Life still isn't easy in the narrow space between merchants and banks.
Regulators have taken a much sharper pen to the fees that many players
along the way can charge and earn, rivals continue to bludgeon each
other for market share, and new entrants like Square threaten to upset
the entire apple cart. That's led to less-than-spectacular performance
from merchant acquirer and processor Global Payments (NYSE:GPN),
as well as long-term concerns about the sustainability of what had
previously been a pretty high-margin/high-return business model.
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