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Neither Visa, nor MasterCard, nor PayPal, nor Stripe should have the power to pick whose payments get processed. I don't care that these are private organizatio
by throwawaysea 6y ago
Neither Visa, nor MasterCard, nor PayPal, nor Stripe should have the power to pick whose payments get processed. I don't care that these are private organizations. Payment processing is a fundamental utility service for society today. The fact that we've outsourced it to oligopolies that enjoy the lack of real competition from network effects is an indication that these companies must be broken up or heavily regulated. Payment processors should not get to deny clients except where the law is explicitly broken, and even then, only at the behest of the justice system.
- trollied 6y agoNonsense. There’s an inherent risk in payment processing which needs to be evaluated before taking on a customer. You’d end up with loads of chargeback fraud if you took everyone on. It’s fair enough saying that clients should only be denied once they’ve broken the law, but often the payment processor is the enabler & it’d be too late waiting for illegalities to be detected and prosecuted accordingly. Best to stop it before!