The credit card squeeze

One of our venture companies has just had the most torrid time with a leading merchant services firm (credit card processor). Their application, which it was claimed would take 3 days, has languished for over 2 months inside the inept bureaucracy, despite regular chasing. Correspondence was regularly lost by the card company, they would fail to advise that they wanted additional information and so a week would pass until chased etc.

Anyway, I was passed their proposed tariff for comment and was startled by the quote – it was very high. This was particularly so given the entry of firms like Google into the online card processing space with Google Checkout offering no fees in 2007 and 1.5% +15c thereafter.

But it certainly wasn’t as bad as the Gower Report on copyright protection suggested was the case for downloaded music.

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