3 ms·
That's correct if you're processing a credit card, but some of these (PayPal, Cash App, perhaps Venmo) have their own separate accounts which bypass the card ne
by nybble41 4y ago
That's correct if you're processing a credit card, but some of these (PayPal, Cash App, perhaps Venmo) have their own separate accounts which bypass the card networks altogether. If you have a balance in Cash App and you send part of it to another Cash App user then they're not paying any fees to Visa, Mastercard, American Express, or Discover. PayPal and Cash App also support direct bank transfers (ACH) in addition to credit cards.
Then you have the newcomers like Bitcoin with their own networks and processors (e.g. BitPay or Coinbase), or the option to perform your own processing.