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SVTPerformance's Chain of Restaurants
Road Side Pub
Scammed
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<blockquote data-quote="Kevins89notch" data-source="post: 16063853" data-attributes="member: 31255"><p>Europe has had free bank account to bank account transfers for years. The US just remains far behind. A quick copy paste from two blogs referring to Venmo...</p><p></p><p>"The critical incumbent is the credit card. I wrote a blog on this using Amex [1]as an example, but I’ll summarize the main point here. You blow $1,000 at Macy’s. But Macy only receives $970. $2 goes to Visa for using their network, $20 goes to say Capital One, and $8 goes to whoever Macy’s is using to process their transaction, most likely Chase Paymentech."</p><p></p><p>...AND....</p><p></p><p>"Last summer, Venmo <a href="https://www.fastcompany.com/40400786/how-peer-to-peer-payment-pioneer-venmo-grew-up-and-got-serious" target="_blank">introduced</a> partnerships with about a dozen apps (including the food-delivery service Munchery and the fast-food chain White Castle) that now let users pay straight from their Venmo accounts. The idea, Crone explains, is that Venmo would take a cut—its standard rate is 2.9 percent plus a small flat fee, which is at the higher end of what merchants pay for a typical credit-card transaction—of not just in-app purchases like these, but of in-person transactions at physical checkout counters, where customers spend trillions of dollars a year."</p><p></p><p></p><p>...and a side note from another blog, Venmo moves 54,000,000 daily. Blogs admin they might not be making much money for their parent company today, but the current goal is to simple get more and more customers. Then the profits will come via the number of transactions they handle a day.</p><p></p><p>Plus, Venmo does charge 3% if the money you are sending a friend is from a credit card and not your bank account.</p></blockquote><p></p>
[QUOTE="Kevins89notch, post: 16063853, member: 31255"] Europe has had free bank account to bank account transfers for years. The US just remains far behind. A quick copy paste from two blogs referring to Venmo... "The critical incumbent is the credit card. I wrote a blog on this using Amex [1]as an example, but I’ll summarize the main point here. You blow $1,000 at Macy’s. But Macy only receives $970. $2 goes to Visa for using their network, $20 goes to say Capital One, and $8 goes to whoever Macy’s is using to process their transaction, most likely Chase Paymentech." ...AND.... "Last summer, Venmo [URL='https://www.fastcompany.com/40400786/how-peer-to-peer-payment-pioneer-venmo-grew-up-and-got-serious']introduced[/URL] partnerships with about a dozen apps (including the food-delivery service Munchery and the fast-food chain White Castle) that now let users pay straight from their Venmo accounts. The idea, Crone explains, is that Venmo would take a cut—its standard rate is 2.9 percent plus a small flat fee, which is at the higher end of what merchants pay for a typical credit-card transaction—of not just in-app purchases like these, but of in-person transactions at physical checkout counters, where customers spend trillions of dollars a year." ...and a side note from another blog, Venmo moves 54,000,000 daily. Blogs admin they might not be making much money for their parent company today, but the current goal is to simple get more and more customers. Then the profits will come via the number of transactions they handle a day. Plus, Venmo does charge 3% if the money you are sending a friend is from a credit card and not your bank account. [/QUOTE]
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