no, scanning a bar chart is not less convenient than scanning an NFC chip.
So your choice: pay $100 using MCX or $107 using Apple Pay. Your choice. But don't hate.
You have obviously not used Apple Pay, nor Google Wallet. Specifically with Apple Pay, my iPhone can be asleep and with out any other action I can place my thumb (or other registered finger) on the TouchID sensor and hold the phone near the NFC reader for a few seconds and I'm done. This is significantly more convenient than having to wake my phone, find and open an app, and then scan a QR code.
Quote:
Originally Posted by sflagel
It's just a bank acct. you can challenge any wrong debits, there is no personal data attached to it, no one can debit without your explicit authorisation. Same as credit card, but cheaper and yes, safer.
You are incorrect in a lot of your assumptions here. First, you are explicitly giving MCX authorization to process ACH withdrawals from your account. Secondly there is absolutely personal data attached to it, this is why MCX needs to store your personal information such as your SSN, drivers license number, and birthdate in their "secure cloud". The "tokenized" portion of their transaction is from your app and the merchant to MXC not between MXC and your bank. If MXC was compromised you would certainly have a mess on your hands trying to get your money back. Doing normal things like shopping for groceries while your money is inaccessible would become cumbersome. Not to mention you are giving MCX everything a thief would need to easily open fraudulent accounts so have fun dealing with identity theft on top of trying to get your money back.
Quote:
Originally Posted by sflagel
Amex charges up to 7%. Ask any restaurant.
"up to" I think is something you may not fully understand. Amex has fairly competitive rates although they can be higher depending on your volume, if you are not processing by swipe, and other factors. One common misconceptions of Amex fees costing upwards of double most other cards is that Amex is charging those fees. This is in fact due to the place of business not processing a transaction over Amex's network, rather passing this through Visa or MasterCard's network which Amex then passes on the "gateway" fees those networks charge Amex.
Your bank will always give you your money back. You and any bank have 30 days to ask for money back. In ANY bank transaction. It's standard bank procedure.
Quote:
Originally Posted by sflagel
A direct debit is more "guaranteed" than any credit card transaction. You can reverse ANY bank transaction within 30 days, no questions asked. No proof needed.
This is completely untrue. Not only will a bank not always give you your money back, but not all transactions are reversible and certainly not within a 30 day window. The bank will certainly ask questions and will also demand proof before even considering reversing a transaction.
Quote:
Originally Posted by sflagel
Ask your bank. You'll be surprised. Bank wires are reversible, no questions asked.
Also, assuming you password-protect your phone (like ApplePay requires you to) how would anyone be able to use your phone to buy stuff using CurrentC?
Also completely wrong. While it is technically possible to cancel a wire transfer if you act quickly, you can not reverse one. "When a wire transfer is made from one bank account to another, both account holders are verified. Additionally, the amount of money in each account is verified, so there are no charge backs associated with wire transfers. In general, a wire transfer is fast and secure. Since it is handled individually by the banks, and does not go through a clearinghouse first, a wire transfer can take place almost in real time."
"Once the recipient's bank has accepted the payment order, the transfer cannot be reversed. If the originating bank sends a cancellation notice to the recipient bank, and the cancellation notice is received before the recipient bank accepts the payment order, the recipient bank will generally refuse the payment order. Should you wish to reverse the wire transfer, you'll be racing the transfer network between the banks to get the cancellation notice to the recipient bank before the payment order is accepted."
You've mentioned wire transfers several times, and while similar Automated Clearing House transactions are not exactly the same. They do however share the same principles as mentioned above. Once the transfer has occurred and the money has been accepted at the merchants bank it is not "reversible". You would need to ask the merchant to refund the money. This would obviously be useless in the event that a thief obtained your personal information from MCX's "secure cloud" and was able to access your account directly. Have fun asking the thief for your money back.
No bank has ever been hacked (except JPM). No bank CAN deny you a reversal of a debit (!); much easier than getting a CC company to reverse a charge. Identity theft through CC more likely than through bank - banks don't actually store "all your info". Bank details are less risky that credit card details.
