Why and how do banks hold so much power over companies like OnlyFans? Can OnlyFans find different ways to process payments if the banks cause them issues again?
In: Economics
It wasn’t the banks. It’s payment processors (like Visa and MasterCard, even PayPal).
If they refuse to work with a business, which is their right, then that company has a much more difficult time collecting the money they are due.
Likewise, customers always prefer convenience, so if using a service demands making a new account for some other service just to be able to buy something from someone else… that’s going to make them rethink things.
In the end, it’s bad for business if you cross a payment processor.
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