Re:Apple announces Apple Card credit card
by jerguismi on Tuesday March 26, 2019 @03:57AM
(#19489957)
It is quite a complex topic. For example there are credit card processing companies for cryptocurrency related companies, but they have very stricter customer onboarding processes and also higher fees. For many banks who target mainstream customers it is just easier to block all customers who deal with cryptocurrencies than to create specialized producst/risk management/compliance processes for them.
Re:Apple announces Apple Card credit card
by thefounder on Tuesday March 26, 2019 @07:04AM
(#19490678)
Cryptocurreny processing is expensive as hell. Not to mention very frustrating when the client finds that the crypto bought with 1000$ values $800 on the merchant /processor payment page.
I understand why banks don't want their credit cards used to buy cryptocurrency, and then deal with all the chargebacks. But in this case they're seemingly saying that they can't accept cryptocurrency for some service, because doing so prevents them from also accepting credit cards for that same service, where the service itself has nothing to do with either.
So I went and looked up their payment options. And sure enough, they have a page on that. Which has the following notice:
"In order to stay compliant with our strategic credit card processing partners' policies and due to recently tightened regulations on the cryptocurrency circulation for the US-based companies, we are going to halt all support for cryptocurrency payments on this site for the time being."
What is this all about? Are they saying that payment processors will refuse to work with organizations that accept cryptocurrency? But then how e.g. Coinbase works with credit cards?