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WePay (YC S09) Launches WePay Clear, a Stripe Competitor with Fraud Protection

techcrunch.com

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Re: WePay (YC S09) Launches WePay Clear, a Stripe Competitor with Fraud Protection

#22

Post by volandovengo »

billclerico wrote: post #16
volandovengo wrote: post #14

I find this hugely compelling. Fraud protection is a huge time sync for most e-commerce providers. Bill - could you please explain some of the fine print? Are all chargebacks covered? Do you provide the ability to select which countries to accept payments from? Thanks so much!

Thanks! We believe that the payments are a commodity, but that good risk management is really valuable. One important item to note - WePay Clear is built for platforms - services that connect buyers and sellers like online marketplaces, crowdfunding sites & SMB commerce tools. We shield them from fraud losses by underwriting the merchants directly, and taking the losses ourselves when we're wrong. It is not built for…

Thanks for the details.

When you offer this fraud guarantee for e-commerce sites, I'll be your first customer.

Re: WePay (YC S09) Launches WePay Clear, a Stripe Competitor with Fraud Protection

#24

Post by matthewarkin »

gotothrowaway wrote: post #17
billclerico wrote: post #9

Earlier quoted context omitted.

Bill from WePay here - thanks for asking. The value proposition of WePay Clear isn't entirely captured in TechCrunch's choice of a headline, though they certainly have sensationalized it by drawing a Stripe comparison. Yes, WePay Clear takes on fraud responsibility & shields the platform. (as does Stripe Connect) However, WePay Clear does this in a whitelabel fashion, so that sellers on platforms do not need to creat…

Thanks Bill. Is there anything about the fraud protection that's particularly noteworthy? I thought Stripe Marketplaces addresses this use case, but perhaps the liability still falls on me (the developer) with Marketplaces?

Stripe Marketplaces isn't actually a product, there are two products, Stripe Connect and then the Trasnfers API. In the Stripe Connect set up every vendor in the marketplace has their own Stripe account and then each vendor is responsible for things like chargebacks, disputes, etc. The marketplace is just authorized to initiate API calls on behalf of the vendor (so the marketplace can handle the disputes and refunds, but the money comes from the vendor).

With the Transfers API, the marketplace just ACHs funds from their Stripe account to the vendor's bank account, so the Marketplace has to handle all the liability.

Re: WePay (YC S09) Launches WePay Clear, a Stripe Competitor with Fraud Protection

#27

Post by billclerico »

dkarapetyan wrote: post #26

What if someone does not have facebook, linkedin, twitter, pinterest, etc. Some people like to keep a low profile on the social web.

There's a number of data sources that we use - social data is just one category. So it helps, especially when other data sources are sparse, but isn't the end-all, be-all of identify verification.

Re: WePay (YC S09) Launches WePay Clear, a Stripe Competitor with Fraud Protection

#28

Post by joshmn »

arbuge wrote: post #25
joshmn wrote: post #21

Fraud expert here - After about ten minutes I can say that it's better than Stripe's, but marginally.

Care to elaborate? Both on the exact nature of your expertise, as well as your analysis.

I wrote the book on financial card fraud (figuratively, but I may as well have) - I also was "in the scene" at one point.

I'm in the middle of writing a detailed post on my findings and will comment back when complete :)

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