#Card Payment Processing

[clearchargesolutions]

Fast and Secure Credit Card Payment Processing with Clear Charge Solutions

Clear Charge Solutions makes Credit Card Payment Processing easy and secure for all types of businesses. Whether you're running a shop or an online store, our Card Payment Processing tools help you get paid quickly and safely. We offer low fees, fast deposits, and top-notch support to keep your business running smoothly.

[mostlysignssomeportents]

The credit card fee victory is a defeat

I'm on tour with my new, nationally bestselling novel The Bezzle! Catch me next weekend (Mar 30/31) in ANAHEIM at WONDERCON, then in Boston with Randall "XKCD" Munroe (Apr 11), then Providence (Apr 12), and beyond!

The headline was pure David and Goliath: America's small businesses had finally triumphed in their 20-year litigation campaign against Visa and Mastercard over price-gouging on fees, and V/MC were going to cough up $30B as reparations:

https://edition.cnn.com/2024/03/26/economy/visa-mastercard-swipe-fee-settlement/index.html

But if you actually delve into that settlement, the victory gets very hollow indeed. Here's the figure that didn't make the headline: as a part of this settlement, the sky-high fees merchants pay to process your credit-card transaction are going up by 25%:

https://www.creditslips.org/creditslips/2024/03/the-proposed-credit-card-interchange-settlement.html

The payments system is a hellish complex, rotten cartel, dominated by a handful of firms who have raised their already-high fees by 40% since the start of covid:

https://prospect.org/power/2023-02-07-small-business-credit-card-fees/

These companies who take 2-5% out of virtually every dollar exchange in the American company are wildly profitable, but their aggregate profits are still much lower than the profits of all the merchants they prey upon. More: the combined market capitalization of every company that accepts credit-cards is orders of magnitude larger than the payment processing companies. If we're just talking about sheer economic muscle, the "Goliath" here is "all the companies" and the "David" is "the three companies that process payments for them."

So, how is it that these puny middlemen are able to run circles around this massive retail sector? To learn the answer, you need to consider the fine technical details of the lawsuit and the settlement. That's something few of us are capable of doing on our own, because – as is ever the case with finance – the whole system is wreathed in an enormous amount of performative complexity. It's what finance bros call "MEGO," for "My Eyes Glaze Over." Finance loves things that are made complicated so that they'll be hard to understand – because so many of us will assume that they are hard to understand because they are complicated and just "leave it to the experts."

Thankfully, not all of the experts are on the side of finance. When I want a cheat-sheet for the lies buried in Uber's balance sheet, I look to Hubert Horan:

https://horanaviation.com/publications-uber

And when I want to understand credit markets, I go to Adam Levitin and his co-authors at the indispensable Credit Slips blog – and the Credit Card Interchange Settlement is no exception:

https://www.creditslips.org/creditslips/2024/03/the-proposed-credit-card-interchange-settlement.html

Formally, the fight over credit-card fees is over "interchange fees" – the fees charged to a merchant's bank by Visa and Mastercard. But of course, these fees are passed on to the merchants. If you've ever shopped for a credit-card, you'll know that some cards offer massive rebates to consumers (especially wealthy consumers with great credit scores). These gifts don't come out of V/MC's bottom-line: every time you use one of those Platinum/Emerald/Unobtanium cards, V/MC levy an even higher interchange fee. So ultimately, when a wealthy customer with a "good" credit card shops at a merchant, the merchant ends up paying more to process their payment.

But merchants aren't allowed to charge that back to their customers – and that's the crux of the lawsuit. It's why American merchants pay the highest interchange fees in the developed world.

Enter the $30b settlement. Under its terms, average interchange fees will go down by 7 basis-points (0.07%) over the next five years, while all fees will go down by 0.04% over three years – a reduction of about $3b/year. Additionally: merchants will now be able to levy small, extremely limited surcharges based on either the type of card or the card brand (e.g., "We charge a fee for Visa" or "We charge a fee for gold cards"). If merchants are able to levy these fees and figure out how to max them out, they stand to make another 3b/year.

In other words, the $30b settlement comes from $15b in guaranteed savings and $15b in possible savings, for just five years – while V/MC will continue to charge more than $100b/year in interchange fees.

This litigation began in 2005, with merchants outraged over the sky-high average interchange fee of 1.75%. Today, after the settlement, those fees have climbed by 25%, to 2.19% – and they'll start climbing again after just five years. A 20-year fight over high fees resulted in a victory in which the fees are even higher.

