Jack Dorsey’s Block Targets Card Network Fees in Latest Push
Jack Dorsey's Block Inc. is aiming to provide a more cost-effective payments solution for merchants compared to the dominant credit card networks, Visa and Mastercard. The company is making a renewed effort to encourage more merchants to use its payments network, which it claims offers lower fees. Block, previously known as Square, is positioning itself as an alternative to the high transaction fees charged by the major card networks. The company is touting the benefits of its payments platform, which it says can save merchants money on fees. The move comes as Block looks to expand its payments business and challenge the dominance of Visa and Mastercard in the industry. The company is hoping that its more affordable options will appeal to merchants who are seeking to reduce their payment processing costs.
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