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Stripe raises $600M at nearly $36B valuation

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Re: Stripe raises $600M at nearly $36B valuation

#351

Post by patio11 »

notwhereyouare wrote: post #280
pc wrote: post #75

Stripe cofounder here. This isn't really new -- it's an extension of our last round ( https://www.cnbc.com/2019/09/19/fintech-start-up-stripe-notc... ). That said, we've seen a big spike in signups over the past few weeks. If any HN readers have integrated recently and have feedback, we're always eager to hear it. Feel free to email me at patrick@stripe.com and I'll route to the right team(s). As always, thank you to…

i'm asking in a very unofficial position. The company I work for is in the travel industry and we've received a large number of charge backs compared to normal. Our agents are working as best as they can, but our tools were never really designed for 5000+ tickets to be active at 1 time, so it's slow going for them as they contact the guest, then contact the provider, then talk to the guest, etc. Are you going to offe…

I work at Stripe.

Many companies in travel (and similarly affected industries) are having challenges shaped similarly to yours. There is a very active conversation in the industry about what we can do about the standard process for chargebacks to support this better. (Chargebacks were never designed to be a massively high-volume simultaneous event.)

Concretely you could imagine some specific consequences of chargebacks. I don’t have anything specific that I can share as of this exact minute with respect to each of those concrete consequences, but we’re working on this very actively. A lot of this work requires coordination with other firms. Chargebacks are broadly adjudicated by banks with reference to the rules established by the card networks, so we have limited control over per-chargeback decisions, but the industry is moving quickly on trying to decide what to do about this sort of chargeback given the circumstances.

As always, we’re in the corner of companies trying to do the right thing. As you get through this, if there’s specific things we can help on, please flag them to us; we can’t promise saying yes to every request but we can promise you’ll have our attention.

Re: Stripe raises $600M at nearly $36B valuation

#352

Post by thoraway1010 »

infinitelurker wrote: post #310
pc wrote: post #279

Earlier quoted context omitted.

It varies based on the card type, country, and other things. We could expose all of that more directly but the trade-off there is obviously pricing complexity, which we'd like to avoid. In our analysis in making this change, we saw that this simply makes little difference for the vast majority of businesses. For example, if you're processing $100k/year and refund 5% of your payments (which would be on the high end of…

Are those fees also present for transactions that are refunded immediately before they batch (i.e. testing). Let's say a stripe IP wasn't whitelisted on the server and started being denied coming back, causing transactions to fail. If I want to do a quick live environment test on this it now costs my client money, which is not ideal.

What volume and dollar value are you testing at? I ask because assuming your time is billed back fully loaded to the client at $200/hr - and you spend 4 hours doing some sort of testing your time is $800... what are the fees relative to this?

Re: Stripe raises $600M at nearly $36B valuation

#353

Post by hnick »

nickjj wrote: post #333
hnick wrote: post #327

Earlier quoted context omitted.

My experience mightn't be typical but I recently had a dispute on Stripe that went a lot smoother. A customer disputed 3 monthly subscription transactions. After providing evidence it was resolved in our favour within a week. I had low hopes because the server logs were long gone (over 90 days). However I had logs from our email provider showing reads and clicks from our emails so I sent a screenshot of that. I said…

All of what you provided as proof was what I submit too. I've won 100% of the disputes where it was pretty clear the person wanted to just grab the content for free and then do a charge back. The problem is Stripe not blocking the real fraudulent transactions where a bad actor stole someones credit card and signed up with that. These are the ones where I've lost 100% of the time (for good reason since it was fraud).…

I see, that's fair.

I don't recall paying extra for Radar and I definitely received an early warning from them, but after the transaction went through. It's apparently included on standard Australian pricing but costs an extra $0.08 per transaction if you're on a negotiated rate. Good to know.

Re: Stripe raises $600M at nearly $36B valuation

#354

Post by patio11 »

littlethings wrote: post #184

Stripe user here (Stripe Singapore) since 2016 and processed a loooot of money which was a life-changing thing for me and many other people. Patrick, I appreciate how supportive you are here so I hope you don't mind this turning into Q&A/support type of topic :D 1) Do you plan to lower the currency conversion fees for Singapore? We charge customers in USD but we are forced to convert to SGD and conversion fees adds u…

We can potentially help you avoid that currency round-trip. Can you write us at support@stripe.com ?

Re: Stripe raises $600M at nearly $36B valuation

#355

Post by patio11 »

wikibob wrote: post #102
pc wrote: post #29

Earlier quoted context omitted.

Yes!

How many headcount do you have open for SRE?

