Honestly, if the payments industry put as much time into furthering humanity is they did trying to steal from merchants we’d be a Class I species on the Kardashev scale already.
The amount of creativity by payment bros is astounding.
Look at the below TSYS ISO pricing:
Do you know what Condensed Gross is?
Neither do we.
But we suppose the ISO calls it Condensed Gross because the words “I’ll be stealing from you” might prevent the merchant from signing the agreement.
This reminds us of the Shaft4 “SimpleChange” scam, where Shaft4 tried to redefine Interchange with, presumably, enough markup to fly rockets to space forever.
The entire purpose of quoting Interchange is to reference the legally-defined, non-negotiable part of the payments pie.
That’s why ethical processors don’t create nonsense definitions but instead refer to Interchange and transparently add their markup.
True interchange – not padded interchange, which happens way more often than it should and is deserving of continued litigation for fraud – is auditable, even if it is clunky as hell.
There’s a never-ending amount of shenanigans deserving exposure in this industry.
The Payment Bro Olympics could be held monthly.
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