How did this happen? Levitin gives us some tantalyzing hints. Over the two decades of litigation, the credit card cartel were able to peel off different groups of merchants and settle with them separately. Some of those settlements were vacated by courts, and other ones are still pending, but fundamentally, the merchants were not unified in the way the credit-card companies are.

This shouldn't surprise anyone. Hundreds of thousands – millions? – of merchants are unable to coordinate strategies in the way that just two credit-card companies can. Indeed, when you have hundreds of thousands of companies, that represents many, many different kinds of businesses, each of which has different kinds of customers and different labor, inventory, cash-flow and profitability specifics.

But as an industry grows more concentrated, all the firms within that industry converge on a single, homogeneous style of operations. Walmart operates very differently from the mom-and-pop shops it forced out with predatory pricing and sweetheart deals with wholesalers – but Costco, Walmart and Sam's Club are all remarkably similar to one another. As a shopper, that means that if have needs that aren't well-served by a big box store, you're out of luck – and it means that a credit-card settlement that works for Walmart will probably work equally well for Costco and Sam's Club.

Think of the mobile phone duopoly of Apple/Google. These two "competitors" have nearly identical ways of dealing with their suppliers – both charging 30% fees for processing payments (and yes, that's a racket that makes Visa/Mastercard look like pikers). These two "competitors" are also one another's most important business-partners: the single largest transaction either company makes every year is with the other – the $26B that Google pays Apple every year to be the Ios and Safari default search engine, through which Apple exposes every one of its customers to Google's incredibly invasive, continuous surveillance.

Speaking of surveillance: consider the surveillance advertising duopoly of Google/Facebook. Not only do these companies extract the nearly identical (sky-high) fees from advertisers and dribble out the nearly identical (miserly) payouts to publishers – they also illegally collude to rig the advertising market, dividing it between themselves:

https://en.wikipedia.org/wiki/Jedi_Blue

The economists' term for this is the "collective action problem." It's a problem we want corporations to have. The problem with monopolies and cartels isn't merely that they're "too big to fail" and "too big to jail" – it's that a handful of companies can form a cartel to capture their regulators:

https://pluralistic.net/2022/06/05/regulatory-capture/

The surveillance industry is unified; the surveilled are not. The rewards from surveillance are concentrated. The costs of surveillance are diffused. This is as good a working definition of corruption as you could ask for: conduct that produces concentrated gains and diffuse losses.

Our generations-long failure to enforce antitrust law created monopolies that rippled out through whole supply chains. As David Dayen described in his brilliant 2021 book Monopolized, it's the story of US health industry:

https://pluralistic.net/2021/01/29/fractal-bullshit/#dayenu

First, pharma companies merged to monopoly and started to gouge hospitals on drug prices. So hospitals formed regional monopolies that could resist these pricing demands – and then turned around and started gouging insurance companies. So insurance companies merged, too. Every corner of health-care is now a monopoly or a cartel – from pharmacy benefit managers to hospital beds:

https://pluralistic.net/2022/01/05/hillrom/#baxter-international

The only parts of the industry that aren't concentrated are the parts that can't concentrate: patients and health-care workers. The monopolized health care sector reaps the concentrated gains, and the patients and workers pay the diffused costs. Those costs are diffused, but they're still substantial – a literal matter of life or death:

https://kffhealthnews.org/news/article/investors-private-equity-nonprofit-nursing-homes-quality-of-care/

Monopolization lets businesses solve their collective action problem, so they can run circles around less concentrated, less organized sectors. But concentration also lets companies solve the collective action problem of lobbying governments and capturing their regulators. A concentrated industry can maintain message discipline in front of regulators and legislators. A diffuse sector will always have credible defectors who'll say, "No, we can absolutely function with tighter controls – my competition is bullshitting you and I have receipts to prove it."

The surveillance industry's massive concentration is why America can't seem to pass a federal consumer privacy law. The last consumer privacy law Congress passed was 1988's Video Privacy Protection Act, a law that bans video-store clerks from telling anyone which VHS cassettes you're renting. But federal law is effectively silent on every other kind of invasion – your ISP, your TV, your car, your phone, your medical implant, your dishwasher and your smart speaker can all harvest your data, charge you for the privilege and sell it to anyone, for any purpose.

That silence didn't come cheap: whenever Congress moots a privacy law, the concentrated surveillance industry is all on the same page for the ensuing lobbying blitz, which it can afford thanks to the massive profits that an industry reaps when it eliminates "wasteful competition."

