101–110 of 257 posts
Nice, I assume this give Stripe the ability to shortcircuit Visa/MC on a payment between a Stripe card and Stripe as the processor and capture more of the revenue without needing to share it.
This product is more of a direct competitor to American Express.
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But if the business spends $100 and the rebate is $2, but I personally pocket the rebate instead of giving the money back to the business, wouldn't that $2 become taxable personal income? (and perhaps also theft, depending on my relationship to the business?)
https://www.irs.gov/pub/irs-drop/a-02-18.pdf Seems like only cash rewards are taxable, but even then, it doesn't see like the IRS would be interested in pursuing it.
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How is Monzo related? They’re still a bank and still use MasterCard.
When a Monzo card is processed by Stripe they can cut-out the middleman (MasterCard) and directly settle the payment between themselves.
This is the second time Stripe has been at the top of HN in the last week. Any theories on why? Is this really that novel of a business?
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Uber Visa gets you 4% on dining, 3% on hotels and airfare, 2% for online purchases, and 1% on everything else. It's not a corporate card, but it's hard to beat those rates.
That’s a pretty good rewards rate and there’s no annual fee. Reading up a bit, you don’t have to spend it as Uber fun bucks either. You can claim the rewards as cash.
Usually company cobranded cards (ex. airlines, hotels) are tightly tied with that company's services, Uber seemed to just want to make a good credit card that people would like to use often, which is unique.
However, it's a personal card, completely different market than corporate cards, so not comparable.
How do the Partner Benefits work? Are they only valid if we are not an existing customer of the partner, or is it for any spend with those vendors we put onto the card? Do we work with the Partner to get that discount or is it automatically applied on the Stripe side while processing charges we make to the card?
Anything that says "cash back" is automatically applied to your card spending and for both new and existing customers. For everything else, we'll give you a discount code to type into the partner's site directly!
It’s impressive to see the velocity of new products that Stripe is putting out. I’d be really interested to see a blog post or similar on how they decide which initiatives to invest in, how they structure those teams and set milestones, etc
Thanks! We're always paranoid that we're too slow, for whatever it's worth.
We're still iterating on the supporting models and frameworks. We think a lot about pace layering -- how do we have teams that think on multi-year horizons (infrastructure, security, etc.) alongside teams that are rapidly iterating at much earlier stages of development. I think a lot goes wrong when organizations insist on too much consistency in their operating approach.
We've now identified a few semi-formal mechanisms that have helped substantially. (For example: larger companies tend to want to aggressively standardize roles. This makes sense when operating at scale but less so in the early days. So, we've made it easy to hire for ill-defined roles in nascent product areas -- we figure we can codify those roles later as needed and that doing so sooner is a premature optimization.) We'd certainly consider writing a blog post once we feel that they might be generalizable.
(If anyone reading this is interested in helping us figure things out, please do apply. We're particularly interested in hiring engineers who are interested in these questions.)
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I never had a corporate CC, so I'm curious: do those rewards count as personal income for tax purposes?
Credit card rewards do not get a 1099 as they’re a rebate/discount on spent monies. Banking sign up bonuses usually do as they’re classified as interest.
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Do these cards require a personal guarantee? Do they require personal social security number? Can they be ordered in bulk (ie, 5-10 at a time when onboarding folks). Not to be rude, but the corporate card market is different than the personal card market in a number of ways.
Wait, how do these cards work, then? The corporate cards I've used (eg AmEx Corporate) did indeed require a personal guarantee and a personal social security number from each individual who had an account.