Tell HN: I Hugely Regret Using Stripe Atlas

I signed my company up through Stripe Atlas thinking it would be more convenient and save me time, boy was I wrong. It's been a time suck dealing with this company and their banking partners, I would recommend other founders who value their time to avoid this service. I've created an LLC in Delaware before using certain other googleable companies and it's gone completely smoothly, so this isn't my first rodeo.

First problem, Stripe will create a new, separate Stripe account for you to use with Atlas. So if you already had some transactions (hope you do if you're forming a company) then you're going to need to migrate them. For my company, they just created another account with exactly the same name and just one capitalization difference, pretty confusing. Migration is likely automatic with a cool company like Stripe, right? Nope, they only can migrate your customers -- everything else, subscriptions, coupons, tx data you need to write a script and DIY! Have fun wasting an afternoon updating all your API keys and re-testing too.

Side note, if you had special things like the Stripe startup school discount applied to your account, you'll lose it on Atlas. Unless you open up another support ticket with Stripe and wait for a couple weeks.

Second problem, if you form a c-corp Stripe will create an account through SVB (Silicon Valley Bank) for you. You can go ahead and read the reviews on that bank yourself, but the biggest annoyance for me was a $25/mo account maintenance fee. OK, not atypical for a business bank, but most banks don't have a $25k+ min. balance for that fee! I do care about $300/year for my company when I specifically payed for Stripe Atlas thinking it would be more convenient and save me money.

Third problem, want to switch to Azlo bank so that at least you don't have to pay monthly fees? That's great except Azlo will tell you that you need to talk to Stripe to do that, and surprise Stripe will tell you that... https://gist.github.com/mikob/3cd3d141c60596ee50c0ab2603b5bd...

I personally went through the Stripe Atlas beta, no regrets. At the time the AWS credits saved me thousands of dollars. (On year 2 or 3 now, I don't recall)

In terms of what you're discussing though, I agree. Faced those same two issues.

What I did:

1. Keep utilizing my other stripe account(s). I have multiple web fronts, and each has it's own stripe account. No issue there, actually zero funds go through the Stripe Atlas account. All the accounts are merged through one login, which is easy enough to see.

2. Closed the SVB (Silicon Valley Bank) account month two of the company. Opened an account with Capital One Spark Business, no minimum fees and the customer service has been good. Moved all my stripe accounts to dump into that account.

Honestly, Stripe should really partner with a better bank.

All Stripe does is provide an easy way to setup the C-Corp and help with some information. You're still in charge of your business. I did enjoy the suggestions and reminders from Stripe Atlas regarding filings.

About 1, I think Stripe Atlas will help me handle accounting if all my transactions come through there. No? That's one of the reasons I bothered with the migration (other being just having a nice consolidation)

Actually I use Capital One Spark Business for my other business. They're great but unfortunately not taking any new customers right now.

I've had a couple of friends use Atlas without any problems. I guess your's is also a kind of an edge case with all the switching etc. Hope they resolve it quickly!

Another question: I also think that SVB sucks but is there a better alternative to it? I've heard of Azlo, but their services offering is not as broad as SVB's (e.g. no international transfers)?

I was looking at Atlas, but I don't live in Delaware, so I'd still have to deal with managing the business in my home state all myself. That's more forms and fees every year I have to do, in addition to the Delaware ones. In my view Atlas only solves half the problem (unless you've in Delaware)