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The ever-growing line of customers, the huff as some dissatisfied patrons realize that they can’t use their cards to make a payment and storm out of the building, the awkwardness of having to apologize over and over for something you have zero control over. Take it from someone who used to work as a cashier at a gas station: There are few things as terrifying as a storewide internet outage that kills your ability to accept credit card payments.
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That means each time you swipe your card, there's about a 90% chance one of those businesses is responsible approving the payment. The company services to a majority of fast-food restaurants, which explains why Chick-fil-A, McDonald's, and Popeye's were some of the businesses affected that day.įiserv, alongside FIS, Global Payments, and JPMorgan Chase, account for about 80% to 90% of the payments processing industry in the US, according to MoffetNathanson. 26, when Fiserv, one of those payments processors had an internet outage, merchants across the US couldn't take electronic transactions until the issue resolved. On top of that, they're pounded by hacking attempts from criminals wanting to steal payment information, meaning their cybersecurity must be top notch.īut in their most simplistic form, "you can think of them as being these huge data center-based companies that are processing billions upon billions of transactions, 24/7, 365," said Lisa Ellis, an analyst at MoffettNathanson. It sounds simple, but each processor - the companies that handle every card payment by communicating between the merchant and customer's respective banks - must use an elaborate system of backups to keep the consumer economy running each day, preventing an outage that would leave many merchants scrambling to not lose sales from consumers who increasingly don't carry cash. When customers slip their debit or credit cards into a machine at a business, a little phrase pops up: "authorizing payment." Those two words reference an elaborate system that allows the multi-billion dollar payments processing industry to approve the charge for the customer. Most consumers know little to nothing about it. The problem, which only lasted a few hours, can be traced to a backend system operated by just four companies that underpins much of the Dozens of large businesses - from McDonald's and Chick-fil-A, to a local DMV and car wash - couldn't accept credit card payments one afternoon in February - creating a flurry of confusion and frustrated customers.