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TIFU by using Stripe as a payment processor for my small business

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Re: TIFU by using Stripe as a payment processor for my small business

#131

Post by polux33 »

ceejayoz wrote: post #68
anonymoushn wrote: post #47

Earlier quoted context omitted.

Hmm, seems like this guy wouldn't get his $3,000 stolen if he got paid SPL USDC. The transaction would also cost less energy than it did through Stripe.

"Circle Confirms Freezing $100K in USDC at Law Enforcement's Request" https://www.coindesk.com/markets/2020/07/08/circle-confirms-...

Funny because you sound like a guy that could claim crypto is an unregulated far west full or scammers, while trying to prove that seizing 100K at law enforcement request is the same as randomly keeping 3K of your customers funds.

Re: TIFU by using Stripe as a payment processor for my small business

#132

Post by skc »

zht wrote: post #66
aga98mtl wrote: post #55

Earlier quoted context omitted.

Stripe like paypal is not to blame in this story. The problem is the credit card payment standard. Transactions can be charged back up to 180 days. This means that by giving the merchant the money right away, Stripe runs the risk that a transaction will be charged back and that the merchant wont have fund to cover it. Stripe like any other processor runs an algo to determine the risk profile of each transaction to de…

the solution isn't to blackhole your customer for 180 days. it's to provide a human being to talk to or ask for clarifying information

I guess the argument then becomes one of scalability.

Re: TIFU by using Stripe as a payment processor for my small business

#133

Post by nibbleshifter »

xyzzy_plugh wrote: post #72
lma21 wrote: post #33

Yet another story of Stripe holding big sums (yes 3k can be huge for small businesses) with no proper support structure. Consumers must rely on social networks to get some form of reaction.A $74 billion company has no proper support structure. Just wow.

I'm sympathetic that 3k can be huge for small businesses, but if you can't tolerate a loss of 3k, isn't your business practically doomed?

For small businesses, the margins are that thin.

Re: TIFU by using Stripe as a payment processor for my small business

#134

Post by negamax »

xyzzy_plugh wrote: post #92
negamax wrote: post #53

Earlier quoted context omitted.

I have a close friend, working for Uber since 5-6 years now. I don't think he ever expected company to engage in anything shady. SWEs are higher up than service counter staff but in the game of business they are not far from being expensive pawns. Sorry

So he started 5-6 years ago, after Uber was already caught doing shady shit? Does not compute. I don't think Uber was ever particularly transparent, whereas I believe the other poster was implying that all Stripe employees can see revenue, profit margin, etc. plainly, which seems very uncommon for a non-public corp.

I don't remember their exact date. It's been a long time. They joined before IPO. My point was it was fairly long

Re: TIFU by using Stripe as a payment processor for my small business

#137

Post by pc86 »

xyzzy_plugh wrote: post #72
lma21 wrote: post #33

Yet another story of Stripe holding big sums (yes 3k can be huge for small businesses) with no proper support structure. Consumers must rely on social networks to get some form of reaction.A $74 billion company has no proper support structure. Just wow.

I'm sympathetic that 3k can be huge for small businesses, but if you can't tolerate a loss of 3k, isn't your business practically doomed?

I imagine their business can tolerate a $3k loss, just probably not a $3k theft by their payment provider of all things.

Re: TIFU by using Stripe as a payment processor for my small business

#138

Post by bufferoverflow »

xdrosenheim wrote: post #24

Stripe responded to a Twitter post about it, Reddit helped retweeting it. https://twitter.com/GenosAtHonda/status/1552588035077726208

Wow, that's an insane way to treat customers. No explanation of any kind. I guess I won't be using Stripe anymore.

Re: TIFU by using Stripe as a payment processor for my small business

#139

Post by viggity »

metacritic12 wrote: post #111
vemv wrote: post #11

If it was, say, a $30000 charge I could give Stripe the benefit of doubt, but $3300 is a pretty ordinary amount for any retailer. Could be e.g. a laptop sale, or three phones? When I see Stripe's apology here it will not be enough for me - not at least without a detailed blog post / postmortem. Until/if that moment happens, I'll regard Stripe as an untrustworthy entity and will recommend doing the same to do anyone I…

What's the OP/your alternative? Oh Paypal? Look up the horror stories there. Or directly work with a legacy provider like FirstData? They will also freeze your account and won't even accept you if you just have just $3k of sales. Isn't it interesting that credit card processors really like to give crappy customer support and enjoy freezing accounts? Is it because they just attract misanthropic people? If only a carin…

didn't stripe (maybe it was a competitor, idk) go to a Paypal conference and took like 2000lb blocks of ice with dollar bills frozen in them and drop them off in front of the convention center? And then posted signs everywhere to the effect "tired of paypal freezing your money?"

Re: TIFU by using Stripe as a payment processor for my small business

#140

Post by sophacles »

xyzzy_plugh wrote: post #72
lma21 wrote: post #33

Yet another story of Stripe holding big sums (yes 3k can be huge for small businesses) with no proper support structure. Consumers must rely on social networks to get some form of reaction.A $74 billion company has no proper support structure. Just wow.

I'm sympathetic that 3k can be huge for small businesses, but if you can't tolerate a loss of 3k, isn't your business practically doomed?

This reads like victim blaming.. "I bet the business was wearing something slutty. If they didn't want the stripe gang to bother them, they shouldn't have been wearing that".

What does a business soundness have to do with stripe robbing them?

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