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Originally Posted by Barefootsies
Well said.
You can demonize the 3rd party processors all you like, but the real power is wielded by the merchant banks higher up the food chain. For anyone who's dealt with this on a larger level, would easily understand this.
VISA, Mastercard, the merchant bank that 3rd party processors use are who hold the true power, and set the rules we must all follow. Shit simply runs down hill.
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And actually, if the banks wish to keep their VISA/MC Acquiring licenses, they must follow the VISA/MC associations vast and ever-changing requirements. If they don't, they are either fined heavily and put under constant audit and supervision by the card associations, or they lose their ability to process CC payments altogether. This happens a hell of a lot more often then people realize.
The ONLY way for all of us to get out from under the card associations is to come up with a payment system that our customers will use that does not revolve around a privately owned electronic currency.
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