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Comment by coder543 | Hacker News Reader

You seem to be quoting ChatGPT, and you're not even specifying that it's ChatGPT-4, so I automatically assume ChatGPT-3.5, which hallucinates at an astonishing rate. Regardless, all current LLMs can hallucinate. As ChatGPT's disclaimer says, "ChatGPT can make mistakes. Consider checking important information."

A non-GPT source: https://www.lendingtree.com/credit-cards/articles/na-vs-eu-i...

Quoting the relevant statement: "American merchants pay, on average, 1.76% in interchange fees – compared to a 0.96% average in most European nations."

Most of the other sources I'm seeing are quoting even lower numbers. Transactions do seem to have less overhead in Europe than North America.

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It doesn't "hallucinate." It provides incorrect output. That is all.

"Hallucination" is a widely understood and accepted term in the LLM industry. If you want to change that, replying to my comment doesn't seem to be the most effective place to start. I don't know that it's the best term, but it seems better than re-explaining the issue in detail every time.

"Incorrect output" is broader, encompassing other failure modes. If you ask an LLM to respond in JSON with a list of common foods, and it instead writes a paragraph of text that contains a list of common foods, then that would not qualify as a "hallucination" by my understanding of the accepted definition, but it is still "incorrect output".

"Incorrect output" is still correct to describe the cited behavior. "Hallucination" isn't. If a human behaves the same way when asked a question, we do not say he's hallucinating.

One way to devalue incorrect terminology is to call it out when you see it, and use something accurate instead. That's how people learn.

I’m using ChatGPT 4

You keep talking about interchange fees

That’s one part of the equation

https://www.clearlypayments.com/blog/interchange-fees-by-cou...

"If your business wants to accept credit cards, you’ll need to pay a fee. Interchange makes up the bulk of that cost which merchants pay, roughly 75% it."

It makes sense that people are focusing on the interchange fees.

I have not found a single source that indicates European merchants have fees that are comparable in scale to their North American counterparts. If you want to make that argument, you should find an actual source.

> Do North American consumers/merchants pay less in processing fees overall than European/Asian counterparts or is it roughly 1-3% all over the world?

The answer seems to be the opposite. North American merchants pay more.

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