4 ms·

>What I want, is to give a merchant a credit card number, pre load that number with $30, have them charge it, and then be completely done with it. This especial

by astura 8y ago

>What I want, is to give a merchant a credit card number, pre load that number with $30, have them charge it, and then be completely done with it. This especially makes sense for low stakes low cost recurring monthly payments. I should just be able to stop paying a $5/month fax service that I never use, and have them terminate my service. Banks would never let you do that. Services that used to let you do that have been mostly shut down. Privacy.com offers this service, but you have to pay from your bank account.

apostacy 8y ago
Like, Privacy.com has access to your bank account and have the authority to collect? Because then it is the same problem. All I want, is the digital equivalent of a personal check. A one time promise to pay money. If the merchant has a dispute with me, or thinks I owe them more money, they are free to sue me. If my utility company wants automatic recurring payments, I have to sign paperwork which makes it very clear that I am authorizing recurring bank transfers. The system we have now makes no sense at all.
- astura 8y ago
  It's not the same problem. They block charges over the limit. You can "turn off" a card after you use it. They have "single use" cards that turn off automatically two minutes after the first charge. You can set the spending limit on single use cards or for non-single use cards on a per month basis or per year basis. You can use any billing name and address with the merchant.
convolvatron 8y ago
what I* want is an exchange on the order of 'fooco is asking for $53.28, is that ok?' the minor annoyance for recurring payments is totally worth not having to actively be on guard for random people withdrawing from my account. why is this so hard? i suppose its because of some perverse incentives that I dont understand.
- apostacy 8y ago
  Me too, but I think that the big financial institutions are strongly against that.
NewsAware 8y ago
Only available in the US though

by astura 8y ago

apostacy 8y ago

Like, Privacy.com has access to your bank account and have the authority to collect? Because then it is the same problem. All I want, is the digital equivalent of a personal check. A one time promise to pay money. If the merchant has a dispute with me, or thinks I owe them more money, they are free to sue me. If my utility company wants automatic recurring payments, I have to sign paperwork which makes it very clear that I am authorizing recurring bank transfers. The system we have now makes no sense at all.

astura 8y ago
It's not the same problem. They block charges over the limit. You can "turn off" a card after you use it. They have "single use" cards that turn off automatically two minutes after the first charge. You can set the spending limit on single use cards or for non-single use cards on a per month basis or per year basis. You can use any billing name and address with the merchant.

convolvatron 8y ago

what I* want is an exchange on the order of 'fooco is asking for $53.28, is that ok?' the minor annoyance for recurring payments is totally worth not having to actively be on guard for random people withdrawing from my account. why is this so hard? i suppose its because of some perverse incentives that I dont understand.

apostacy 8y ago
Me too, but I think that the big financial institutions are strongly against that.

NewsAware 8y ago

Only available in the US though