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This doesn't make sense. Why are new payments companies like Square and LevelUp allowed to operate but FaceCash is practically forced to shut down?
by applecore 13y ago
This 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 (The funds were withdrawn from the consumer's prepaid FaceCash account.)"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.