This is a point that leftists sometimes miss about competition law. The point of competition isn't merely to discipline companies into finding more efficient ways to run their businesses so that their prices go down. Sure, that's sometimes a good thing for the public.

But there's plenty of commercial conduct that we don't want to improve – rather, we want to extinguish that conduct. We don't want more efficient commercial surveillance – we want no commercial surveillance.

Without competition, an industry can outmaneuver the government. Think of IBM: the DOJ sued IBM for antitrust violations from 1970 to 1982. For 12 consecutive years, IBM spent more on lawyers to fight the DOJ's Antitrust Division than the DOJ spent on all the lawyers it employed to fight every antitrust violation in the country. IBM literally outspent the US government, year after year, for 12 years! That let them delay the DOJ's breakup long enough for Ronald Reagan to be elected, and then Reagan dropped the suit.

This doesn't just effect customers for a monopoly's products – it also (and especially) effects the workers for that monopoly. When employers don't have to compete for labor, they can pay workers less and save money they might otherwise have to pay for benefits and workplace safety. Those additional profits can be plowed into lobbying against pro-union laws, and to pay the eye-watering sums charged by scumbag union-busting law firms.

Look at the companies who've gone to the Supreme Court to get the National Labor Review Board abolished: these are giant corporations from heavily concentrated sectors with little competition to erode their profits. And while Tesla, Trader Joe's and Amazon all have very different businesses, they're all similar enough that none of them sees an advantage to courting workers by offering a unionized shop:

https://newrepublic.com/article/179165/musk-supreme-court-nlrb-labor

It's not just leftists who fail to grasp the relationship between competition and the ability of regulators to do their job. Libertarians miss this, too. Even if you're a fully Fountainhead-poisoned freedom-to-contract hobgoblin, you still want a government that can enforce those contracts and defend the property rights they invoke. For a government to force a corporation to abide by its contractual obligations, that government has to be more powerful than the corporation it is charged with policing. Which means that however large you're willing to let a monopoly or cartel grow, you're going to have to tolerate a government that's even larger:

https://pluralistic.net/2023/02/05/small-government/

The "$30b win" for America's merchants is, in fact, a loss. 20 years of litigation over high fees, and the fees are now much higher. But that loss is surely unevenly distributed. Walmart and Amazon and other retail giants are going to be able to bargain for all kinds of off-the-books rebates, promotions, and other sweetheart deals, meaning that they'll have even more unfair advantages over smaller, more disorganized retailers. That means more of those mom-and-pops will vanish, leaving shoppers with less choice and higher prices – and workers with less choice and lower wages.

The lesson of 40 years of pro-monopoly policy couldn't be clearer: you can either have an economy that is regulated by lawmakers who are at least nominally transparent and democratically accountable, or you can have an economy regulated by totally unaccountable and opaque monopolists. Fail to do the former, and you will always end up with the latter.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/03/28/concentrated-benefits/#diffuse-harms

[0rionz-belt]

IM IN THE FUCKING TRENCHES ITS A HOSTAGE SITUATION

[dreamertrilogys]

HELLO????

[sl33py-g4m3r]

Visa Mastercard Censorship Comes for Denpasoft! How Can It Be Stopped?

a bit late for finding this type of stuff~~ I think I also saw a video from Rev Says Desu about this kind of thing too~~

why’re card companies trying to decide for us what types of art we can or cannot enjoy?

I think the Rev Says Desu video I saw on this was about mastercard and visa pulling funding for pixiv or melonbooks or some other anime/manga sites? idr so the only way to pay on whatever site that was is by japanese card companies or whatever funding platforms are on the site...

just let us buy the thing as long as it doesn’t hurt anyone~~ only thing that’s wrong with fictional art is papercuts and hand cramps from writing/drawing for a long time....

or censoring japanese games but allowing similar or worse stuff in western games, like a “it’s ok if we do it” ..... T_T;; the main thing I’m thinking of in that regard is all the customization and nsfw in “baulder’s gate 3″ yet the anime/manga/visual novels get censored??

not angry but why does this double standard for east/west media exist? censorship is a slippery slope~~~ didn’t like it when 4kids westernized the japanese culture out of childhood anime that I watched, and it seems to be getting worse~~

[nxvaca1nefa1ry]

normal girl ♡︎

[acceptccnow]

Future-Proof Payment Solutions: A Guide to Merchant Account Innovations

Article by Jonathan Bomser | CEO | Accept-Credit-Cards-Now.com

In the fast-paced world of online commerce, payment solutions have evolved into the linchpin for the success of businesses spanning diverse industries. Whether steering an e-commerce venture, specializing in credit repair, or navigating the CBD retail landscape, procuring an apt merchant account and avant-garde payment processing system is paramount. This guide delves into the domain of payment innovation, spotlighting future-proof solutions crafted to meet the exigencies of contemporary high-risk businesses.

