So, he says that giving a discount to large Merchants is commercially reasonable and thereby charging more from small shops, too.
Marx saw that bullshiting coming, the Beautiful Mind proved mathematically that this is scientifically speaking nonsense.
The Credit Card Company charges the Merchant and needs therby more Merchants, this logically turns the opposite strategy into a commercially sound strategy to enable as many small and smallest businesses to offer the use of Credit Cards.
Considering that many citizens do not have a Credit Card, because most shops they buy in do not accept such means of payment, it would make sense to let Hot Dog stands use their services for free in order to encourage customers taking their Credit Card services under contract to then also buy in shops that are charged a fine.
So, who from Singapore, because Russians and Chinese are out, I assume...
Fucking Please. Liberal Markets can be sooooo mean.
#provos #IRAmovment The War on Attitude
PS: Beside that, does whom they charge technically define their legal status. If they bill the Bank they are a payment service provider, if they bill the Merchant a Bank. The only legal payment mean is the U.S.Dollar, apperantly, and if they do not offer payment security for the Merchant they managed to create very strange form of virtual money
That is a bit complex in thought, but a fundamental difference. If they bill the Bank, they bill a company with a full FED banking licence responsible for the account being backed in the U.S. currency.
If they bill the Merchant they act like a Bank and must ensure every transaction is backed by Dollars, but they do not have any Dollars as guarantees. If they create credit in terms of unpaid Dollars without backing in their own accounts, they need a full banking licence.
I am honestly do not know under what licence they operate, to be honest, but only Banks can create money from the FED based on their gut feeling aka Credit Rules of the Bank.
