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How California Law Put a Hot Payments Innovator on Ice
- applecore 13y agoThis doesn't make sense. Why are new payments companies like Square and LevelUp allowed to operate but FaceCash is practically forced to shut down?
- hga 13y agoI'm not familiar with the other two companies, but these two sentences from the article are really telling: "And instead of paying anywhere from 2% to 5% to accept a credit card, the merchant would pay FaceCash just 1.5%. (The funds were withdrawn from the consumer's prepaid FaceCash account.)" The first tells you who this business threatens. The second why such a company is typically licensed and has to put up a bond, for they are holding customer cash which as we are all too aware can ... up and fly away in all sorts of circumstances.