I remember seeing a graphic that was about every layer of companies that are interacted with when you use a credit card. Must have been at least like 6 layers of companies each taking a fee from a company that took fees higher up the chain closer to the consumer
Comment on Mastercard release a statement about game stores, payment processors and adult content
Katana314@lemmy.world 3 weeks agoThing is…I think both claims are correct.
Mastercard and Visa are not the only middle-men; the only “payment processors” involved in making sales.
Next time you check out at a cafe, look at the branding of the tablet/software the cashier is using. Chances are, it wasn’t developed by the cafe owners, or by MC/Visa. That’s a payment processor. There’s some big ones out there that can be hard to avoid.
commander@lemmy.world 3 weeks ago
chaospatterns@lemmy.world 3 weeks ago
buy a stock through a company like Fidelity where is the stock actually held and that was layers of public/private companies/corporations
commander@lemmy.world 3 weeks ago
I learned that. It was the whole chain to get to that point and how that organization even came to be and how they came to be and how it’s regulated that was a bit disgusting with how make shift it seemed to me. The whole stack all came off as a multi decade saga of stapling org on top of org until we came to the present of things mostly work but it’s a bit fragile with a mix of public and private regulators trying to hold things together and make old paper systems work with modern technology
darcmage@lemmy.dbzer0.com 3 weeks ago
True. Collective shout targeted visa, mc, paypal and paysafe. I guess it’s possible the game storefronts acted due to concerns of one of them.
Goodeye8@piefed.social 3 weeks ago
In online stores Visa and MC are the big ones. If we exclude China, Visa and MC make up 90% of all online purchases worldwide. For online stores they are the two players who matter. Losing one is a significant loss of revenue, losing both will kill the store.
NotMyOldRedditName@lemmy.world 3 weeks ago
Practically no one in the world who accepts payments for their business directly integrates with visa or Mastercard. It’s all 3rd party companies who integrate (because it’s fucking hard and tedious) and then resell it
In almost all cases, any talk about payment processors, is them, not visa/Mastercard.
Otherbarry@lemmy.frozeninferno.xyz 3 weeks ago
Yup, most times when a business gets set up for accepting credit card payments they need to set up a bank, merchant account, gateway, those things integrate with the CC companies. Often they aren’t even the same company so you’re kind of dealing with a bunch of different entities. I’m not sure if I missed any other middlemen.
Though I’ll say lately the new thing is for the POS system / website / whatever to sell you the merchant account/gateway under their own systems so everything besides the bank and credit card companies are integrated through them (& they collect more money).