Isn’t stripes job to simply process payments? What kind of liability would stripe need to account for any merchant processing 1$ on its behalf?
Ask HN: Stripe is asking for bank statements to check financial health
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Re: Ask HN: Stripe is asking for bank statements to check financial health
#2There are lots of different places credit is extended between counterparties in the credit card processing flow.
The most obvious one for processor to merchant is chargebacks. The window fo those can be up to 6 months.
Bank statements might also be used for fraud prevention and kyc requirements.
Disclaimer: I used to work at stripe but not in this area and I don’t know the specifics of why Stripe is asking for these documents.
Re: Ask HN: Stripe is asking for bank statements to check financial health
#3Don't use stripe. It's none of their business and they already have a bad reputation.
Re: Ask HN: Stripe is asking for bank statements to check financial health
#4They want to know your accounts, they will force you to link it so they can reach there and claw back money for disputes etc.
Re: Ask HN: Stripe is asking for bank statements to check financial health
#5Don't use stripe. It's none of their business and they already have a bad reputation.
Any alternatives that you recommend?
Re: Ask HN: Stripe is asking for bank statements to check financial health
#6Don't use stripe. It's none of their business and they already have a bad reputation.
Any alternatives that you recommend?
Braintree is now essentially paypal, so that is off the list. Adyen is good but can be strict with what businesses they support.
In short, i recommend using local providers, not these multinationals. Each country has a bunch of them, so there is plenty of choices, they are just not world renown brands.
Re: Ask HN: Stripe is asking for bank statements to check financial health
#7Re: Ask HN: Stripe is asking for bank statements to check financial health
#8Earlier quoted context omitted.
Any alternatives that you recommend?
Braintree is now essentially paypal, so that is off the list. Adyen is good but can be strict with what businesses they support. In short, i recommend using local providers, not these multinationals. Each country has a bunch of them, so there is plenty of choices, they are just not world renown brands.
And how to connect them to your services without being a programmer?
Re: Ask HN: Stripe is asking for bank statements to check financial health
#9They want to know your accounts, they will force you to link it so they can reach there and claw back money for disputes etc.
They do give an option to upload statements. I don’t know if that leads them to achieve claw back. Am curious if they can do this?
Re: Ask HN: Stripe is asking for bank statements to check financial health
#10Earlier quoted context omitted.
Braintree is now essentially paypal, so that is off the list. Adyen is good but can be strict with what businesses they support. In short, i recommend using local providers, not these multinationals. Each country has a bunch of them, so there is plenty of choices, they are just not world renown brands.
And how to connect them to your services without being a programmer?
Hire a programmer.