PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

A Payments Story You’ve Never Heard, All Covered With Cheese

By Craig Lancaster
December 13, 2023
in Analysts Coverage, Credit, Payment Methods
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
credit card interest rates

This tale—which reeks of fiction but is entirely true—requires a bit of setup. Five years ago, in another phase of my professional life, I was a pipeline inspection specialist, which is a sanitized description of what I actually did. I was a pig tracker—someone who tromps around, often in the dead of night, and tracks the movement of diagnostic tools (that is, pigs) through petroleum pipelines.

(You see, once those tools are put in the swim of oil, they’re 6 to 12 feet underground and no longer observable. Someone on the surface, using a geophone and an electronic receiver, must verify that the tools keep moving down the line. This involves driving secondary and tertiary roads, parking for long stretches at places where the pipeline route crosses those roads, recording the passage of the tool, and calculating the speed of travel, the time to the next crossing, the time to the next pumping station, the time to the terminus, etc. Time, speed, and distance, baby.)

So, five years ago…

I was in Portage, Wisconsin, gassing up my vehicle for 12 hours on the night shift (midnight to noon). I ran my credit card through the reader at the pump, chose my product, and filled my tank. Did I want a receipt? You bet I did. That was the key to eventual reimbursement.

When the receipt came up, I looked it over. The final amount came to two dollars more than I’d pumped into my tank. I looked further: There was a candy bar listed on the receipt. I hadn’t bought one. The receipt showed a charge to Mastercard. I’d used American Express.

Inside the attached convenience store I went. Here’s the spirit of the ensuing conversation with the night manager, reconstructed from my contemporaneous Facebook post:

Me: “What the what?” (You know, along with a brief explanation of the receipt I was holding out to him.)

Mr. Night Manager, after some digging into the system: “Well, yeah, the fella in here before you grabbed the candy bar, authorized $30 on the pump, and never got his gas.”

Me: “Well, can you refund his transaction and charge me for the fuel I pumped?”

Mr. Night Manager: “Well, I can’t do that because I’ll lose money on the candy bar.”

Me: “Well, I feel awfully bad about taking this fuel, but it’s already in the tank, and I’m not about to siphon it out.”

Mr. Night Manager: “Well, I can charge you the amount and wait for this guy to come back when he realizes he never got his fuel. Your receipt just won’t show that you got gas.”

Me: “Well, the accountants at my shop won’t go for that. Can you sign the receipt and indicate what the purchase was for?”

Mr. Night Manager: “Well, I suppose I can do that.”

Me: “Also, do you show an authorization on my card on that pump? I don’t want to be the next sucker.”

Mr. Night Manager: “No, you’re good.”

All we needed now was a proxy product to ring up my sale. And this is how I came to possess a receipt for my expense report that shows I bought one pound of cheese curds, which, interestingly enough, came to the same amount—in December 2018, in Portage, Wisconsin—as a little more than eight gallons of fuel.

***

Five years on, as someone whose professional life hinges on thinking about the flow of money rather than the flow of oil, I have questions:

  1. Was there a better way to handle matters for the poor guy who ended up buying my tank of gas? If he never went back for his fuel, that ended up being the most consequential candy bar of his life.
  2. Would I be interested in a different payment method now? I doubt it. Those pipeline runs were expensive—with flights and hotels and car rentals and gas and food and supplies, they would easily come to several thousand dollars. All paid on a personal credit card (hello, rewards!) and all reimbursed by my then-employer.
  3. What is the state of the gasoline-and-cheese-curd market today? I paid about $2.33 a gallon that night in Portage. The current price for regular unleaded at the same store is $2.77 a gallon. That’s an 18.9% increase. On the other hand, the price of a pound of cheese curds has been stable: $17.98 for a pound, just 30 cents (1.7%) more than I paid in 2018, according to the store employee with whom I talked.

Either which way, living and eating and fueling up are expensive propositions. Even more so if you authorize $30 on your card and someone else swoops in and uses most of it.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: American Expresscost-of-livingMastercard

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Proof That Fintechs Are Disrupting Banks:

    In Today’s Fintech Market, Value Is Everything

    August 30, 2024
    DFAST test

    Dodd-Frank Stress Tests: Good News for Now, Watch for a Rugged 2025

    August 29, 2024
    Real-Time Payments Adoption in the U.S. Requires a Pragmatic Approach, ISO 20022 messaging challenges

    ISO 20022 Brings the Challenge of Standardization to Swift Participants

    August 28, 2024
    open banking small banks credit unions

    Open Banking Can Be an Equalizer for Small Banks and Credit Unions

    August 27, 2024
    Payments 3.0

    Achieving Seamless and Holistic Transactions with Payments 3.0

    August 26, 2024
    embedded finance, ecommerce, consumers reduce spending

    Quality Over Quantity: Key Priorities in the Payment Experience

    August 23, 2024
    bots fraud

    Next-Generation Bots Pose Formidable Fraud Challenge

    August 22, 2024
    crypto custodians

    Crypto Custodians Could Bring a Revolution in Holding Assets

    August 21, 2024

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Digital Assets & Crypto
    • Debit
    • Digital Banking
    Menu
    • Commercial
    • Credit
    • Digital Assets & Crypto
    • Debit
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    Menu
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    Menu
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result