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Stripe Is the New PayPal

news.ycombinator.com

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Re: Stripe Is the New PayPal

#301

Post by [deleted] »

dangrossman wrote: post #214
Danski0 wrote: post #207

Earlier quoted context omitted.

It was a SaaS subscription with mostly companies as customers. We didn't brake any ToS, Stripe refered to a high chargeback rate (1-2%) and that was it. Something about SaaS being high risk and getting close to 2% chargeback could loose Stripe their contracts with MC/VISA. In reality no fucking risk as we had a 100% refund policy, no questions asked, no time limit.

This is confusing, so apologies if I'm misreading. Your policies are irrelevant if you're getting chargebacks despite them. Stripe was not lying: they are mandated by Visa/MC and whatever processors they work with to keep their chargeback ratio lower than that. If large customers like you can't keep your ratio below ~1%, then they have to drop you to preserve their own business. Having a high chargeback rate is itsel…

[deleted]

Re: Stripe Is the New PayPal

#302

Post by pbreit »

codexon wrote: post #278
dangrossman wrote: post #261

Earlier quoted context omitted.

> 1-2% seems possible for a legitimate business Somehow, all the businesses that currently exist and accept credit cards are doing so without more than 1-2% chargeback rates. That's a pretty good indicator that this isn't a problematic level to set the bar at. It's really much higher than you seem to think. 1 in 50 people walking into a store shouldn't have some payment problem so serious they have to go to their ban…

> Somehow, all the businesses that currently exist and accept credit cards are doing so without more than 1-2% chargeback rates. Citation needed. https://www.quora.com/Online-Payment-Gateways-and-Processing... "Amount over $2400-$2500 mark suddenly experiences a surge and it is almost 3.0% to 3.5%" I have personally had times where my chargeback rate has been above 2%. Being able to accept credit cards is more of a r…

It is very common knowledge that 1% is the cutoff. Are you seriously questioning that?

Re: Stripe Is the New PayPal

#303

Post by pbreit »

dangrossman wrote: post #199
jkestner wrote: post #194

Earlier quoted context omitted.

Why do we pay that much again? Assuming risk.

I'm paying 0.15% + $0.26 for those transactions through another MSP. I think many people are paying the 2.9% for the convenience Stripe and PayPal offer over applying for and integrating a merchant account and gateway, not because they're a huge risk and nobody else would take their business at lower rates.

Why doesn't someone do Stripe (or Square) with interchange-plus pricing? To little profit?

I always hear, but never believed, that businesses supposedly appreciate stable fees. After having several businesses I know I much prefer lower fees.

Re: Stripe Is the New PayPal

#304

Post by pbreit »

pc wrote: post #158
GuiA wrote: post #152

Earlier quoted context omitted.

Yeah, except not every Stripe customer knows that the real place to get support is (apparently) Hacker News, rather than Stripe support. The fact that the official channels are non responsive but a post on HN gets an immediate response could be construed as a red flag: the company cares more about avoiding bad PR than about having good customer service.

Well, the "support" here is just much more visible than everything else that we do. We provide support over as many channels as possible: we employ full-time folks in #stripe on IRC, we monitor Twitter, we send thousands of emails every day, we're rolling out phone support, we chat with customers on IM -- and, yes, we reply on HN. Obviously nobody should have to post here, but we'll certainly respond if they do. Frau…

> We provide support over as many channels as possible

Maybe that's the problem. Might be better to provide stellar support on one or two channels.

Re: Stripe Is the New PayPal

#305

Post by velik_m »

vonklaus wrote: post #259
natemc wrote: post #176

Stripe is a Ycombinator company. I got downvoted when I told the CEO of Stripe my troubles with Stripe, he said to email but then never responded creating the public perception that they care, when they don't. You will just find downvoting brigades of people on HN when it comes to any YC backed company. Which is probably why this will be my last post on HN. You can't get anything truthful on here if YC has backed the…

> Which is probably why this will be my last post on HN It is pretty great that the CEO comes on HN and handles support. That is a skip-level meeting. Usually support requests are handled at the bottom of the heirarchy pyramid, not the top. Yes people openly support and defend YC companies, this community is only possible because of YC, and is comprised of many employees, founders and peers of these companies. If you…

CEO is not handling support, he's handling PR

Re: Stripe Is the New PayPal

#306

Post by pbreit »

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…

That's how credit card processing works and it pretty much works fine. Names are not checked, which is fine because they have no bearing on anything. Addresses (and CSCs) are almost always checkable and almost always checked but merchants can decide what to do with the results depending on their business.

Re: Stripe Is the New PayPal

#308

Post by dennisgorelik »

pbiggar wrote: post #273
cperciva wrote: post #249

Earlier quoted context omitted.

That's what I was wondering -- Tarsnap may be an unusual case, but out of over 10000 transactions I've only had one chargeback... and I won that because it was initiated by accident.

Agreed. CircleCI has had one chargeback ever. It was $19 and by a long-term customer who didn't do a chargeback for any other month. We assumed it was an accident, but didn't contest it (not worth it).

Why not ask your customer why they did the chargeback?

It could help identify some hidden problem and as a bonus make them cancel that chargeback.

Re: Stripe Is the New PayPal

#309

Post by mike-cardwell »

dlhavema wrote: post #171
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.

+5 for the CEO of the company responding in under 45 minutes to a post from a disgruntled customer.

This is called PR

Re: Stripe Is the New PayPal

#310

Post by mootothemax »

codexon wrote: post #278
dangrossman wrote: post #261

Earlier quoted context omitted.

> 1-2% seems possible for a legitimate business Somehow, all the businesses that currently exist and accept credit cards are doing so without more than 1-2% chargeback rates. That's a pretty good indicator that this isn't a problematic level to set the bar at. It's really much higher than you seem to think. 1 in 50 people walking into a store shouldn't have some payment problem so serious they have to go to their ban…

> Somehow, all the businesses that currently exist and accept credit cards are doing so without more than 1-2% chargeback rates. Citation needed. https://www.quora.com/Online-Payment-Gateways-and-Processing... "Amount over $2400-$2500 mark suddenly experiences a surge and it is almost 3.0% to 3.5%" I have personally had times where my chargeback rate has been above 2%. Being able to accept credit cards is more of a r…

"Amount over $2400-$2500 mark suddenly experiences a surge and it is almost 3.0% to 3.5%"

Did you read the rest of that comment?

"I can cite figures for Remittance industry only."

From Wikipedia:

"A remittance is a transfer of money by a foreign worker to an individual in his or her home country."

https://en.wikipedia.org/wiki/Remittance

Frankly, I'm kinda surprised that they're able to operate in that industry with credit cards at all, given how attractive it'll be to credit card fraudsters.

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