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Old 02-01-2006, 07:49 PM   #1
otchie1
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Post Visa Electron & online purchase rant


Lots of people do not want (or can't get) a damn credit card. For those people a debit card tied to their bank account is a fine way to access all the joys of buying stuff online. A card like a Visa Electron.I have read so much rubbish written about the Visa Electron card that i thought i woudl put the matter straight.

An Electron card is a bank issued debit card that can only be used electronically (hence the name ELECTRON)

It does not have raised numbers like old credit cards because it must be used electronically and never in those old mechanical swipe machines.

Funds spent with an Electron card are absolutely guaranteed for the vendor by the issuing bank.

Vendors must process the card electronically at the time of purchase as the funds are immediately tagged in the attached bank account as 'spent'. This differs from credit cards that certainly used to be processed only daily or even weekly.

Electron cards were resisted by the merchants as the cost of the enhanced infrastructure was theirs. Original credit card systems guaranteed vendors payment even if the card was stolen/maxed. The new system simply refuses the transaction after it has checked the availability of funds in real time.

In order to create a large user base and because of their more secure nature (from the banks view point) Electron cards were issued by default to anyone with an account who couldn't apply for anything else. There are now an awful lot of Electron cards in circulation and most vendors have been forced to upgrade their systems to cope with them. Eventaully all debit cards will work this way.

If your Electron card is turned down by a vendor even though you have cash in the bank, it is because they are not willing to invest in the systems required to process it. As they take security that seriously, do you really want to shop there?

Damn, turned into a rant. Apols for that.

Yes, I used to have multiple Visa cards and Mastercards. I had an unsecured credit limit in the 50,000 range which is very scary. Since I stopped using credit, I actually have money again.
 
Old 02-01-2006, 08:22 PM   #2
Matir
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And the point of this was? I realize a rant, but I'm not even sure if it's pro-Electron or anti-Electron or what.
 
Old 02-01-2006, 08:34 PM   #3
otchie1
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I think i came out mostly pro Electron but definetly anti mis-information. It was reading the same dumbarse 'electron is only for kiddies' nonsense over and over again that got to me.

I feel better now though.

LQ ranting is good for the soul.
 
Old 02-02-2006, 08:11 AM   #4
baldy3105
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There you go. Start your own prepay credit card company, so people can have a credit card to use for online shopping with all the insurance benefits etc, but with a zero lending limit so they can't be tempted to spend money they don't have. You'll be rich in no time.
 
Old 02-02-2006, 04:45 PM   #5
Mara
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The situations with cards is different in different countries. In .pl, for example, you get a Visa Electron (or similar) card by default with an account. Credit cards are very rare. The ratio is 10:1 for VE vs credit (or even more).
 
Old 02-02-2006, 08:21 PM   #6
otchie1
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Quote:
Originally Posted by Mara
The situations with cards is different in different countries. In .pl, for example, you get a Visa Electron (or similar) card by default with an account. Credit cards are very rare. The ratio is 10:1 for VE vs credit (or even more).

Makes sense. Poland was a much more recently cash oriented economy than the UK or US. If I was an international banker i'd issue VE there by default too. Instantaneous authorisation means zero risk for the issuer -it's like you went to the ATM and withdrew the cash.

The prepaid card is big in Spain I believe...Visa backed again.

I suppose it won't be long before either PayPal or Google bring out a netcard. Both have the money and infrastructure to do it. Maybe I should sell the idea to PayPal.
 
Old 02-03-2006, 12:41 AM   #7
vharishankar
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I too would like more online vendors to process debit cards.
 
Old 02-03-2006, 01:30 AM   #8
Nylex
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I have a Visa debit card (but it's not an Electron) and it's accepted everywhere that Visa credit cards are (that goes for online as well!).
 
Old 02-04-2006, 08:29 PM   #9
otchie1
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Quote:
Originally Posted by Nylex
I have a Visa debit card (but it's not an Electron) and it's accepted everywhere that Visa credit cards are (that goes for online as well!).
Yeah, it's just the extra hurdle of instanteous positive confirmation that vendors have to jump that spoils it for universal Elecron acceptance. Eventually all plastic transactions will go that way, first debit cards and then credit cards.

The whole point was to communicate that the reason for it's occasional rejection had nothing to do with user credit status (it's not a damn credit card) but everything to do with vendor willingness to upgrade their transaction handling security systems.

Job done.
 
  


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