Freebie for you: Stripe. Before Stripe, there were maybe 2 companies at the root of credit card clearing for online. Both sucked. I knew this but never imagined anyone could fix it with “powerful” competitors and dense banking regs. Stripe just shoved through and fixed it.
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This article says that more banks aren’t being opened because banking is less profitable than it used to be. that seems perfectly reasonable. new grocery stores, book stores, and gas stations aren’t opening all that much eitherhttp://money.cnn.com/2015/07/29/investing/dodd-frank-new-banks/index.html …
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Also w/r/t the banks i’d like to open: many of the people who go to payday loan/cash advance/rent-to-own places don’t have poor credit and pay on time. They just don’t know how to access money in less-self-harmful ways.
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I. Literally. Worked. At. A. Company. That. Tried. To. Do. Exactly. This. This is not theoretical.
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Well that’s new information. Why didn’t it work? You’re not going to ever get away from ‘know your customer’ regs. but that’s what computers are for.
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We weren’t the only company. Hundreds have wanted to; its borderline impossible after Dodd-Frank for about 50 different reasons.
End of conversation
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