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Stripe Is the New PayPal

news.ycombinator.com

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Re: Stripe Is the New PayPal

#141

Post by goatforce5 »

waterside81 wrote: post #62
hellbanner wrote: post #42

-- PSA regarding Credit Card Validation -- Last year I was testing Stripe integration. I tried using my own credit card with a fake name. Surprise, it went through. I emailed Stripe support. After half a dozen emails discussing CC authorization I learned that Stripe does not and can not validate Name & Address on credit card. Stripe told me that Credit Card companies do not disclose this data to Payment Processors li…

It's up to the merchant / intermediary party to specify how much validation they want. Yes, you can choose that only card number & expiry have to be correct, or you can go the whole 9 yards and want name & address to be correct. This isn't a Stripe-specific case. Moneris, a card processor in Canada, has a bunch of fields that a merchant can check on/off if they want them to validate the details during payment. But yo…

This is correct.

A merchant can play a balancing act between having limited validations but a higher processing success rate against the chance of a higher dispute rate.

Re: Stripe Is the New PayPal

#142

Post by grabeh »

krisdol wrote: post #92
kawsper wrote: post #77

Earlier quoted context omitted.

Did you break their rules? Their terms say that they can cancel your agreement, but only with a 2 months notice: > We can terminate this agreement for any reason on two months’ notice and immediately in certain circumstances Source: https://stripe.com/gb/terms

>certain circumstances (such as where you breach this Agreement) It concerns me, as this still gives them full power to terminate the agreement immediately anytime they want. They never define what "certain circumstances" are, rather, they just provide one example. EDIT: I would just like to say that I was mistaken. See the reply to my comment. That said, the US terms differ in an important way.

If you click 'Complete details' just below you will be provided with a full list of the circumstances in which they can terminate with immediate effect (although I acknowledge that the ability to terminate simply because a card network/issuer requests this is not particularly transparent (but understandable)):

- we determine in our sole discretion that you are ineligible for the Service because of the risk associated with your use of Stripe, including without limitation significant credit or fraud risk, or for any other reason;

- you do not comply with any of the provisions of this Agreement, or

- upon request of a Card Network or a card issuer.

Re: Stripe Is the New PayPal

#144

Post by jeffmould »

pc wrote: post #115

Stripe CEO here. I just wanted to let everyone know that I'm taking a look at what happened here. OP (disappointeddev), if you could drop me an email, that'd be great: patrick@stripe.com.

This response alone is why I will always recommend Stripe. The support may need support of its own, but knowing that you can get management's attention fairly easily says a lot of great things about the company and the people working there in my book.

Re: Stripe Is the New PayPal

#145

Post by Aloha »

jusben1369 wrote: post #118
Aloha wrote: post #107

Earlier quoted context omitted.

I'd argue the processing fees do not make it freemium.

Yep. But even then you don't "pay" that fee (it's deducted and you get the net) and you don't have a set monthly fee. So there's no hard cost of setting up and maintaining a site with them.

No MRC (monthly reoccurring charge) on a service does not make it free, you're still paying for the service in a pay-per-use context.

Re: Stripe Is the New PayPal

#147

Post by akhatri_aus »

pc wrote: post #115

Stripe CEO here. I just wanted to let everyone know that I'm taking a look at what happened here. OP (disappointeddev), if you could drop me an email, that'd be great: patrick@stripe.com.

I think this is something that sets PayPal apart. Paypal just doesn't seem to care at all. Their customer service is appalling.

That being said Patrick, you can't do this forever, the service & support ought to be well without the need of a call for attention.

I think this is the 3rd or fourth one in the past 2 weeks. Is something going on at Stripe? Why are these all happening now?

Re: Stripe Is the New PayPal

#148

Post by jdc0589 »

Full disclosure, we are still in the implementation stage with Stripe, nothing in production yet, but customer service has been excellent so far. Sure, it's non-traditional, and I think they need a better user facing ticket system especially for important things that need tracking + accountability.

Every time I have had a question about functionality, needed someone to take a look at test cases in my account, etc.., someone from Stripe has ALWAYS been available in IRC and quick to respond.

That said, if they really are canceling accounts on short notice, that's pretty shitty. No reasonable sized application can realistically swap to a completely new payment provider in a week. There should be a bare minimum of a month or two of notice if your account is getting terminated.

Re: Stripe Is the New PayPal

#149

Post by skwirl »

mattfrommars wrote: post #98
Danski0 wrote: post #60

After using Stripe for our subscription service for over 1year with 100'000euro+ monthly transcation we got a 10day notice that they would shut us down. Also the mail was send late on friday before a long weekend, yeah! =) No warnings, no chance to appeal, no heads up and absolutly no possiblity to call them. Lost around half a million euros before we could get our customers exported to another payment processor. Tha…

off topic but can you link me the business/company you are involved in?

It wasn't too hard to find. It doesn't look like the company is in business anymore.

Re: Stripe Is the New PayPal

#150

Post by dangrossman »

jly wrote: post #123
jusben1369 wrote: post #90

Earlier quoted context omitted.

I think one thing that is not well understood is that Stripe has a "Freemium" model. Prior to Stripe nearly all other payment processors required a minimum monthly fee. Stripe's lack of any minimum monthly fee is something that makes it very attractive and undoubtedly helped partly fuel their rapid growth. It's a great example of how you can leverage VC funding to build a business. Having said that it must mean a sta…

Other payment processors that do not use a 'freemium' model charge less for their processing fees (and varying rates across cards). The reason it seems freemium for Stripe and other competitors is that they charge higher processing fees for the convenience than other traditional processors do.

It's a nice spread too. They take a 2.9% fee for charging a debit/check card, but pay Visa as little as 0.05% + $0.21.
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