I didn't start with a complaint, just an observation.
The CEO made it clear those rates are essentially a tax paid by unsavvy engineers that haven't shopped for rates because they aren't actually interested in setting competitive rates.
The real market rate for interchange is FAR lower than those described here, and from the replies you'll see that even here on HN there are a lot of tech smart, finance dumb engineers that didn't know that they're throwing away a big chunk of their revenue by taking the shelf rate for payment processing.
Exactly :-) We're here to compete on revenue lift + value-add. If we do not generate significantly more revenue than we charge, our customers turn us off.
The CEO made it clear those rates are essentially a tax paid by unsavvy engineers that haven't shopped for rates because they aren't actually interested in setting competitive rates.
The real market rate for interchange is FAR lower than those described here, and from the replies you'll see that even here on HN there are a lot of tech smart, finance dumb engineers that didn't know that they're throwing away a big chunk of their revenue by taking the shelf rate for payment processing.