Again you are misinformed. Educate yourself a little more before questioning others skepticism around a system that clearly deserves a high degree of it.
CurrentC is one of those hopelessly misguided attempts to counter the overwhelming natural forces of evolution, just like Circuit City's DiVX fiasco of 1998. And we all know what happened to Circuit City.
Not only that, their brand is a horribly annoying, bastardized combination of pun, twitter-speak, acronym, and portmanteau. MCX and its partners have too much invested to just walk away. They will have to lose more money first. Another hack and it might be over sooner than we think, though.
While you are both (sflagel and goofy1958) somewhat correct in that if they managed to see successful adoption rates with CurrentC, companies would probably both increase their margins and reduce consumer prices. This is not a monochromatic process where those savings can only reduce consumer pricing or increase company profits.
Quote:
Originally Posted by goofy1958
I actually found better prices at Circuit City when they were alive, but Best Buy cut their prices to below cost to drive them out of business, but I still shopped at Circuit City. I have also found better prices at different on-line retailers, so haven't had to shop there in years.
You are incorrect about this. I worked at Best Buy during that time and they did not cut their prices below cost to drive them out of business. What they did do is price match Circuit City even below cost (even upto 5% below cost) and relied on their sales staff to make up the difference by selling needed accessories. Circuit City was the one who cut their prices below cost in an effort to regain market share and attempted to offset some of that loss by signing up people for in-house credit. They drove themselves out of business with terrible management and poor business decisions. I had several friends who worked at various levels within Circuit City and all of them told me how poorly it was run.
On a side note. I was happy to see Circuit City go out of business having boycotted them since 1996. At that time I was working with Office Depot as a line level employee in the computer department. Office Depots selection of monitors was terrible and I was often a patron of Circuit City for things like computer parts. One day after work I went with a co-worker to the Circuit City across the street to look at buying a new NEC monitor. I was looking to replace my existing dual monitor setup (of an old 15" and an old 17") with 2 new 19" NEC flat CRT's. These were about $900 monitors and my co-worker was also looking to buy 2 of them, as well as a new graphics card to drive them.
When we walked into the store (still in our Office Depot uniforms) we headed straight to the left and into the computer department to look at the monitor. After a couple minutes of looking at a couple other monitors we walked the 15' over toward the center area which had the graphics cards. We both had a couple questions and were looking around for an employee when one finally approached us. As we began to ask him one of our questions about the dot pitch of the monitor he cut us off and demanded we leave the store. We were both shocked at such rudeness. We refused and explained that we were there to purchase some monitors and a graphics card. He insisted we leave the store. We then asked to speak to his superior who quickly showed up and with out a word from us immediately demanded we leave the store. I again refused to leave without making my case and proceeded to pull out my wallet to show them the nearly $2000 in cash for my two monitors and explained that all we wanted to know is the dot pitch of the monitor because it wasn't listed on the product tag and then I would be ready to purchase two of them.
Their response was that we were "price shopping" them and they refused to allow us on the premise. We tried to be rational with them and asked them if our intention was to price shop you, why would we have two employees come in their uniforms with enough cash to actually buy something asking questions about a product that we don't carry? They continued to insist we leave and so we complied. Both my co-worker and myself wrote long letters to their corporate office detailing our purchases at Circuit City over the years and how until that incident we were happy customers and shopped there often for our electronics. We throughly explained the situation (in even greater detail than above :-) and requested a response from their office with an apology and documenting their reprimand of the employees involved.
What we both received back was a short letter not of apology, but of a confrontational angst that not only reinforced this ridiculous decision but also exclaimed that the only thing they may be reprimanded for was not physically removing us from the store faster. I was shocked at how unprofessional the letter was and brought it to work to show my co-worker. We he arrived to work he came waltzing in the door with a huge grin on his face looking for me. He made eye contact and whipped out a piece of paper from his back pocket and I just laughed and said "Well I guess We're never shopping there again!" He had received the same letter. Needless to say I never stepped foot in another Circuit City store again.
