arcdigital

5 maanden geledendiscuss

Agreed...I've been waiting for months now to increase my quota for a specific Azure VM type by 20 cores. I get an email every two weeks saying my request is still backlogged because they don't have the physical hardware available. I haven't seen an issue like this with AWS before...

arcdigital

vorig jaardiscuss

Fiserv probably is involved with both of those accounts, they do stuff for credit unions and issuers (as well as a lot more)

arcdigital

2 jaar geledendiscuss

Hey, sorry to hear you're going through this. I know this doesn't solve your immediate problem with your funds on hold, but I run a payment processor and we might be able to help you process payments without a reserve which could open up some more cashflow to supplement the held funds. Would love to learn more about your business and see if we can help. My email is anand at payclair dot com (a little obfuscated to hopefully avoid spam bots).

arcdigital

3 jaar geledendiscuss

That's just how Riot does Worlds now, it's not specific to Korea. I was at last year's Worlds in San Francisco and it looked like it had a similar production value.

arcdigital

3 jaar geledendiscuss

I’ve worked in payments for a long time (I did payments at Amazon, Lyft, and Blizzard). Also used to run a company similar to Stripe.

arcdigital

3 jaar geledendiscuss

You're correct, take a look at my other comment for a breakdown.

arcdigital

3 jaar geledendiscuss

It's nowhere near 6-7%. See my other comment for more details.

arcdigital

3 jaar geledendiscuss

This is not true. Anyone in the US who has told you this is confused or getting ripped off by a predatory ISO (the companies that offer credit card processing).

Numbers below are only looking at the percentage, not the flat per txn fee or the other fees like assessments, etc... Only apply to the US. Also assuming you do less than 1 million a year in card volume.

First let's look at actual merchant services costs:

Stripe, Braintree/PayPal (online) you pay the same fee for all cards. Around 2.90%

Wells Fargo (in-person) charges the same rate for all cards until you are high volume. Around 2.40%

Chase (in-person) charges the same rate for all cards until you are high volume. Around 2.60%

Bank of America (in-person) charges the same rate for all cards until you are high volume. Around 2.65%

Now let's look at the actual amount the card issuer charges for a restaurant to accept a card (assuming you're working with an ISO that does OptBlue, all the above do). The markup you pay your merchant services provider is added on top of this.

Amex: 1.60% - 2.85%.

Visa: 2.10% - 2.70%.

MasterCard: 1.85% - 2.00%.

arcdigital

3 jaar geledendiscuss

my bad! updated, I was thinking Citi but Visa came out after typing Amex right before. thanks!

arcdigital

3 jaar geledendiscuss

I'm assuming it will be just like any other time a card portfolio is sold or transferred (Costco Card: Amex -> Citi, REI Card: US Bank -> Capital One, GM Card: Capital One -> Marcus (which is Goldman, ironically I think they want to get rid of this card too), etc...). Unless Apple discontinues the card completely, they will choose a new bank, that bank will take on the existing portfolio, everyone will get new cards (maybe numbers depending on how they did the BINs)...but with the physical card not having a visible number, the apple pay card being able to be automatically updated, and the virtual card's number being right there in the app it should be pretty painless.

Since Apple manages the whole thing through their own app and not a Goldman Sachs app, it should be fairly seamless as everything should look the same and you won't need to make a new login or worry about how to start paying a new bank. If there's new cards to be issued it's likely it will just show up in the Wallet app and they'll mail you a new physical one. Last year Apple moved the Apple Cash card from Discover to Visa and most people didn't even know that happened. There was even a button to switch it over sooner if you wanted to.

With the Savings Account I expect it will be similar as long as they can find a bank willing to offer a similar APY. Especially for people who just use it with the Apple Card and don't deposit directly to it using the routing/account number, you probably won't really notice.

source: all speculation, but I have worked extensively in payments for years and have launched banking products.

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