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What Working At Stripe Has Been Like

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Re: What Working At Stripe Has Been Like

#221

Post by bluelu »

skrebbel wrote: post #215
singhrac wrote: post #132

Earlier quoted context omitted.

This is another phrasing of what jackdeansmith says, but this is not right: > Payments are transferring bits, and should be effectively free. Payments is taking on a short term risk that the (slow) transaction between a customer's bank and a vendor's bank will not settle, because of (a) fraud, (b) chargeback-like issues, (c) insolvency. This isn't exactly right, but overally its not quite 0 risk without crypto, which…

This is just credit card stockholm syndrome. Nearly all the risk you mention is because of the insane and greedy design of credit cards. In most of Europe, people pay with debit cards and the money goes straight off their bank accounts. If there's insufficient funds, there's no purchase. If the network fails, there's no purchase. If your bank goes bust 5ms before your purchase would clear, there's no purchase. I'm no…

That you only have to pay after 30 days, chargebacks, etc.. they are all in your favor.

How do you buy online then? Prepayment? Good luck with that :-)

Re: What Working At Stripe Has Been Like

#223

Post by pjc50 »

bluelu wrote: post #221
skrebbel wrote: post #215

Earlier quoted context omitted.

This is just credit card stockholm syndrome. Nearly all the risk you mention is because of the insane and greedy design of credit cards. In most of Europe, people pay with debit cards and the money goes straight off their bank accounts. If there's insufficient funds, there's no purchase. If the network fails, there's no purchase. If your bank goes bust 5ms before your purchase would clear, there's no purchase. I'm no…

That you only have to pay after 30 days, chargebacks, etc.. they are all in your favor. How do you buy online then? Prepayment? Good luck with that :-)

? Debit cards also work online. They're part of the same payment networks. "Visa Debit" etc.

Re: What Working At Stripe Has Been Like

#224

Post by eps »

mchusma wrote: post #122

I mean this in the most constructive way possible. As a stripe customer for 6 years, I effectively only care about reducing transaction costs. Period. Stripe's core business is being a part of a "credit card sales tax" that is substantial. Much of this is the fault of Visa/Mastercard/Amex, but that is the problem-space they exist in. Payments are transferring bits, and should be effectively free. If they want to "mak…

To that end at least allow payouts in USD to the non-US banks.

We charge in USD and we pay for our infrastructure in USD, so the hit we get on the double currency conversion is really unpleasant... as it is completely avoidable.

This has been asked of Stripe for AGES and they did nothing. The only explanation is that this is by design, which means that they have no problem bleeding merchants with unnecessary fees just like all other payment companies. It's just that these fees are disguised differently.

Re: What Working At Stripe Has Been Like

#226

Post by VBprogrammer »

dazc wrote: post #205
desas wrote: post #200

Earlier quoted context omitted.

That doesn't have to be how those transactions work. In the UK that goes: park, fill, go to cashier, pay. It's still a little bit more inconvenient.

You pay the same price though. Some stations will also insist on prepayment at certain times of the day.

> Some stations will also insist on prepayment at certain times of the day.

I'm not saying that this doesn't happen but in nearly 20 years of driving around the UK I've yet to encounter it.

Re: What Working At Stripe Has Been Like

#227

Post by NKCSS »

mchusma wrote: post #122

I mean this in the most constructive way possible. As a stripe customer for 6 years, I effectively only care about reducing transaction costs. Period. Stripe's core business is being a part of a "credit card sales tax" that is substantial. Much of this is the fault of Visa/Mastercard/Amex, but that is the problem-space they exist in. Payments are transferring bits, and should be effectively free. If they want to "mak…

Here in The Netherlands, we have a platform called iDeal. All dutch banks are connected and all webshops accept it (it's hard to find a place to use your creditcard here). Transactions are instant and non-refundable. Costs are around 0.35 per transaction and NO % fees. Just a fixed amount per transaction. For big volumes, that per-transaction amount can be lower. It's amazing and I wished they'd just roll that out worldwide. No risk for merchants at all.

Re: What Working At Stripe Has Been Like

#228

Post by VBprogrammer »

phist_mcgee wrote: post #217
thaeli wrote: post #180

Earlier quoted context omitted.

At many American gas stations, (I don't know how applicable this is in other countries) there is a lower "cash" price because the station doesn't have to pay credit card fees on the transaction. It's less convenient, because you have to park, go to the cashier, give them cash, go back to your car, fill up, go back to the cashier, get your change, and then go - versus put credit card in pump, fill up, go. It's ultimat…

I personally never understood the America style of paying for petrol first, and then presumably getting a refund at the end? As an Australian, I remember filling up in the US and the whole system baffled me (especially because the US bowsers did not accept my Australian Mastercard). Here, we just pull up, fill up, pay, and then leave.

This is common in Europe too. I guess the point from the retailers point of view is that they eliminate the risk of you driving off without paying.

It's extra annoying on a motorbike where you only have a rough idea of what your fuel level is and you absolutely need to fill it to the brim (typically you only get 150-200 miles out of a tank). At least in a car you can wait until you have a quarter of a tank and the put 40€ and know it's going to be some where around 3/4 full.

Re: What Working At Stripe Has Been Like

#229

Post by markdown »

thaeli wrote: post #180
billclerico wrote: post #177

Earlier quoted context omitted.

One thing that often gets overlooked with respect to payments is consumer preference (and this is actually the primary driver of cost). Why do credit cards cost 2-3% to process? Because of expensive rewards programs given to the consumers who use the card. Why are there expensive rewards programs? Because consumers like them! And they insist on paying with a credit card because of them. Except in edge cases, merchant…

At many American gas stations, (I don't know how applicable this is in other countries) there is a lower "cash" price because the station doesn't have to pay credit card fees on the transaction. It's less convenient, because you have to park, go to the cashier, give them cash, go back to your car, fill up, go back to the cashier, get your change, and then go - versus put credit card in pump, fill up, go. It's ultimat…

Do all American gas stations make you fill up your own gas?

Re: What Working At Stripe Has Been Like

#230

Post by ForHackernews »

markdown wrote: post #229
thaeli wrote: post #180

Earlier quoted context omitted.

At many American gas stations, (I don't know how applicable this is in other countries) there is a lower "cash" price because the station doesn't have to pay credit card fees on the transaction. It's less convenient, because you have to park, go to the cashier, give them cash, go back to your car, fill up, go back to the cashier, get your change, and then go - versus put credit card in pump, fill up, go. It's ultimat…

Do all American gas stations make you fill up your own gas?

IIRC, Everywhere except Oregon and New Jersey, where it's illegal to fill your own gas tank and petrol stations still have an attendant.
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