Bolt: An End-To-End Payments Stack with Zero Fraud • Hacker News Board

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

#151

Post by rbres » Fri, Jan 26, 2018, 6:46 AM UTC

ovao wrote: post #100

rbres wrote: post #64

Earlier quoted context omitted.

Absolutely, more than happy to :-) Amazon is currently able to invest $100M's and 100s of engineers into perfecting the checkout experience. There are actually hundreds of things you can do to optimize checkout. Here's one study: https://baymard.com/checkout-usability We do all those things. We invest the engineering resources to perfect checkout. So that you don't have to. Even our checkout today is not perfect, but…

Is it correct, though, that the checkout experience for users is a modal/overlay? And apart from the ability to display a custom logo, how customizeable is the design? (custom fonts, CSS, etc.)

We'll be rolling out more customization features. Big priority. They are sparse for now.

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

#152

Post by rbres » Fri, Jan 26, 2018, 6:48 AM UTC

steve19 wrote: post #110

rbres wrote: post #8

Earlier quoted context omitted.

That's correct. Today, merchants are on the line for any fraud that they incur. When you call your bank to report fraudulent activity, the merchant is out the goods + has to pay fees/fines + has to return the money + deals with paperwork overhead. Bolt completely eliminates all of that. We're taking a stand to end fraud and take on all the liability for our clients.

If I buy a product from a website using Bolt, and for whatever legitimate reason I do a chargeback, let's say the product never arrived and the company refused to acknowledge this, will the anti fraud ban me from buying from any of your clients ever again? I once had a tracked package marked as delivered, despite the entire neighborhood being cordoned off by police with nobody but residents being allowed in. Despite…

Nope, you'll only be black-marked if you actually committed fraud. Any time there is a customer dispute, we're able to act as a middle ground often times. If a merchant is a bad-actor, we'll give them some time to fix their customer service. Or, we'd have to part ways with them.

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

#153

Post by rbres » Fri, Jan 26, 2018, 8:50 AM UTC

si1entstill wrote: post #58

rbres wrote: post #4

Earlier quoted context omitted.

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…

Looking at the docs ( https://docs.bolt.com/v1/docs/step-2-load-bolt-checkout ) it instructs the reader: "The onSuccess method will be called when Bolt successfully processes a transaction. This can be used as a way to create the order (...)". This opens up a massive security hole if the merchant is making decisions based on this method being called client-side, right? What prevents a malicious actor from calling tha…

Thanks for pointing this out. It was a shortcut for some very early beta testers. We've since removed it from the docs.

We have a server-based webhooks to create orders which is how we do secure order creation. Bolt provides a webhook (Bolt server -> merchant server) and REST APIs (merchant server -> Bolt server) to exchange data (including transaction details) through a secure channel.

Appreciate it again.

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

#154

Post by steve19 » Sat, Jan 27, 2018, 11:24 AM UTC

rbres wrote: post #152

steve19 wrote: post #110

Earlier quoted context omitted.

If I buy a product from a website using Bolt, and for whatever legitimate reason I do a chargeback, let's say the product never arrived and the company refused to acknowledge this, will the anti fraud ban me from buying from any of your clients ever again? I once had a tracked package marked as delivered, despite the entire neighborhood being cordoned off by police with nobody but residents being allowed in. Despite…

Nope, you'll only be black-marked if you actually committed fraud. Any time there is a customer dispute, we're able to act as a middle ground often times. If a merchant is a bad-actor, we'll give them some time to fix their customer service. Or, we'd have to part ways with them.

Thanks for the reply.