DOWNLOAD THE FUTURE-PROOF PAYMENT SOLUTIONS INFOGRAPHIC HERE

The Core of Merchant Accounts

Merchant accounts, serving as the bedrock of secure payment processing, play an instrumental role in facilitating various transactions, including credit and debit card payments. The significance of reliable and efficient merchant processing services cannot be overstated. Whether operating in the high-risk echelons or mainstream e-commerce, securing the right merchant account is a prerequisite for ensuring the fluidity of transactions.

Navigating the Landscape of High-Risk Payment Processing

Industries perched in the high-risk echelons, such as credit repair and CBD, grapple with distinctive challenges in the realm of payment processing. Traditional payment processors often shy away from these ventures due to perceived risks. However, this guide unravels the nuances of high-risk payment processing, spotlighting innovations designed to fortify and safeguard businesses operating in these precarious niches.

E-Commerce Payment Prowess

In this digital epoch, the ascent of e-commerce is meteoric. To flourish in this fiercely competitive landscape, online enterprises must proffer payment options that seamlessly meld convenience with security. This section delves into e-commerce payment processing solutions, underscoring the perks of embracing a dedicated e-commerce merchant account. Whether dealing in products or services, the payment gateway emerges as the conduit to triumph.

Bespoke Services for Credit Repair

Credit repair entities assume a pivotal role in aiding individuals to reconstruct their financial landscapes. Yet, the distinctive nature of this terrain necessitates specialized merchant processing services. This guide unravels the intricacies of payment processing and payment gateways uniquely tailored for credit repair merchants, ensuring compliance with industry regulations.

Mastery of Payment Processing in the CBD Realm

While the CBD industry witnesses unprecedented growth, it concurrently stands as one of the most high-risk sectors for payment processing. Securing a dependable CBD merchant account and payment gateway is imperative for enterprises navigating this domain. This section dissects the challenges confronting CBD retailers and unveils innovative solutions engineered to usher in secure and efficient credit card processing for CBD products.

In the ever-evolving realm of payment processing, proactive adaptation is the linchpin for businesses of every stature and kind. From high-risk payment processing to e-commerce sagas and specialized solutions for credit repair and CBD landscapes, the payment tableau is undergoing a metamorphosis. Armed with the right merchant account and payment gateway, businesses can fortify their standing in the digital arena, future-proofing their enterprise while presenting customers with a payment experience that seamlessly amalgamates security and convenience.

[paymentsolutionspos]

All-in-One Payment Solutions for Any Business

What Are Payment Solutions?

Imagine a world where transactions were clunky, slow, and insecure. Not only would businesses struggle, but customers would also be frustrated. That’s where payment solutions come in.

They are the backbone of the modern commerce experience, facilitating smooth, secure, and efficient money exchanges in a world that demands speed and reliability.

From in-store purchases to digital subscriptions, payment solutions enable every kind of business transaction.

At Valor, we understand that payments are not just about exchanging money – they’re about ensuring a seamless, secure, and smart transaction every time. This is why we’re constantly evolving to offer payment solutions that help businesses thrive.

[phozellpay]

With Interchange Plus, merchants can clearly see how much of their fee goes to the card network and how much goes to the processor. This model is favored for its transparency and cost-effectiveness, especially for businesses processing higher transaction volumes.

[machinavocis]

let the record show that i hate computers & my career was a mistake.

[mattersuite]

Get Paid Faster & Easier: Top Electronic Payment Solutions for Law Firms

Law firms, ditch the paper checks! Discover the best electronic payment processing solutions to streamline your workflow, boost client satisfaction, and get paid faster. Learn about features, security, and compatibility.

[merchantservices444]

Nurit Credit Card Processing Terminals: A Comprehensive Overview

[ecspaymentsblog]

Empower Your Business with a Custom Merchant Account for Payment Ease

Looking to secure a merchant account for your business? Our team of payment processing professionals provides a complete range of merchant account services tailored to match your distinct business requirements. Covering everything from processing credit and debit cards to offering virtual terminals and mobile payment options, we're here to accelerate your transactions and enhance your financial results. Connect with us now to gain insights into our merchant account solutions and initiate the process of embracing payments to drive your business's expansion.

