I was reading this post about how Visa is implementing a way for bank-to-business payments to go through them instead of the normal process and it got me thinking: How the fuck has Visa been able to perpetrate this system for so long without big businesses or congress wiping their shit out?
Think about it, visa gets to collect money from every sale, not issue their cards, and they don't have to put any of their own credit on the line whenever they do it. Meanwhile, ACH is regulated to shit by the fed and a bunch of banks, but somehow Visa and Mastercard get to slip by and have profit margins of 50%.
You'd think with the rise of the internet their influence would've been significantly reduced by competitors, but it appears to only get stronger by the year.
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