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Don't both Square and Venmo still have to interface with the Visa / MC / Discover / Amex networks? And therefore pay some fees?
by ethbr1 2y ago
Don't both Square and Venmo still have to interface with the Visa / MC / Discover / Amex networks? And therefore pay some fees?
- legitster 2y agoVenmo gives you the option of direct deposit or using the network to instantaneously transfer the money for a fee. As for the merchant, unless they are getting their payment gateway directly from Visa they usually just deposit the money directly into their bank account.
- ethbr1 2y agoThe interesting metric would be what percent of Square/Venmo transactions come through legacy payment cards. I'd guess it's pretty high in the US...