Jack Dorsey’s Block Targets Card Network Fees in Latest Push

Jack Dorsey’s Block Targets Card Network Fees in Latest Push

Jack Dorsey’s Block Inc. is making a renewed push to get more merchants using its payments network, which it casts as a less expensive alternative to credit-card behemoths Visa Inc. and Mastercard Inc.

Block Adds New Incentives to Draw Customers Away From Card Networks

Some of the new features offered by Block’s Square and Cash App brands take direct aim at the fees charged by card networks, Bloomberg reported Friday (Oct. 10). The company is offering the local businesses that use its payment network a payment processing rate of 1% on orders placed through Cash App, lower than the card networks’ fees that can be as high as 3%, according to the report. In addition, through its new product called Neigh…