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Stripe is about to refund €147k worth of payments to my all of my customers

news.ycombinator.com

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Re: Stripe is about to refund €147k worth of payments to my all of my customers

#111

Post by mike_d »

lucas_adlp wrote: post #66
Nathanael_M wrote: post #14

Out of curiosity, can you be more specific about what you sell? Consumer electronics like vapes or consumer electronics like Alibaba hoverboards or consumer electronics like a quality, entry level set of computer speakers? Stripe seems to be pretty sensitive towards certain industries and I'd like to see if this holds true here.

I cannot be super specific due to the nature of business strategy. If I share accurate info about what and how we sell things, It's very easy for opportunists and competitors to undertake us in this specific project while our processing solution is down temporarily. What I will say though, is that we're not speaking vapes or anything borderline, more like kitchen and household appliances, and so on.

So do you not tell customers what you are selling either for fear of competitors? That might be why Stripe suspended you.

Re: Stripe is about to refund €147k worth of payments to my all of my customers

#112

Post by stingraycharles »

jacquesm wrote: post #75
lucas_adlp wrote: post #70

Earlier quoted context omitted.

We've sent out products to all the customers that have paid. Stripe is now "considering" refunding all these customers, while holding 150k of our generated revenue. Due to the products being bought and shipped, (and not even factoring in marketing costs) this easily equates to a total net loss of 250k for our business.

That's not how you count a loss. Your loss is the product you bought (not sold) and the time and effort spent on sending it, as well as possible marketing expense to get it sold. You don't recognize the revenue until the money is in the bank, especially not if you have a dispute with your payment service provider otherwise you are creating yet another problem for yourself, the taxman will want his due even though you…

Yeah I was also confused at that calculation, if there’s any loss here it’s just the material loss of the products that have been shipped but will never be paid for. I cannot see how the loss could be almost twice the sale value.

Re: Stripe is about to refund €147k worth of payments to my all of my customers

#113

Post by qaq »

jacquesm wrote: post #102
qaq wrote: post #8

Here's the kicker when you had merchant account with an "evil" old school bank you could just walk over and talk to human.

Yes, but evil old school bank likely would not process 'card not present' transactions at all.

I had e-com store as a student in late 90s they processed em fine

Re: Stripe is about to refund €147k worth of payments to my all of my customers

#115

Post by seppel »

lucas_adlp wrote: post #66
Nathanael_M wrote: post #14

Out of curiosity, can you be more specific about what you sell? Consumer electronics like vapes or consumer electronics like Alibaba hoverboards or consumer electronics like a quality, entry level set of computer speakers? Stripe seems to be pretty sensitive towards certain industries and I'd like to see if this holds true here.

I cannot be super specific due to the nature of business strategy. If I share accurate info about what and how we sell things, It's very easy for opportunists and competitors to undertake us in this specific project while our processing solution is down temporarily. What I will say though, is that we're not speaking vapes or anything borderline, more like kitchen and household appliances, and so on.

> I cannot be super specific due to the nature of business strategy.

How do you get customers if you tell nobody what you sell?

Re: Stripe is about to refund €147k worth of payments to my all of my customers

#116

Post by [deleted] »

rippercushions wrote: post #89
jacquesm wrote: post #75

Earlier quoted context omitted.

That's not how you count a loss. Your loss is the product you bought (not sold) and the time and effort spent on sending it, as well as possible marketing expense to get it sold. You don't recognize the revenue until the money is in the bank, especially not if you have a dispute with your payment service provider otherwise you are creating yet another problem for yourself, the taxman will want his due even though you…

They were paid, Stripe has just frozen the funds and apparently intends to refund the lot.

[deleted]

Re: Stripe is about to refund €147k worth of payments to my all of my customers

#117

Post by collectedparts »

lucas_adlp wrote: post #66
Nathanael_M wrote: post #14

Out of curiosity, can you be more specific about what you sell? Consumer electronics like vapes or consumer electronics like Alibaba hoverboards or consumer electronics like a quality, entry level set of computer speakers? Stripe seems to be pretty sensitive towards certain industries and I'd like to see if this holds true here.

I cannot be super specific due to the nature of business strategy. If I share accurate info about what and how we sell things, It's very easy for opportunists and competitors to undertake us in this specific project while our processing solution is down temporarily. What I will say though, is that we're not speaking vapes or anything borderline, more like kitchen and household appliances, and so on.

I guess what I'm struggling with is: if you're not saying who you are (HN account created 2 hours ago), and you're not saying what the business is, and you're not even sharing something like a Stripe account id or ticket number (some sort of identifier that might help Stripe support identify you), what exact are you hoping to get out of this post?

We all want to believe you and help out, but you're not doing us any favors.

Re: Stripe is about to refund €147k worth of payments to my all of my customers

#118

Post by omeid2 »

jacquesm wrote: post #95
rippercushions wrote: post #89

Earlier quoted context omitted.

They were paid, Stripe has just frozen the funds and apparently intends to refund the lot.

No, Stripe was paid. Really, the basics here are pretty simple: until your IPSP has released the funds to you you have not been paid. The fact that Stripe intends to refund is a pretty strong bit of evidence that the company has not been paid yet. One thing that people that use services like Stripe really ought to do is to make sure they understand exactly what the position is that they maneuver themselves into, it l…

If Stripe, or any payment processor was "paid" you would have to invoice them for tax purposes not the end user; and they will have to invoice and the end user and deal with Value Added and other taxes.

Re: Stripe is about to refund €147k worth of payments to my all of my customers

#120

Post by kalleboo »

katiei2b wrote: post #77

Why the Stripe have be to the good guy and regulate everything consumer do? can't Stripe be a payment processor only?

Because they process credit cards and the credit card companies require them to. To a certain extent, national laws also require them to.
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