Comment by zinekeller

Also, even if we strictly looked at the credit side, 3% take is arguably still too much now, even if the mechanics back then did justify the 3% fees. This is why regulators everywhere are now capping fees because the manual "send the imprinted invoices to then sort and get payment" is no longer there (and why they are eager to make fraud harder, unlike the post-facto system that exists in the US)