I'm normally a big fan of the web design work from Stripe - but this page is a mess on mobile Safari (iOS 10.3.3). It seems more and more companies are dropping basic support for "older" devices and it's a real shame. Having this look great on even very old devices should be simple, since this page doesn't even do anything that "cutting edge".
Stripe Treasury
241–250 of 265 posts
Re: Stripe Treasury
#242Re: Stripe Treasury
#243Earlier quoted context omitted.
Ding ding. Notice to open the Treasury account, you need to specify the bank. Stripe is not owning the accounts, the bank is, so KYC is pushed to them. EDIT: For those that think that just opening the accounts as Stripe would be a workaround, the answer to that is "beneficial ownership" and is part of KYC.
Ah, this is illuminating. So the built an API to interface developers with existing bank infrastructure (likely to support their own operations). They're not the treasury, they're the link that doesn't require me to be a huge entity with bargaining power to convince a bank to partner with me.
TIL that Stripe's Treasury service is a marketplace connecting bank treasury services to marketplace services that require a treasury.
Re: Stripe Treasury
#244Marketplaces holding on to my funds for longer than necessary seems like a dark pattern. Why would a Shopify seller want this? If I wanted a bank account - I'd go to a bank. Conceptually this reminds me of embedded messaging: every app provides its own inbox, instead of properly integrating with my email inbox. More walled gardens.
Cash flow is the #1 problem with small businesses. Vendors to pay to make the goods they're selling. When you attach a bank account, it usually takes ~3 business days from card processed to accessible cash. This isn't Stripe's fault, it's bank transfer ACH's fault.
By offering sellers a built-in checking account, Stripe (and in turn Shopify) can decrease the time it takes to access money you've been paid. Same-day or next-day access, huge deal.
edit: I'll add, Stripe already offers immediate access to cash (Instant Transfers), but they charge 1.5% because technically they're extending credit. Stripe is eating their own lunch here. People won't need Instant Transfers as often and their profit margin on the interest sitting in the checking accounts will be much lower than the 1.5% fee they currently charge for Instant Transfer. But much bigger market.
Re: Stripe Treasury
#245[deleted]
Re: Stripe Treasury
#246Earlier quoted context omitted.
Is that an actual product or a joke page? I can't imagine anyone actually wearing something like that.
I know it can be hard to believe, but it's very real (just like COVID). Maybe this quote from a recent customer helps explain: > I'll look like a freak in the mask, but a LIVING freak. Thank you. We sold over 1000 of them in our first week, not many returns. I've been wearing mine for months and get way more interest/thumbs-up than "looks". We do get our fair share of internet trolls, though.
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Re: Stripe Treasury
#247does this mean I could create and operate my own interest-free bank where people can store money and pay their bills, without me having to go through all the regulations?
Right? Completely avoid having to pay the salaries of buildings full of bankers with my interest payments
Re: Stripe Treasury
#248The examples are built using NodeJS and are using Javascript's default number type (instead of the new BigInt or something more suitable) to represent the amount of money. I love Node, but using number type for money seems like a very, very bad idea.
I don't know specifically in this case but usually you keep currency numbers in whole numbers and then divide by 100 when you need decimals. is a much cleaner method then using bigints
Re: Stripe Treasury
#249The examples are built using NodeJS and are using Javascript's default number type (instead of the new BigInt or something more suitable) to represent the amount of money. I love Node, but using number type for money seems like a very, very bad idea.
I don't know specifically in this case but usually you keep currency numbers in whole numbers and then divide by 100 when you need decimals. is a much cleaner method then using bigints
Your customer with 90 trillion dollars will not be happy about it (https://developer.mozilla.org/en-US/docs/Web/JavaScript/Refe...). I have been bitten with this in production, although it was facebook id represented as number and not money amount.
On a more realistic scenario, imagine that get 1% cashback on their purchases. When you multiply their purchase amount by 0.01, you get sub-cent amounts. From a point of view of a particular customer, it doesn't matter much, so you can just floor the number. But on the scale of your whole organisation, it does matter; so, where's all the remainder are going to end up at? And even if you don't forget about these remainders, are you sure you will remember to add the values before the division, as 10 or 20, and not after, as 0.1 or 0.2? Because when you some the latter up, you won't get 0.3.
If you're just using a built-in 'number' type, you're facing these mistakes by yourself, but a well-written library for handling money will guard you against this. Types exist not only to represent values, but to guard you against doing such mistakes. (And if that's the first time ever you hear about this scenario, do yourself a favour and watch Office Space — which does not only include this scenario as a plot device, but is a terrific movie on it's own right).
I have to be honest, I tend to forget all the details when I don't work with these kinds of tasks for some time. Instead, I just remember that using any standard built-in integer type for money is a huge potential minefield. And since in Javascript it's really a float, even more so.
Re: Stripe Treasury
#250Earlier quoted context omitted.
Stripe's business ethics policy. That policy has 2 clauses.A)Generate more money. B) Generate more publicity. The rest is glitter to bamboozle you.
Try not to be an asshole. The Stripe founders are probably the most ethical players in the payment space and if you make claims like the ones above you should at least provide some examples or evidence. I've worked in and for PSPs for many years, if everybody in that space had the business ethics that the Stripe founders had that part of the domain would have a much better name than it does. For some background on wh…
> Try not to be an asshole.
Not very strong in self-awareness aren't we?
> The Stripe founders are probably the most ethical players in the payment space and if you make claims like the ones above you should at least provide some examples or evidence.
I dont have any evidence regarding and neither you by the way, but if you want to play modern day Socrates, go ahead.
> I've worked in and for PSPs for many years, if everybody in that space had the business ethics that the Stripe founders had that part of the domain would have a much better name than it does.
I support part of that Kantian ethics involve collecting data from the users("For fraud detecting purposes}[1] and rejecting on previous promises to hike up prices[2].
Look, I am sure the guys at Stripe like puppies and make donations and so on, but at the end of the time, they are a business, a ruthless entity hyper-optimized to make money, nothing else. The rest are empty words like Google's : "Dont be evil" or Disney's "The Happiest Place on Earth". This a 40B company we are talking about, it is not longer a couple of kids in a garage. Despite your deontological aspirations a little bit of skepticism wouldn be so bad.
{1} https://news.ycombinator.com/item?id=22936818 [2]https://news.ycombinator.com/item?id=22936818