Anyway, let that be a lesson to companies who actively discourage people from shopping at their stores. They will shop elsewhere, like Walgreens.
How does this guy keep comparing CurrentC to Apple Pay?
"Another benefit is loyalty card integration, something that Apple has yet to include in its payments solution."
CurrentC doesn't have loyalty card integration either since CurrentC isn't even a real thing yet. By the time this app comes out, Apple Pay will have all this stuff integrated and then some.
3% -7%? What are you smoking!!! Maybe they're that high for a Drug Dealer, but most businesses the fee is at MAX 3%, and generally lower then that. 7% is just silly, is this you MCX?
Lmao! Seriously i feel like this person works MCX or s(he) is eating some serious mushrooms!
You have obviously not used Apple Pay, nor Google Wallet. Specifically with Apple Pay, my iPhone can be asleep and with out any other action I can place my thumb (or other registered finger) on the TouchID sensor and hold the phone near the NFC reader for a few seconds and I'm done. This is significantly more convenient than having to wake my phone, find and open an app, and then scan a QR code.
You are incorrect in a lot of your assumptions here. First, you are explicitly giving MCX authorization to process ACH withdrawals from your account. Secondly there is absolutely personal data attached to it, this is why MCX needs to store your personal information such as your SSN, drivers license number, and birthdate in their "secure cloud". The "tokenized" portion of their transaction is from your app and the merchant to MXC not between MXC and your bank. If MXC was compromised you would certainly have a mess on your hands trying to get your money back. Doing normal things like shopping for groceries while your money is inaccessible would become cumbersome. Not to mention you are giving MCX everything a thief would need to easily open fraudulent accounts so have fun dealing with identity theft on top of trying to get your money back.
"up to" I think is something you may not fully understand. Amex has fairly competitive rates although they can be higher depending on your volume, if you are not processing by swipe, and other factors. One common misconceptions of Amex fees costing upwards of double most other cards is that Amex is charging those fees. This is in fact due to the place of business not processing a transaction over Amex's network, rather passing this through Visa or MasterCard's network which Amex then passes on the "gateway" fees those networks charge Amex.
This is completely untrue. Not only will a bank not always give you your money back, but not all transactions are reversible and certainly not within a 30 day window. The bank will certainly ask questions and will also demand proof before even considering reversing a transaction.
Also completely wrong. While it is technically possible to cancel a wire transfer if you act quickly, you can not reverse one. "When a wire transfer is made from one bank account to another, both account holders are verified. Additionally, the amount of money in each account is verified, so there are no charge backs associated with wire transfers. In general, a wire transfer is fast and secure. Since it is handled individually by the banks, and does not go through a clearinghouse first, a wire transfer can take place almost in real time."
"Once the recipient's bank has accepted the payment order, the transfer cannot be reversed. If the originating bank sends a cancellation notice to the recipient bank, and the cancellation notice is received before the recipient bank accepts the payment order, the recipient bank will generally refuse the payment order. Should you wish to reverse the wire transfer, you'll be racing the transfer network between the banks to get the cancellation notice to the recipient bank before the payment order is accepted."
You've mentioned wire transfers several times, and while similar Automated Clearing House transactions are not exactly the same. They do however share the same principles as mentioned above. Once the transfer has occurred and the money has been accepted at the merchants bank it is not "reversible". You would need to ask the merchant to refund the money. This would obviously be useless in the event that a thief obtained your personal information from MCX's "secure cloud" and was able to access your account directly. Have fun asking the thief for your money back.
Again you are misinformed. Educate yourself a little more before questioning others skepticism around a system that clearly deserves a high degree of it.
-PopinFRESH
Great input! But this person is surely playing us for fools or s(he) is the fool or s(he) works with MCX either way dealing with this person is a waste of time
Guys! MCX will allow you to pay LESS at the cash register because the 3% - 7% credit card fees fall way. Be happy! Support it. And no, scanning a bar chart is not less convenient than scanning an NFC chip.
So your choice: pay $100 using MCX or $107 using Apple Pay. Your choice. But don't hate.
sflagel,
You've filled this forum with misinformation.
