Forget Google - It's time to break up the payment processing duopoly of Visa and MasterCard

submitted by magnora7 from medium.com

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[–][deleted]  (4 children)

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    [–]ManWithABanana 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (3 children)

    That's certainly possible. How do you know there's no law involved ?

    Visa/MC also refuse to do business with the marijuana industry. That's illegal federally but legal in many states. Because it's illegal federally it's against the US banking laws to process payments for marijuana businesses so they CANNOT process those payments. Thus marijuana businesses rely heavily on cash.

    If it happens for marijuana, I suspect it can/will happen for other reasons.

    [–]dart200 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

    i've only paid for weed with my debit card the last year i've been buying. not credit though, but the wall is letting up a bit.

    [–]ManWithABanana 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (1 child)

    Didn't know that. Thanks for the heads up.

    I dug up an article here https://www.creditcards.com/credit-card-news/marijuana-dispensaries-pay-with-credit-cards/ that perhaps explains what you're getting. Are you doing the ATM thing described in the article ?

    Some dispensaries have ATMs on-site, allowing you to get cash for a terminal fee.

    Other dispensaries feature cashless ATMs.

    With cashless ATMs, the customer requests, say, $60 from the machine. It spits out a voucher that can be used only at that dispensary. The customer hands the voucher to a clerk, who returns, for the purposes of this illustration, $52.50 worth of product. The customer also is charged taxes and a fee for using the ATM. Whatever is left, the clerk returns in change.

    [–]dart200 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

    hmmm. i was looking at my bank statements and it may be that the particular dispensary i use misrepresented what they are. it came up as a veterinarian charge, lol.