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?

Question

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

Answer 1

If a user tries to pay using a card from bank (or card company) that is blocking OnlyFans, then they won’t be able to pay… that’s the problem. It won’t affect ALL paymetns to OnlyFans, only those from users with cards from such banks – and if a major compnay like MasterCard says they won’t process them, that that will affect a large part of their user-base.