Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Bolt: An End-To-End Payments Stack with Zero Fraud

bolt.com

Post reply on HN
Print view View original

11–20 of 154 posts

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#11

Post by rbres »

kodablah wrote: post #7

Why do companies choose not to be 100% transparent? Any time I have to contact a company to see more or a demo or, even worse, see pricing, I close the page and make a mental note to never work with them in any capacity. I feel this type of boycotting is the only way to change the practice. I mean, you even hide your docs behind a password? How terrible. What are you keeping so secret? Does this translate to your oth…

Just launched a couple hours ago. Thanks for the find, and I agree fully with the sentiment.

Docs are now fully public: https://docs.bolt.com/

Pricing varies depending on volume, risk, and a number of different factors given the complexity of payments (and that we're taking on full liability). But after a short call we provide a very simple flat rate with no BS. As much as we'd like to do one price, given the nature of our product, it's just not viable at this time.

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#12

Post by juskrey »

rbres wrote: post #4
StavrosK wrote: post #2

Does anyone know how this guarantees exactly zero fraud? The page just tells you to book a demo.

CEO of Bolt here. We'll be writing more about this in the future. In short, our fraud detection is really really good (although not perfect). However, the fraud that ends up making it through the pipeline is so minimal that we cover it fully. So, for a small fee as an online business you never have to pay for / deal with fraudulent chargebacks again. There are other companies that do this, but none of them also do pa…

Is it always the case that more variables are necessary better? After some sweet spot, with more variables false correlations increase exponentially.

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#13

Post by goldenkey »

IshKebab wrote: post #10

So it's not really zero fraud, Bolt just covers the cost of fraud.

See the fine print too. They have tiered service. I don't know why they are advertising their super plan on the front page as if its their whole offering...

"If you have Bolt's fraud indemnification, Bolt will fully cover the costs of and manage fraud-related chargebacks. But, you will still be responsible for Merchant-related chargebacks (damaged goods, goods not received, unhappy customers, etc.)"

"If you do not have Bolt's fraud indemnification, we will contact you via Email to inform you of the chargeback. Your merchant account will be charged that full order amount plus a $20 processing fee. Then, we will request the appropriate information to help you fight the chargeback with the card network. If you win the dispute, you will receive the full order amount credited back."

https://docs.bolt.com/docs/risk-fraud-and-order-review

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#14

Post by jessaustin »

rbres wrote: post #11
kodablah wrote: post #7

Why do companies choose not to be 100% transparent? Any time I have to contact a company to see more or a demo or, even worse, see pricing, I close the page and make a mental note to never work with them in any capacity. I feel this type of boycotting is the only way to change the practice. I mean, you even hide your docs behind a password? How terrible. What are you keeping so secret? Does this translate to your oth…

Just launched a couple hours ago. Thanks for the find, and I agree fully with the sentiment. Docs are now fully public: https://docs.bolt.com/ Pricing varies depending on volume, risk, and a number of different factors given the complexity of payments (and that we're taking on full liability). But after a short call we provide a very simple flat rate with no BS. As much as we'd like to do one price, given the nature…

Thanks for that. The docs are considerably more reassuring than the rest of the site.

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#15

Post by rbres »

goldenkey wrote: post #13
IshKebab wrote: post #10

So it's not really zero fraud, Bolt just covers the cost of fraud.

See the fine print too. They have tiered service. I don't know why they are advertising their super plan on the front page as if its their whole offering... "If you have Bolt's fraud indemnification, Bolt will fully cover the costs of and manage fraud-related chargebacks. But, you will still be responsible for Merchant-related chargebacks (damaged goods, goods not received, unhappy customers, etc.)" "If you do not ha…

We recently rolled all clients to the full offering. A couple legacy clients don't have the 100% fraud coverage, thus keeping it in the terms. But if you sign up with Bolt from this point forward, it bakes in the 100% fraud indemnification. Will probably even take that out of the terms soon.

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#16

Post by sprite »

rbres wrote: post #11
kodablah wrote: post #7

Why do companies choose not to be 100% transparent? Any time I have to contact a company to see more or a demo or, even worse, see pricing, I close the page and make a mental note to never work with them in any capacity. I feel this type of boycotting is the only way to change the practice. I mean, you even hide your docs behind a password? How terrible. What are you keeping so secret? Does this translate to your oth…

Just launched a couple hours ago. Thanks for the find, and I agree fully with the sentiment. Docs are now fully public: https://docs.bolt.com/ Pricing varies depending on volume, risk, and a number of different factors given the complexity of payments (and that we're taking on full liability). But after a short call we provide a very simple flat rate with no BS. As much as we'd like to do one price, given the nature…

If you can't provide specific pricing maybe give a few sample pricings with different scenarios so people can at least ballpark it before requesting a quote?

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#17

Post by [deleted] »

rbres wrote: post #11
kodablah wrote: post #7

Why do companies choose not to be 100% transparent? Any time I have to contact a company to see more or a demo or, even worse, see pricing, I close the page and make a mental note to never work with them in any capacity. I feel this type of boycotting is the only way to change the practice. I mean, you even hide your docs behind a password? How terrible. What are you keeping so secret? Does this translate to your oth…

Just launched a couple hours ago. Thanks for the find, and I agree fully with the sentiment. Docs are now fully public: https://docs.bolt.com/ Pricing varies depending on volume, risk, and a number of different factors given the complexity of payments (and that we're taking on full liability). But after a short call we provide a very simple flat rate with no BS. As much as we'd like to do one price, given the nature…

[deleted]

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#18

Post by grenoire »

jpobst wrote: post #6

"No more games. Save real money with Bolt's simple pricing." Followed up with "Get a Quote" rather than displaying simple pricing...

On the pricing page:

"Without proof of a lower rate, default processing is 2.9% + $0.30 for VISA/Mastercard/ Discover, 3.5% + $0.30 for AMEX, and $20 for any chargeback dispute not covered."

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#20

Post by xenity7 »

goldenkey wrote: post #13
IshKebab wrote: post #10

So it's not really zero fraud, Bolt just covers the cost of fraud.

See the fine print too. They have tiered service. I don't know why they are advertising their super plan on the front page as if its their whole offering... "If you have Bolt's fraud indemnification, Bolt will fully cover the costs of and manage fraud-related chargebacks. But, you will still be responsible for Merchant-related chargebacks (damaged goods, goods not received, unhappy customers, etc.)" "If you do not ha…

How do you determine if a chargeback is “fraud related”?
Post reply on HN