Payment Processor Deplatforming
Comments criticize the power of payment processors like Visa, Mastercard, PayPal, and Stripe to refuse service to legal businesses, viewing it as financial censorship or deplatforming, and discuss alternatives like crypto, new processors, or regulation.
Activity Over Time
Top Contributors
Keywords
Sample Comments
Maybe Payment Processors shouldn't be a nearly global duopoly then
Can they not force payment processors to stop doing business with them?
A customer shouldn't be the one going through such hops in order to "satisfy" a provider who can't bother to accept a widely used mean of payment
They are probably looking for alternative payment methods. (coinbase payment processor and accept cryptocurrencies?)Or they got some guarantees from banks that they won't get banned.Their options are to die like tumbler or fight a bit. Moving away from traditional payment processors might cause problems for them as well.
Arguably there's no reason this shouldn't be something managed by the payment processor instead of a supposed app store
Neither Visa, nor MasterCard, nor PayPal, nor Stripe should have the power to pick whose payments get processed. I don't care that these are private organizations. Payment processing is a fundamental utility service for society today. The fact that we've outsourced it to oligopolies that enjoy the lack of real competition from network effects is an indication that these companies must be broken up or heavily regulated. Payment processors should not get to deny clients except where the
If every payment processor worked like this, this story wouldn't be here.
This sounds more like incompetence than censorship at first glance, but FYI, there are alternatives with explicit ambitions of being more trustworthy partners in payment processing: https://www.paralleleconomy.com/
This is vastly disturbing. Surely there is a gap in the market here for a payment processor that doesn't do shit like this? Are there any startups in this area?Or is this just an inevitable result of working with money (having to be very careful to avoid scammers/criminals)? I really can't believe that's the case though.As @dexen said, perhaps there should be some provisions put in place to disincentivise current processors at least.Perhaps bitcoin has a role to play to avoid suc
Payment processors already deplatform businesses they don't like.