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Our company Moonlight was an early beta tester of the Stripe Corporate Card. Each person on our distributed team of five has a card, and it's made things like arranging travel or covering minor SaaS charges simple. Happy to answer any questions about the end user experience!
We love working with you. <3
Our company Moonlight was an early beta tester of the Stripe Corporate Card. Each person on our distributed team of five has a card, and it's made things like arranging travel or covering minor SaaS charges simple. Happy to answer any questions about the end user experience!
Well, 2% on some things + 1% on everything else is better than I am getting with Amex now. Plus, $50k in free processing is like $1,450 in free money. Honestly, I wouldn't believe that deal, except that I have a multi-year history with stripe as our CC processor and it has been nothing but positive and as-promised. So, I submitted an application. It sounds like a great deal to me.
It's really easy to believe the deal when you look at your interchange rates. The Capital One that I mention above has 2.3% interchange rate, so the merchants who take it get hit much harder than other cards. Capital One, stripe, amex etc are all still making a killing on these cards, they just do it on the backs of the merchants who accept them.
Based off our business spending on our card, which isn't extreme by any measures (18 employees, bootstrapped and cash flow positive, doing fairly decent), it probably beats that stripe card even with the processing fee bump.
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This is obviously horrible for merchants, but what's really gross is how regressive it is when it comes to poor people and small businesses. Unlike national chains, local outfits don't have the ability to negotiate favourable fee arrangements, so accepting CC payment puts them at another built-in disadvantage relative to well-heeled competitors. And of course, those fees end up baked into the price of everything, and…
"The Payment Card Interchange Fee and Merchant Discount Antitrust Litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, MasterCard, and numerous financial institutions that issue payment cards. The suit was filed due to price fixing and other allegedly anti-competitive trade practices in the credit card industry." Another area where giving freedom to these…
Earlier quoted context omitted.
This is obviously horrible for merchants, but what's really gross is how regressive it is when it comes to poor people and small businesses. Unlike national chains, local outfits don't have the ability to negotiate favourable fee arrangements, so accepting CC payment puts them at another built-in disadvantage relative to well-heeled competitors. And of course, those fees end up baked into the price of everything, and…
Depending on the industry sector, cash can effectively be several times more expensive to handle than the US market interchange fees. I don’t think it’s obviously horrible for merchants.
Does anyone know how similar this is to Brex? Related: what make Brex so special as a credit card for startups?
You also can’t discount Stripe’s Connect API - could see this being used in tandem with that for some interesting ideas
Edit: taking a closer look - they also integrate into services like Expensify and if you use their card, first $50k of payment processing is free so that’s also interesting. If you’re paying sticker price, that comes out to something like $1500
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Tend to agree but I don't think a card is that big of a deal as in this case it's less Stripe owned as it's a Visa card so pretty sure you'd have some additional protection there.
Let’s say you have an issue because stripe suddenly you’re business is fraudulent (read: you got great coverage on HN and suddenly have 1000 extra customers) Stripe flags you and blocks your account. Done. Now your income and money to spend depends on their customer service. Many people have had the same with PayPal, and some with regular banks. So yes, take the card, but also take 5 other cards.
Well, 2% on some things + 1% on everything else is better than I am getting with Amex now. Plus, $50k in free processing is like $1,450 in free money. Honestly, I wouldn't believe that deal, except that I have a multi-year history with stripe as our CC processor and it has been nothing but positive and as-promised. So, I submitted an application. It sounds like a great deal to me.
Earlier quoted context omitted.
Tend to agree but I don't think a card is that big of a deal as in this case it's less Stripe owned as it's a Visa card so pretty sure you'd have some additional protection there.
Let’s say you have an issue because stripe suddenly you’re business is fraudulent (read: you got great coverage on HN and suddenly have 1000 extra customers) Stripe flags you and blocks your account. Done. Now your income and money to spend depends on their customer service. Many people have had the same with PayPal, and some with regular banks. So yes, take the card, but also take 5 other cards.
We're keenly aware of the importance of not messing with our customers' finances in this fashion, not the least because startups are both a core customer segment to us and the heart of what we do. Our policies are tuned around the realities of startups; we get launch days.
If anyone on HN ever feels like we’re slipping, I will do anything in my power to fix that; my email address is my HN handle at stripe.com