- Data Breach Affects More Than 2 Million Frequent Flyers Across Airline Alliances by Skift. SITA is responsible for this breach. I’ve seen it before and I’ll say it again, these breaches will keep happening until the penalties are increased.
- Credit Card Purchases Could Soon Cost More Under Proposed Colorado Bill
- United Airlines Faces Lawsuit Over Engine Failure by OMaaT.
- SoFi Signs $22.3 Million Acquisition Deal For Golden Pacific Bank by PYMNTS.
Deals starting/expiring at the end of today or starting today (view the full deal calendar here):
Deals starting/expiring at end of tomorrow:
Popular posts from yesterday:
If the government actually wants to help small businesses in this regard, they should pass laws limiting the fees credit card processors charge – e.g. prohibit VISA from charging a street corner bookstore more than it charges Walmart. Instead, lawmakers pitch small businesses against small consumers over some spare change, while giggling on the sidelines next to those with deep pockets.
This is just ignorant. Credit card fees are charged for the work and risk required to process the charges. So $100m of charges spread over 10,000 small businesses is much harder/riskier to process than $100m from a single business and thus Walmart SHOULD pay LESS.
government is doing it again. giving merchants a reason to raise price
you already see places that gives you incentive like 5-10% off to not pay with credit card. this tells you that the prices were jacked up for people paying with credit card
I hope alliant would reimburse my credit card fees when this hits
Alliant already does, it’s called your credit card rewards. That 2.5-3% back comes from somewhere…
That’s nice. You’re commenting in the wrong post.
I say this as someone who runs a small e-commerce store on the side and likely pays more in credit card fees (on a percentage basis) than she does.
Small businesses that refuse to accept credit cards need to learn to do what every other business does when faced with additional expenses – raise your price for everyone by 2-3%.
Nickel-and-diming customers with additional fees as itemized costs makes consumers angry even if some cash buyers would save a little money in the long run. Few people will notice the price hike and those that do can simply reply with something generic like COVID related supply problems.
Finally, price probably don’t matter as much as this woman thinks for her small businesses. If they did, people wouldn’t shop there. They would shop at Amazon or Walmart. But there is some intrinsic value her customers receive for shopping at her store as opposed to a big-box one, so they are less likely to leave over a 3% price hike to begin with.
Over 90% of all money in circulation is already digital. Pass the fee onto your customers in a hidden manner and get with the times.
Ugh, I sense another routing number change for SoFi, but this time they become a bank holding company so they probably won’t need to switch banking partners in the future since they own one now.
I don’t follow this quote from the Colorado CC fees article. “the bill would help her to focus more on bookbinding and less on bookkeeping.”
The business would still be paying the same CC fees and they would now have an additional account for credit card surcharge. I understand that this would offset a portion of the fees without changing the sticker price but to me this would not reduce any administrative burden of bookkeeping, if anything it is a little more complicated.
“When the family business opened its doors 92 years ago, customers paid with cash.”
They also came on a horse-drawn carriage.
A business either accepts credit card payments or doesn’t. The Fee is the cost of doing business, like rent or free consumables; not accepting cards loses business. Your choice. I’d never dream of nickel and diming my customers by adding a CC fee or charging the client who takes a snack or water more than the one that doesn’t.
But I am sure many businesses would add it, especially when they can get away without worrying about returning customers: every tourist destination is guaranteed to add the fee. Or if you can get away without disclosing the fee upfront as many gas stations do.
They can have 97% of my money, or 0%. Their call.
lol im sure you buy everything from amazon regardless what they do so why should they care what you think?
Cash also has its own issues- loss, theft, etc.
Plus getting short changed by the cashier sometimes intentionally.
As does Credit – with charge backs, disputes, fraud, etc
The benefits of paying with revolving credit far outweigh the drawbacks in my opinion. Disputes and fraud can happen with cash transactions too, except cash offers zero consumer protections.
I’ll take chargebacks and fraud any day over having to deal with paper notes that have been God knows where and rusted pennies that I will never use.
Singapore Air sent me an email about the SITA data breach last week assuring me nothing important was compromised:
“UPDATES ABOUT YOUR KRISFLYER ACCOUNT
SITA, an information technology company providing passenger service systems, has informed Singapore Airlines of a data security breach involving their passenger service systems’ (SITA PSS) servers. While Singapore Airlines is not a customer of the SITA PSS, another Star Alliance member airline is.
All Star Alliance member airlines provide a restricted set of frequent flyer programme data to the alliance, which is then sent on to other member airlines to reside in their passenger service systems. This data transfer is necessary to enable the verification of membership tier status, and to accord to member airlines’ customers the relevant benefits while travelling.
As a result, SITA has access to the restricted set of frequent flyer programme data for all 26 Star Alliance member airlines including Singapore Airlines.
Some of our members were affected by the breach of the SITA PSS server. The impacted data is limited to the members’ KrisFlyer membership number and tier status and, in some cases, membership name, which is the full extent of the frequent flyer data set Singapore Airlines shares with other Star Alliance member airlines for this data transfer.
Specifically, this data breach does not involve KrisFlyer membership passwords, credit card information, and other customer data such as itineraries, reservations, ticketing, passport numbers, and email addresses as SIA does not share this information with other Star Alliance member airlines for this data transfer.
We are contacting you to inform you that your KrisFlyer data was not impacted by this breach of the SITA PSS server. Your KrisFlyer miles balance was also not compromised.
We would also like to reassure you that none of Singapore Airlines’ IT systems have been affected by this incident.
The protection of our customers’ personal data is of utmost importance to Singapore Airlines. We will work with our partners to review the current procedures, and take all necessary steps to improve data security.
Sincerely,
VP of Loyalty Marketing”
Re:Colorado CC fees, unless I’m wrong the article entirely misses the point. Passing the cost on the cost will still be prohibited by merchant agreements. The article mentions only a handful of states have this law, but with the exception of gas you don’t see cash discounts anywhere (besides utilities and such). This will change nothing.
It is not prohibited by merchant agreements anymore, unfortunately.
Many years ago the family business was a marital arts school. When we started taking credit cards people would buy more inventory, 1×1 classes, energy drinks and such. Fast food restaurants found this out too. Yes, credit is more expensive for the merchant to accept but people habitually spend more. Dave Ramsey teaches to cut up credit and pay cash because it’s harder to part ways with green paper notes. Cash is slower to process with each customer, debit is an alternative, but I sure like the middle man safety of credit.
These costs are already passed on to the customer, because it’s factored into the total amount you pay for the companies’ goods and services (at least, it should be). What they really mean is, “We want to charge you even more for using a credit card as the payment method.”
Which is, by the way, perfectly fine. She has a right to charge whatever she wants for whatever she is selling. But to me passing the credit card cost as an additional surcharge (I agree she should have a right to do that) onto the receipt is likely to drive away customers vs just raising the price of everything she sells. It just seems like a dumb move.