Visa & Mastercard: The hidden giants controlling global commerce 💳 🌐

I mean, what's your profit margin, Mr. Patrick?

Circa 50%.

Mr. Sheedy?

Slightly higher.

Higher than 50%?

Slightly higher than MasterCard, yes.

Why is it that small businesses continue to use Visa and MasterCard when you're getting charged so much more?

In my opinion, it's a matter of convenience for the customer and customers matter to our business.

Maybe is it because that Visa and MasterCard are effectively monopolies, they control 80% of the market. Certainly part of it. 80% of the market? I'm just having a hard time understanding,

Mr. Sheedy and Ms. Kirkpatrick, you have a business model, you're making over 50% profit margin. You are able to give the shaft to small businesses. Estimated cost to Missouri businesses from these fees is one and a half billion dollars. That's with a B. Billion dollars a year. A year. Why aren't all of these businesses

running away from this model? Because they don't have a choice because you control so much of the market. The DOJ lawsuit says that you threaten retailers with staggering financial penalties. That's a quote, staggering financial penalties, if they use a competitor and you're paying Apple and Square and others not to compete in your market. You've got 80% market share and you are paying off would-be competitors

not to come into the market while you charge people like Mr. Callahan who knows how much more than big entities like Walmart. who knows how much more than big entities like Walmart. This is just classic, collusive, monopoly behavior.