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Stripe has decided to nuke my entire business

news.ycombinator.com

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Re: Stripe has decided to nuke my entire business

#621

Post by jesterson »

themoonisachees wrote: post #415
phendrenad2 wrote: post #245

According to previous posts* this company sells something related to cannibis. I'd love to know why certain categories are always flagged or silently banned. Cannibis, sex toys, porn, crypto, etc. Payment processors seem to always give these categories the worst service and whenever a company is nuked like this, it's usually one of these categories. Why is that? It almost feels like there's some secret government org…

Cannabis is federally illegal, sex toys and porn have incredibly high chargeback rates and crypto has this handy thing where since you can't reverse anything, as soon as the crypto you bought is out of the custody wallet you cant get the thing back so the chargeback rates are also very high. Don't believe me? Ask anyone at the front desk of a hotel the rate of attempted chargebacks for ppv porn. You can get vetted by…

If it's the case, perhaps it makes more sense to block based on chargeback rate (that's actually what payment processors are doing) instead of blocking on nature of business?

Re: Stripe has decided to nuke my entire business

#622

Post by jesterson »

Shutting down old operational business without personal convo with owner/manager is something that blows my mind when I deal with modern services. They advertise "customer-oriented" approach, "amazing 24/7 support", put monkeys on 1st line of support whose only goal is to kick your inquiry out as fast as possible.

Not sure how long it will take to understand that good support is not the one that tells how you are "important" to them when you call, but the one that actually mediates the problem before it becomes so.

Re: Stripe has decided to nuke my entire business

#624

Post by myrandomcomment »

All of this is voodoo. I just moved and the airline that services the main airport is not one I normally fly with. Okay, good airline, lets apply for their credit card to get miles, status, etc. Fill out the application online. Expect answer quickly. No. 5 days later turned down. We will send you a letter explaining why. Still waiting. I am CEO of a startup and have a FICO of 832 out of 850. IE perfect credit. Card is backed by BOA. Voodoo.

I am very much in favor of making the laws simple for payment providers as it is the best way for everyone to grow and succeed. That being said the laws for financial institutions need to require someone to talk to, a time limit on response time and an escalation process to resolve issues. We shoot ourselves in the foot here by not mandating clear, clean procedures for dealing with issues.

Re: Stripe has decided to nuke my entire business

#625

Post by numair »

elliekelly wrote: post #324
theptip wrote: post #293

Earlier quoted context omitted.

> it’s against the law for them to tip a customer off that their account is being or might be investigated for suspicious activity What law do you think forbids this? In my experience running global payments through multiple rails, on an OFAC/risk ping you typically get a request for enhanced due diligence, which normally looks to the payee like “send me a picture of your drivers license”. The most common result is t…

The Bank Secrecy Act. And I don’t “think” it. I know it.

Unless you are a federal prosecutor, law enforcement officer, or bank executive that has actively worked on a Bank Secrecy Act case, I don't think you can authoritatively state that this sort of cowboy-style, "Move Fast and Break Things" way of blitz-scaling revenues while downscaling customer service favored by companies such as Stripe has ANYTHING to do with the Bank Secrecy Act.

If anything, I would bet that regulators would be concerned about the fact that companies such as Stripe have triggered a race to the bottom whereby underwriting has become an after-the-fact exercise that can severely damage and/or kill a high-growth SME. The old way, where you filled out a ton of paperwork, provided every bit of information possible about you and your business, and then went back and forth with a human to get approval, was a much more stable way to business. But alas, when you've got former bank governors on your payroll and political mega-PAC donors on your cap table, people don't scrutinize very much.

Re: Stripe has decided to nuke my entire business

#626

Post by justinc8687 »

sgc wrote: post #493
justinc8687 wrote: post #426

Earlier quoted context omitted.

You use a 3rd party payment orchestration platform. Spreedly and Very Good Security both offer this and we use them for our business.

I am not familiar with this. What makes them less of a single point of failure?

All they really do is handle tokenization and pci compliance. They're not an active participant in the financial process, basically just a technical proxy. Thus no risk (to them) of charge backs or anything like that, so aside from you not paying your bill, they would have little to no reason to nuke your account.

Re: Stripe has decided to nuke my entire business

#627

Post by leobg »

rabidonrails wrote: post #539
Silhouette wrote: post #534

Earlier quoted context omitted.

I feel that HN needs some kind of "right to reply" feature on these stories now - something like a pinned comment right at the top of the discussion for an official response from the business in question. It is obviously of interest to many in the community if services they might use or consider using themselves are having problems or letting their customers down. I personally have no problem with leveraging the publ…

To be fair here, I believe that most people on HN are fans of Stripe (I'll admit that I am) and this isn't going to cause me to write them out of anything. BUT nothing is worse that feeling ignored and we all can empathize with that. Stripe's promise to us in tech was that they were/are different. Patio11 has written some great articles from inside Stripe explaining how the payment systems work. PC and JC show up at…

That's exactly how I feel. Couldn't have found better words.

Re: Stripe has decided to nuke my entire business

#630

Post by iLoveOncall »

wtetzner wrote: post #481
iLoveOncall wrote: post #138

Earlier quoted context omitted.

No, not legitimate at all. PayPal had banned me because I was under 18 when I opened my account, they then allowed me to open a new one (right after this one got suspended) and it has been working fine without any issue since then (10 years+). Stop doing shady stuff.

> Stop doing shady stuff. If PayPal requires an SSN or EIN, why do they even allow you to create an account without one?

Because it doesn't require one. You can see the holes in OP's story. First he starts saying that he can give them an ID or his SSN and then all of a sudden it becomes a company account?

The guy can't keep his story straight for 3 lines on HackerNews, he is obviously doing stuff that he shouldn't and using his PayPal in a sketchy manner.

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