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Stripe is wrongly suspending accounts

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11–20 of 146 posts

Re: Stripe is wrongly suspending accounts

#11
post #3

If only there were a system to transfer money between two people that didn't require a trusted third party...

Impossible, because it's the 3rd party (government) that makes money money. Without a system of law, courts, and and people with guns to back them up you can't have trade or commerce at any kind of scale.

Re: Stripe is wrongly suspending accounts

#12
post #6
post #3

If only there were a system to transfer money between two people that didn't require a trusted third party...

And be reversible?

Yes, if the application and its users demand it. Reversibility is possible in peer-to-peer and decentralized payment systems. But not every app needs reversibility and the centralized intermediaries that come with that.

Re: Stripe is wrongly suspending accounts

#14
The suspicious activity is disputed payments, which for SEPA DD (the main payment method used) can simply be that the customer has no money in the bank account.

Sudden changes of circumstances like trading for 11 months and then seeing multiple declined payments from multiple parties does sound quite suspicious to be fair. I imagine Stripe have extensive amounts of data about that sort of thing. That's not to say Stripe are in the right here, but I can see why they wouldn't just assume their threat model is wrong based on your word that the payments are valid.

Re: Stripe is wrongly suspending accounts

#15

I'm sorry you're going through this. I'm sure someone from Stripe will pop-in here and help out. If they do not, you have other payment providers: - Paddle - Mollie - Paypal Many upstart small businesses will face false fraud inquiries, but you have to roll with the punches and move to a new processor if Stripe is not responsive.

They're using connect, so they're a marketplace (accepting payments on behalf of customers for their customers, and taking a cut). Not sure if any of these support that model (pretty sure Paypal doesn't).

Re: Stripe is wrongly suspending accounts

#16
post #3

If only there were a system to transfer money between two people that didn't require a trusted third party...

Fed now instant payments will go live in US next year. EU has similar cross country solution in work. Majority of Asia already switched or in the phase.

In India, most purchases go through UPI already which is p2p without a middleman.

It's tough time to be in payments and will only get worse as many custom integration with lending companies break down due to huge losses.

Re: Stripe is wrongly suspending accounts

#17
post #4

SEPA payments also support chargebacks. Gyms are notorious for making it easy to sign up and hard to cancel, so the other explanation is that people are upset with some of your gyms and disputing the subscription renewals. Stripe customer support is beyond useless, so I totally get your frustration, but I would encourage you to get to the bottom of this and verify that that your "insufficient funds" theory is correct…

Hey, @gizmo thank you for your reply, I indeed checked. As I said the account affected here is a local business, they make like 1.1K MRR from the same people forever. I've checked personally the disputes and they are all due to these "insufficient funds", also one issue that happened like 3 weeks ago on the same account was that Stripe was incorrectly crafting the SEPA Mandate and for the reason the bank rejected it.

It seems like their own mistake has caused their automatic fraud detection algorithm to incorrectly flag this account. This is speculation obviously, but with this timing...

Re: Stripe is wrongly suspending accounts

#18
post #3

If only there were a system to transfer money between two people that didn't require a trusted third party...

There’s an odd juxtaposition between the net negative sentiment towards The Technology That Shall Not Be Named and the near daily “X banned my accounts and my business will never recover please help” posts.

Re: Stripe is wrongly suspending accounts

#19

At this point, I don’t know how any founder on HN doesn’t make their business… 1) Multi-cloud and… 2) Multi-payment processor These stories are horrifying. These cloud and payment processors simply do not care. They print money and provide no human support. Any venture that I make in the future will be cloud-agnostic containers on several cloud providers with at least two payment processors handling an even share of…

Admirable, but neither of these are light lifts. Most startups are potentially better off just gambling they won't be in the %0.1 that get shut down due to big company shenanigans.

Re: Stripe is wrongly suspending accounts

#20

At this point, I don’t know how any founder on HN doesn’t make their business… 1) Multi-cloud and… 2) Multi-payment processor These stories are horrifying. These cloud and payment processors simply do not care. They print money and provide no human support. Any venture that I make in the future will be cloud-agnostic containers on several cloud providers with at least two payment processors handling an even share of…

The reason is simple. Cost. It makes everything a lot harder (and thus costly) at a time a startup can afford neither.
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