First, I don't know where you get your info– credit card processors (MC, Visa, Amex) do not charge 7%. That's outrageous. Amex (the highest) still charges under 3%.
Retailers are forbidden from charging different costs if you pay by credit card or cash. Where have you ever seen a sign that says "3% discount if paying by cash"? We will not see a discount for using CurrentC. That's the major retailers trying to increase profits.
As others pointed out (with links), you cannot reverse wire transfers.
In the case of fraud, if someone (say via CurrentC) drains your bank account,the onus is on you to reverse the charges. And as others have pointed out, it's not an easy road.
CurrentC has already been hacked. Doesn't exactly instill trust.
If you're a super-fan of CurrentC, by my guest. But quit spreading your lies and misinformation on the rest of us.
it seems to be the same breach, but now we find out its not just the bank/cc data, but emails (56 million)
so it would seem that your account could be more easily breached.
I don't know how Home Depot can dare to remain so closely allied to CurrentC, given this appalling breach, and to find out there was a major windows flaw... ( who would have thought that - said no one ever)
it seems to be the same breach, but now we find out its not just the bank/cc data, but emails (56 million)
so it would seem that your account could be more easily breached.
I don't know how Home Depot can dare to remain so closely allied to CurrentC, given this appalling breach, and to find out there was a major windows flaw... ( who would have thought that - said no one ever)
I use apple pay there now. They still have their nfc on which is a good thing. But i did use my cc before the breach but no email. I have new cc now
Comments
... he isn't merely super naive. This indicates deception.
Or possibly self-flagellation.
Guys! MCX will allow you to pay LESS at the cash register because the 3% - 7% credit card fees fall way. Be happy! Support it. And no, scanning a bar chart is not less convenient than scanning an NFC chip.
So your choice: pay $100 using MCX or $107 using Apple Pay. Your choice. But don't hate.
You have obviously not used Apple Pay, nor Google Wallet. Specifically with Apple Pay, my iPhone can be asleep and with out any other action I can place my thumb (or other registered finger) on the TouchID sensor and hold the phone near the NFC reader for a few seconds and I'm done. This is significantly more convenient than having to wake my phone, find and open an app, and then scan a QR code.
It's just a bank acct. you can challenge any wrong debits, there is no personal data attached to it, no one can debit without your explicit authorisation. Same as credit card, but cheaper and yes, safer.
You are incorrect in a lot of your assumptions here. First, you are explicitly giving MCX authorization to process ACH withdrawals from your account. Secondly there is absolutely personal data attached to it, this is why MCX needs to store your personal information such as your SSN, drivers license number, and birthdate in their "secure cloud". The "tokenized" portion of their transaction is from your app and the merchant to MXC not between MXC and your bank. If MXC was compromised you would certainly have a mess on your hands trying to get your money back. Doing normal things like shopping for groceries while your money is inaccessible would become cumbersome. Not to mention you are giving MCX everything a thief would need to easily open fraudulent accounts so have fun dealing with identity theft on top of trying to get your money back.
Amex charges up to 7%. Ask any restaurant.
"up to" I think is something you may not fully understand. Amex has fairly competitive rates although they can be higher depending on your volume, if you are not processing by swipe, and other factors. One common misconceptions of Amex fees costing upwards of double most other cards is that Amex is charging those fees. This is in fact due to the place of business not processing a transaction over Amex's network, rather passing this through Visa or MasterCard's network which Amex then passes on the "gateway" fees those networks charge Amex.
https://qwww209.americanexpress.com/merchant/services/en_US/accept-credit-cards?linknav=us-merchsite-menutoolbar-AccepttheCard&merch_van=mer_INAV#section=pricingPlans_scroll
Your bank will always give you your money back. You and any bank have 30 days to ask for money back. In ANY bank transaction. It's standard bank procedure.
A direct debit is more "guaranteed" than any credit card transaction. You can reverse ANY bank transaction within 30 days, no questions asked. No proof needed.