[acceptccnow]

Innovations in Credit Repair Payment Gateway Integration

Article by Jonathan Bomser | CEO | Accept-Credit-Cards-Now.com

In the swiftly changing world of e-commerce and high-risk merchant processing, the demand for secure and efficient payment gateways is crucial. As we explore the innovations in Credit Repair Payment Gateway integration, this journey empowers businesses to thrive in the digital age. This article delves into cutting-edge solutions and strategies while keeping your business's financial security at the forefront.

DOWNLOAD THE INNOVATIONS IN CREDIT REPAIR INFOGRAPHIC HERE

Embracing High-Risk Payment Processing

Payment processing for high-risk industries has been historically challenging. However, the contemporary technology-driven world provides notable solutions. Pioneering companies specializing in Merchant Processing Services lead the way in high-risk merchant processing. They grasp the unique challenges faced by businesses in this sector and have developed tailored solutions. In a landscape where trust and security are paramount, a credit repair payment gateway plays a pivotal role, offering a lifeline to broader customer outreach for businesses navigating high-risk waters.

The Role of Credit Repair Payment Gateway

The term "Credit repair payment gateway" essentially refers to the backbone of your e-commerce payment processing system. It not only facilitates the acceptance of credit and debit card payments but also plays a crucial role in building trust with your customers. A robust credit repair payment gateway acts as your bridge to accepting payments online. It serves as a secure intermediary between your website and financial institutions, ensuring each transaction is encrypted and protected. This level of security fosters trust among your customers, especially vital in high-risk industries.

Expanding Horizons with CBD Merchant Accounts

CBD businesses, on the rise, often encounter difficulties in securing a payment processing partner. High-risk payment gateways bridge the gap by offering specialized solutions for CBD merchants. By choosing to accept credit cards for CBD, businesses in this industry can unlock tremendous growth potential. CBD merchant accounts are a game-changer, designed to cater to the unique needs of CBD sellers often in the high-risk category due to the evolving legal landscape. With the right payment gateway, seamlessly processing payments for CBD products expands your customer base and revenue streams.

The Evolving Landscape of Online Payment Gateways

As e-commerce continues to flourish, the demand for reliable and secure online payment gateways grows. Your credit repair business can thrive by integrating the right e-commerce credit card processing solution. This technology empowers you to accept credit cards for credit repair with ease, catering to the evolving needs of your customers. Online payment gateways have evolved significantly, facilitating transactions and offering enhanced security features. This is particularly important for businesses in high-risk industries where trust is paramount.

The Power of Innovation: Credit Card Processing

The cutting-edge credit card payment processing system ensures your business stays ahead. This high-risk merchant account provider offers the flexibility and security to navigate the complex terrain of payment processing for credit repair. In credit card processing, reliability and security are non-negotiable. Specialized companies understand the unique needs of businesses in high-risk industries and tailor solutions accordingly. Partnering with a trusted provider streamlines your payment processes, allowing a focus on growing your credit repair business.

Merchant Processing for High-Risk Industries

High-risk merchant processing demands a unique set of tools and expertise. It's essential to partner with a provider understanding the intricacies of your industry. By integrating a high-risk payment gateway, you're not only safeguarding transactions but also opening doors to a broader customer base. In high-risk industries, trust and security are paramount. Your choice of merchant processing services can make or break your business. It's crucial to work with a provider specializing in high-risk transactions, offering robust security measures to protect your business and customers.

The Future of Accepting Credit Cards

Looking ahead, accepting credit cards for e-commerce remains a cornerstone. Innovations in payment gateway integration ensure your customers can transact seamlessly, fostering trust and loyalty. The future of accepting credit cards is bright, with continuous advancements in technology. Payment gateways will continue to evolve, offering enhanced features and security measures. Staying up-to-date with these innovations positions your business to thrive in the ever-changing landscape of e-commerce.

In the realm of high-risk e-commerce payment processing, embracing innovation becomes the linchpin of success. Forward-thinking providers comprehend the distinctive requirements of businesses, spearheading pioneering solutions meticulously designed for specific industries. Wholeheartedly embracing groundbreaking advancements in the integration of payment gateways for credit repair fuels business growth, nurturing the potential for a prosperous future in your financial ventures. This unwavering commitment to innovation promises to illuminate the path forward, ensuring promising prospects and boundless growth for enterprises.

[paymentsolutionspos]

At Valor PayTech, we’re shaping the future of payments. Our secure & reliable solutions - powered by the Valor Payment Gateway and cloud-based CRM - help ISOs & merchants streamline transactions, boost customer experience to thrive in a digital world.