Description: A service outage by online payment processor Moneris on Saturday caused all sorts of problems for retailers and their customers. Darren Leroux of Moneris said that the system outage was approximately 90 minutes, impacting both debit and credit payments. Moneris indicated that this outage did not appear to be related to any sort of cyber attack.
Date: September 23, 2023
Source: ctvnews.ca
Discussion points:
1) Was anyone you know impacted by the Moneris outage?
2) If you a manager of a store experiencing an outage like this, what strategy would you employ to deal with this problem?
3) Page 7-14 of Wiley’s Financial Accounting: Tools for Business Decision-Making includes an Accounting Matters inset box “How Do Businesses Make Payments?” What is the most common way for consumers to make payments according to this box?
Zanna Hathaway, Dylan Kurtz, In Hye Yang, Andrianna Scott
1) No one in our group personally knows anyone was impacted by Moneris outage. A few of us have been impacted by past outages.
2) Some companies that have old card press could take the card manually. Another way is to put out a notice saying at this time you cannot except Moneris cards however, they will except cash. Moreover, you could also put the charge on account to be charged at a later date. Depending on the size of business you could even set up a way to do e-transfer.
3) Most common way for consumers to make payments is credit cards.
Zanna Hathaway, Dylan Kurtz, In Hye Yang, Andrianna Scott
1) No one in our group personally knows anyone was impacted by Moneris outage. A few of us have been impacted by past outages.
2) Some companies that have old card press could take the card manually. Another way is to put out a notice saying at this time you cannot except Moneris cards however, they will except cash. Moreover, you could also put the charge on account to be charged at a later date. Depending on the size of business you could even set up a way to do e-transfer.
3) Most common way for consumers to make payments is credit cards.
Joel Williams, Andrew Kuiper, Spencer Long, Kohei Noda
1. None of us, or anyone we know have been impacted by this outage. Although, we were all impacted by the Rogers outages affecting debit and credit purchases last year.
2. We would post a notice that the machines are down and that the only method of payment available is cash. We would also inform customers that this outage is out of store control and that Moneris is working to solve this issue as soon as possible. We would also offer to put items on hold until payment methods are back online.
3. The most common method of payment are credit cards.
Andrew Leslie, Jessie Kpai, Samuel Johnson, Presley Warren-Daigle
1) We were not affected by the outage, but we understand that the outage caused problems for both customers and merchants.
2) Taking cash would be the most obvious solution temporarily. You could always have a different payment platform on hand in case of emergencies (such as Stripe, etc.). Depending on the type of business, you could allow customers to pay on account, or if you were a more retail focused business (e.g. Walmart) having ATMs on site could help in times of payment platform outages.
3) The most common form of consumer payment is electronic funds transfers.
Andrew Leslie, Jessie Kpai, Samuel Johnson, Presley Warren-Daigle
1) We were not affected by the outage, but we understand that the outage caused problems for both customers and merchants.
2) Taking cash would be the most obvious solution temporarily. You could always have a different payment platform on hand in case of emergencies (such as Stripe, etc.). Depending on the type of business, you could allow customers to pay on account, or if you were a more retail focused business (e.g. Walmart) having ATMs on site could help in times of payment platform outages.
3) The most common form of consumer payment is electronic funds transfers.