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Honestly, the truth is NEITHER company is revolutionary. It was an evolution to get a method to pay for things online – sure. The reality is – the payments infrastructure (the thing that all payments companies and banks ride on) is abhorrently outdated and obsolete.. The fed put out a paper on this issue in Sept of last year, which is by far the most complete discussion on the topic thus far.
Payments are still riding on circa 1970’s technology and worse ACH still relies on the old ABA system.. We (in the industry) are seeing a failure rate rise – a failure rate of overall payments. The issue is that a failed trans looks like it failed for a direct reason (aka – a valid failure code – which in fact is a broken infrastructure component or failed call) in reality – the failure was for a non-financial reason, causing millions of lost revenue for merchants.
Say for instance your a merchant taking 50k payments daily, your probably loosing about 12k payments daily. Again these are the feds numbers and various payment gateway operators numbers not mine.. That 12k lost payments has a huge material impact on the finances of a company. Ask any merchant would they like to recover 20 – 25% of daily trans, HELL YES they would.
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