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Isn't this just Square, but with cheaper processing fees (since Stripe is eating the bill)?
Now I think how the hell did Stripe even work without being able to accept cards? What's the point of it, then?
Isn't this just Square, but with cheaper processing fees (since Stripe is eating the bill)?
What? The product's page says it charges 1% + whatever Stripe charges ("generally" 2.9% + $0.3). A quick search says that Square charges 2.6% + $0.10 per in-person transaction. Seems like that this product is more expensive than Square.
Isn't this just Square, but with cheaper processing fees (since Stripe is eating the bill)?
>but with cheaper processing fees What? The product's page says it charges 1% + whatever Stripe charges ("generally" 2.9% + $0.3). A quick search says that Square charges 2.6% + $0.10 per in-person transaction. Seems like that this product is more expensive than Square.
> The app collects a 1% service fee on every single charge.
Per your comment, this is indeed a more expensive Square. Square already does Card Not Present transactions.
The question then is why do people choose to use this?
Earlier quoted context omitted.
>but with cheaper processing fees What? The product's page says it charges 1% + whatever Stripe charges ("generally" 2.9% + $0.3). A quick search says that Square charges 2.6% + $0.10 per in-person transaction. Seems like that this product is more expensive than Square.
Ah, good find! The article claims > The app collects a 1% service fee on every single charge. Per your comment, this is indeed a more expensive Square. Square already does Card Not Present transactions. The question then is why do people choose to use this?
Just my guess
Isn't this just Square, but with cheaper processing fees (since Stripe is eating the bill)?
>but with cheaper processing fees What? The product's page says it charges 1% + whatever Stripe charges ("generally" 2.9% + $0.3). A quick search says that Square charges 2.6% + $0.10 per in-person transaction. Seems like that this product is more expensive than Square.
Earlier quoted context omitted.
Sure, but after having all that infrastructure and resources built up an expansion should be easier than starting at zero.
Stripe is kind of analogous to a utility company here. They're an upstream provider. They don't care about what "infrastructure and resources" you've built. If you break the terms of service, they will cut you off, just like if you don't pay for your gas/electric you will quickly find yourself with a non-functional home, regardless of how fancy it is.
Earlier quoted context omitted.
Stripe is kind of analogous to a utility company here. They're an upstream provider. They don't care about what "infrastructure and resources" you've built. If you break the terms of service, they will cut you off, just like if you don't pay for your gas/electric you will quickly find yourself with a non-functional home, regardless of how fancy it is.
Is Stripe forced to do this because of their upstream provider ToS, Well's Fargo?
It's interesting how a common tenet of startups is "build products, not features" -- and yet here's a very clear example of a "feature" that can be very successful.
When playing an odds game like startups, you want to do all the maximally viable things possible, but that doesn't mean other decisions aren't also viable, they're just not observed to be as successful, so they're not mentioned. Doesn't mean they won't work.
There's also opportunity cost. What could this team have done if they were working on something more... disruptive? The execution here is incredible, applying that to a new problem would have probably also done very well.
Earlier quoted context omitted.
>but with cheaper processing fees What? The product's page says it charges 1% + whatever Stripe charges ("generally" 2.9% + $0.3). A quick search says that Square charges 2.6% + $0.10 per in-person transaction. Seems like that this product is more expensive than Square.
Good for him for getting paid now. But that margin is too fat to go unchallenged. Market forced and competition will grind that 1% down quickly.