5 ms·

Small businesses pay >2.9%+0.30¢ all the time.

• elevenoh 6y ago
  Yeah, it's sad to see. There's now no economic reason for these fees to remain so high. I worked at a payment processor.
  • xtracto 6y ago
    Exactly! Credit Card fees are supposedly set according to risk. However, the way the networks are setup is a legacy from last century. The way I always think of it is like this: You would NEVER accept to pay to send an email per number of the words in that email, at the end of the day it is just transferring bytes. However the payments industry has been working like that for too long, why does the cost of sending some "money transfer" bytes be a function of the number you are sending? (like, sending $9156 is more expensive to transfer than $100000 bc of compression) That's why I joined Paystand [1] to do "Payment as a Service". Similarly how you pay a fixed monthly a month to receive emails, you should be able to pay a fixed amount to receive payments (using the Paystand network). Nevertheless, we have to support legacy networks such as Mastercard, VISA or Amex which still charge customers per transaction. [1] https://venturebeat.com/2020/02/06/paystand-raises-20-million-to-modernize-b2b-payments-with-blockchain/ https://venturebeat.com/2020/02/06/paystand-raises-20-millio...
    • manigandham 6y ago
      Aren't the fees about covering the transacted amount rather than simply enabling the transaction?