This is completely untrue. Not only will a bank not always give you your money back, but not all transactions are reversible and certainly not within a 30 day window. The bank will certainly ask questions and will also demand proof before even considering reversing a transaction.
Ask your bank. You'll be surprised. Bank wires are reversible, no questions asked.
Also, assuming you password-protect your phone (like ApplePay requires you to) how would anyone be able to use your phone to buy stuff using CurrentC?
Also completely wrong. While it is technically possible to cancel a wire transfer if you act quickly, you can not reverse one. "When a wire transfer is made from one bank account to another, both account holders are verified. Additionally, the amount of money in each account is verified, so there are no charge backs associated with wire transfers. In general, a wire transfer is fast and secure. Since it is handled individually by the banks, and does not go through a clearinghouse first, a wire transfer can take place almost in real time."
"Once the recipient's bank has accepted the payment order, the transfer cannot be reversed. If the originating bank sends a cancellation notice to the recipient bank, and the cancellation notice is received before the recipient bank accepts the payment order, the recipient bank will generally refuse the payment order. Should you wish to reverse the wire transfer, you'll be racing the transfer network between the banks to get the cancellation notice to the recipient bank before the payment order is accepted."
You've mentioned wire transfers several times, and while similar Automated Clearing House transactions are not exactly the same. They do however share the same principles as mentioned above. Once the transfer has occurred and the money has been accepted at the merchants bank it is not "reversible". You would need to ask the merchant to refund the money. This would obviously be useless in the event that a thief obtained your personal information from MCX's "secure cloud" and was able to access your account directly. Have fun asking the thief for your money back.
https://www.depositaccounts.com/blog/difference-between-wire-transfer-and-ach.html
http://budgeting.thenest.com/time-frame-reversing-wire-transfer-33881.html ;(thanks to Suddenly Newton for the link)
No bank has ever been hacked (except JPM). No bank CAN deny you a reversal of a debit (!); much easier than getting a CC company to reverse a charge. Identity theft through CC more likely than through bank - banks don't actually store "all your info". Bank details are less risky that credit card details.
Again you are misinformed. Educate yourself a little more before questioning others skepticism around a system that clearly deserves a high degree of it.
-PopinFRESH
CurrentC is one of those hopelessly misguided attempts to counter the overwhelming natural forces of evolution, just like Circuit City's DiVX fiasco of 1998. And we all know what happened to Circuit City.
Not only that, their brand is a horribly annoying, bastardized combination of pun, twitter-speak, acronym, and portmanteau. MCX and its partners have too much invested to just walk away. They will have to lose more money first. Another hack and it might be over sooner than we think, though.
While you are both (sflagel and goofy1958) somewhat correct in that if they managed to see successful adoption rates with CurrentC, companies would probably both increase their margins and reduce consumer prices. This is not a monochromatic process where those savings can only reduce consumer pricing or increase company profits.
Quote:
I actually found better prices at Circuit City when they were alive, but Best Buy cut their prices to below cost to drive them out of business, but I still shopped at Circuit City. I have also found better prices at different on-line retailers, so haven't had to shop there in years.
You are incorrect about this. I worked at Best Buy during that time and they did not cut their prices below cost to drive them out of business. What they did do is price match Circuit City even below cost (even upto 5% below cost) and relied on their sales staff to make up the difference by selling needed accessories. Circuit City was the one who cut their prices below cost in an effort to regain market share and attempted to offset some of that loss by signing up people for in-house credit. They drove themselves out of business with terrible management and poor business decisions. I had several friends who worked at various levels within Circuit City and all of them told me how poorly it was run.
On a side note. I was happy to see Circuit City go out of business having boycotted them since 1996. At that time I was working with Office Depot as a line level employee in the computer department. Office Depots selection of monitors was terrible and I was often a patron of Circuit City for things like computer parts. One day after work I went with a co-worker to the Circuit City across the street to look at buying a new NEC monitor. I was looking to replace my existing dual monitor setup (of an old 15" and an old 17") with 2 new 19" NEC flat CRT's. These were about $900 monitors and my co-worker was also looking to buy 2 of them, as well as a new graphics card to drive them.