Stripe doesn’t make the distinction between software engineers and SREs that some firms do. We’re all responsible for shipping things that work for our customers, regardless of whether we’re working on a product team or an infrastructure team.

You can see our open roles at https://stripe.com/jobs/search?t=engineering (some corresponding to multiple people). They’re very real. We hire hundreds of engineers every year.

Re: Stripe raises $600M at nearly $36B valuation

#356

Post by notwhereyouare »

patio11 wrote: post #351
notwhereyouare wrote: post #280

Earlier quoted context omitted.

i'm asking in a very unofficial position. The company I work for is in the travel industry and we've received a large number of charge backs compared to normal. Our agents are working as best as they can, but our tools were never really designed for 5000+ tickets to be active at 1 time, so it's slow going for them as they contact the guest, then contact the provider, then talk to the guest, etc. Are you going to offe…

I work at Stripe. Many companies in travel (and similarly affected industries) are having challenges shaped similarly to yours. There is a very active conversation in the industry about what we can do about the standard process for chargebacks to support this better. (Chargebacks were never designed to be a massively high-volume simultaneous event.) Concretely you could imagine some specific consequences of chargebac…

Thanks for your response. We are more just concerned about being dropped over the large number of charge backs in a small period.

So much so that we are actively implementing a new provider as backup so we aren’t stranded if we get cut off.

Re: Stripe raises $600M at nearly $36B valuation

#357

Post by csdreamer7 »

pc wrote: post #171
nickjj wrote: post #162

Earlier quoted context omitted.

I use Stripe and PayPal currently but on the next platform I'm currently building I'm strongly (and very seriously) considering Braintree. With PayPal, the fraud experience has been nothing short of amazing. Out of many many thousands of transactions, I've only had about 3 or 4 transactions get flagged as high risk by PayPal. What this means is PayPal will hold the funds, review the transaction and then either give y…

Hi Nick -- I'd love to have us dig in more here to understand this better. Could you email me? patrick@stripe.com. [In brief, chargebacks/disputes work differently for PayPal payments as compared to credit card payments... I suspect that much of this is mostly a PayPal vs credit card difference. But I want to understand the details.]

Hi Patrick.

I am the person who asked the question that Nick responded to.

I understand PayPal has stronger network effects that may give it more leeway in handling the banks that a smaller competitor may not have.

I do agree with Nick that Radar should be a free service for all users. It reduces headaches for everyone involved. Why charge for it?

(Post to my above post if you reach HN's post limit.)

Re: Stripe raises $600M at nearly $36B valuation

#359

Post by brongondwana »

pc wrote: post #279
plantain wrote: post #276

Earlier quoted context omitted.

>(3), refunds aren't free for Stripe, and we were previously in a position where businesses with a lot of refunds were being subsidized by those who didn't. We want to give this margin away more sensibly. I understand they're not free, but I also understand Stripe does get a considerable portion back that they are no longer passing on? Couldn't this just have been applied to the problematic businesses then rather tha…

It varies based on the card type, country, and other things. We could expose all of that more directly but the trade-off there is obviously pricing complexity, which we'd like to avoid. In our analysis in making this change, we saw that this simply makes little difference for the vast majority of businesses. For example, if you're processing $100k/year and refund 5% of your payments (which would be on the high end of…

"For example, if you're processing $100k/year and refund 5% of your payments (which would be on the high end of normal), it works out to about $12/month".

Patrick, please don't do that. It's scummy maths and unworthy of you. Either "if you're doing $8k/month it work out to about $12/month" or "if you're doing $100k/year it would work out to about $145/year" would be better. Using different units for the two different figures to make them look further apart is the kind of thing done by people trying to mislead with data.

Re: Stripe raises $600M at nearly $36B valuation

#360

Post by brongondwana »

plantain wrote: post #136
pc wrote: post #75

Stripe cofounder here. This isn't really new -- it's an extension of our last round ( https://www.cnbc.com/2019/09/19/fintech-start-up-stripe-notc... ). That said, we've seen a big spike in signups over the past few weeks. If any HN readers have integrated recently and have feedback, we're always eager to hear it. Feel free to email me at patrick@stripe.com and I'll route to the right team(s). As always, thank you to…

My top issues running my business on Stripe: 1) Many countries still only allow depositing a single currency (i.e. Aus/AUD), doubling the cost of transaction due to the currency conversion, even tripling when we have to convert it back to pay our bills. I always get told either "soon", or "not possible due to the law", despite competitors doing it. 2) If we were an EU company, we'd get charged 1.4%+25c on transaction…

Here to second this. We have a USD account in Australia and can receive USD payments directly as USD from Pin, but from Stripe we have to receive the payment as AUD. Really looking forward to the option of avoiding multiple currency conversions.
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