In a practical sense it’s true that most businesses can’t afford to not accept Visa & MasterCard.
This is not a choice made by banks. The credit payment networks are not banks and are not owned and operated by banks.
A business does have the choice to accept other forms of payment besides Visa & MasterCard, which is the point I was making. If you want to use a different method to pay for something, the business has to accept that form of payment.
Correct, they are not owned (mostly) by banks, but the fees go to the bank and cc company for processing, so it’s relatively the same.
Also noted that when you open an account you don’t have a choice of what company your debit/cc issued by the bank is. In the US & SA it was exclusively VISA (I’ve had one at one time or another since early 90s…fuck I’m old) and in the EU it’s Mastercard…I haven’t seen any other type issued…id love to see that change.
I will also add some banks are just CC companies in the US- the junk mail kind that offer zero rates, etc.
In a practical sense it’s true that most businesses can’t afford to not accept Visa & MasterCard.
This is not a choice made by banks. The credit payment networks are not banks and are not owned and operated by banks.
A business does have the choice to accept other forms of payment besides Visa & MasterCard, which is the point I was making. If you want to use a different method to pay for something, the business has to accept that form of payment.
Correct, they are not owned (mostly) by banks, but the fees go to the bank and cc company for processing, so it’s relatively the same. Also noted that when you open an account you don’t have a choice of what company your debit/cc issued by the bank is. In the US & SA it was exclusively VISA (I’ve had one at one time or another since early 90s…fuck I’m old) and in the EU it’s Mastercard…I haven’t seen any other type issued…id love to see that change.
I will also add some banks are just CC companies in the US- the junk mail kind that offer zero rates, etc.