When we walked into the store (still in our Office Depot uniforms) we headed straight to the left and into the computer department to look at the monitor. After a couple minutes of looking at a couple other monitors we walked the 15' over toward the center area which had the graphics cards. We both had a couple questions and were looking around for an employee when one finally approached us. As we began to ask him one of our questions about the dot pitch of the monitor he cut us off and demanded we leave the store. We were both shocked at such rudeness. We refused and explained that we were there to purchase some monitors and a graphics card. He insisted we leave the store. We then asked to speak to his superior who quickly showed up and with out a word from us immediately demanded we leave the store. I again refused to leave without making my case and proceeded to pull out my wallet to show them the nearly $2000 in cash for my two monitors and explained that all we wanted to know is the dot pitch of the monitor because it wasn't listed on the product tag and then I would be ready to purchase two of them.
Their response was that we were "price shopping" them and they refused to allow us on the premise. We tried to be rational with them and asked them if our intention was to price shop you, why would we have two employees come in their uniforms with enough cash to actually buy something asking questions about a product that we don't carry? They continued to insist we leave and so we complied. Both my co-worker and myself wrote long letters to their corporate office detailing our purchases at Circuit City over the years and how until that incident we were happy customers and shopped there often for our electronics. We throughly explained the situation (in even greater detail than above :-) and requested a response from their office with an apology and documenting their reprimand of the employees involved.
What we both received back was a short letter not of apology, but of a confrontational angst that not only reinforced this ridiculous decision but also exclaimed that the only thing they may be reprimanded for was not physically removing us from the store faster. I was shocked at how unprofessional the letter was and brought it to work to show my co-worker. We he arrived to work he came waltzing in the door with a huge grin on his face looking for me. He made eye contact and whipped out a piece of paper from his back pocket and I just laughed and said "Well I guess We're never shopping there again!" He had received the same letter. Needless to say I never stepped foot in another Circuit City store again.
Anyway, let that be a lesson to companies who actively discourage people from shopping at their stores. They will shop elsewhere, like Walgreens.
-PopinFRESH
P.S. Sorry for the wall-o-text
P.S. Sorry for the wall-o-text
Great story. Too bad it didn't come up sooner; I'm afraid most people gave up on this thread.
How does this guy keep comparing CurrentC to Apple Pay?
"Another benefit is loyalty card integration, something that Apple has yet to include in its payments solution."
CurrentC doesn't have loyalty card integration either since CurrentC isn't even a real thing yet. By the time this app comes out, Apple Pay will have all this stuff integrated and then some.
Lmao! Seriously i feel like this person works MCX or s(he) is eating some serious mushrooms!
Great input! But this person is surely playing us for fools or s(he) is the fool or s(he) works with MCX either way dealing with this person is a waste of time
Guys! MCX will allow you to pay LESS at the cash register because the 3% - 7% credit card fees fall way. Be happy! Support it. And no, scanning a bar chart is not less convenient than scanning an NFC chip.
So your choice: pay $100 using MCX or $107 using Apple Pay. Your choice. But don't hate.
sflagel,
You've filled this forum with misinformation.
If you're a super-fan of CurrentC, by my guest. But quit spreading your lies and misinformation on the rest of us.
probably you have all seen this -
Home Depot says about 53 million email addresses stolen in breach
http://www.reuters.com/article/2014/11/06/us-home-depot-dataprotection-idUSKBN0IQ2L120141106
Is this a different breach? Or they got all the info in the same passed breach?
it seems to be the same breach, but now we find out its not just the bank/cc data, but emails (56 million)
so it would seem that your account could be more easily breached.
I don't know how Home Depot can dare to remain so closely allied to CurrentC, given this appalling breach, and to find out there was a major windows flaw... ( who would have thought that - said no one ever)
I use apple pay there now. They still have their nfc on which is a good thing. But i did use my cc before the breach but no email. I have new cc now
I have to go this weekend (sigh) looking forward to trying Apple Pay, see if they turned it off at my local...