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I think that payment processors should be required to offer service to any legal business. If you do business on the internet you need a payment processor, and

I think that payment processors should be required to offer service to any legal business. If you do business on the internet you need a payment processor, and defacto need one in the real world. The fact that they can destroy a business on a whim shouldn't be legal.

melony 4y ago
It's not the payment processors' fault (but MasterCard and Visa's oligopoly does need to be shattered), it is the banks'. They (more specifically, the network of banks that handle most payment processing) are at the foundation (read, have a strangehold on) of every financial infrastructure, be it technological or human. If they deny service, non-crypto fintechs have no real recourse. Moral pearl clutching aside, the issue of fraud for these sort of services is also unsolved. That is why companies that service this particular vertical charge ridiculous fees. There needs to be a separate non-revocable class of payments (maybe something like Zelle) for these industries.