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The payment networks (Visa/MC/etc.) may be monopolies but there are ton of processors (Stripe/Paypal/etc.). Sure, all the smaller processors "suck" but somehow they worked before Stripe was founded.

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isn't the reason that stripe grew so quickly was because these smaller processors don't really work that well?

i also keep hearing that there's a ton of choice but whenever it's brought up, true alternatives to PP/Stripe are rarely actually given

A lot of the other options are far more expensive to the service provider. They're mostly used by industries that the big players won't touch (porn, gambling). There is a much higher risk of invalid chargebacks in these industries. (That is, someone genuinely does use their card, and then denies it.) So the processor charges are higher to compensate the extra work involved. (Also because they can.)

'friendly fraud', they call it

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