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

Stripe Reader

stripe.com

Post reply on HN
Print view View original

31–40 of 141 posts

Re: Stripe Reader

#31

Post by posguy »

orliesaurus wrote: post #19

How do you enter a PIN code? i.e. Wholefoods accepts contactless payments and then guess what...you need a PIN code. I guess an app somewhere (like on a phone or iPad) needs to be handed over to you to do that...? I really dislike PIN code backed payments, the whole touchless/contactless experience should be as fast as paying for the "tube" in London with an Oyster IMHO

PIN entry (for PIN Debit, Healthcare Savings Account, EBT, WIC) is not supported on the Stripe Reader M2 as there is no PCI-DSS compliant PIN Pad.

PIN Pads have the underwriting bank's encryption keys injected into them at a secure facility, and these pads have anti-tamper features (think thin ribbon cables that tear when opened, contact sensors to detect case opening, heat and vibration sensors, all battery backed where if the battery dies the PIN Pad is toast).

Re: Stripe Reader

#32

Post by paxys »

what_ever wrote: post #12
edwinwee wrote: post #10

Earlier quoted context omitted.

(I work at Stripe.) The offerings are meant for different use-cases. Stripe Terminal’s great for developers looking to deploy in-person payments at tech-forward companies. Square’s great for coffee shops and other SMBs!

What's stopping from coffee shops and SMBs from using Stripe? Why shouldn't they?

They'll have to build their own app and the rest of the checkout system themselves.

Re: Stripe Reader

#33

Post by granzymes »

posguy wrote: post #27
toomuchtodo wrote: post #14

Earlier quoted context omitted.

I’m not in the payment space, but it seems like it’s rapidly commodifying. The hardware to support mag stripe, contactless, and EMV isn’t terribly expensive per unit, and as long as there’s some bare minimum functionality, the competitive edge is the processing cost. This seems less about stealing customers and more about keeping Stripe attractive to existing customers who might be continually evaluating other paymen…

Gravity Payments, First Data Merchant Services (the direct sales side of First Data), Vantiv/Mercury and numerous other platforms and platform resellers (Square & Stripe resell others processing platforms) have spent the last decade driving down prices. Some wholesale contracts for certain ISO resellers are as low as 1 basis point (.01% of a transaction) and $0.01 for bank underwriting (where the bank holds the charg…

Square & Stripe don't seem to be reselling other processing platforms.

> We work directly with multiple networks

https://squareup.com/us/en/payments/payment-platform

> Stripe’s platform connects directly to Visa, Mastercard, American Express, Discover, JCB, and China Union Pay across global markets

https://stripe.com/newsroom/news/direct-platform

Re: Stripe Reader

#34

Post by posguy »

jackson1442 wrote: post #20
orliesaurus wrote: post #19

How do you enter a PIN code? i.e. Wholefoods accepts contactless payments and then guess what...you need a PIN code. I guess an app somewhere (like on a phone or iPad) needs to be handed over to you to do that...? I really dislike PIN code backed payments, the whole touchless/contactless experience should be as fast as paying for the "tube" in London with an Oyster IMHO

Generally mobile/web based payments don’t require PIN. I’ve never been prompted on a Square or Toast machine— only place I’ve ever been asked is on a traditional PINpad and Clover machines.

Neither Square or Toast support PIN entry, whereas a Clover (made by First Data, the largest processing platform) and Ingenico/Verifone equipment have the proper hardware to ensure physical security while they encrypt the PIN in transit back to the bank your platform uses to process the transaction.

PIN Debit transactions are less expensive to process since there is less risk, but it adds complexity (First Data has many different bank keyloads like Carlton 500, Wells 350, etc depending on the bank that is underwriting the chargeback risk for your account if your company folds).

Re: Stripe Reader

#36

Post by posguy »

granzymes wrote: post #33
posguy wrote: post #27

Earlier quoted context omitted.

Gravity Payments, First Data Merchant Services (the direct sales side of First Data), Vantiv/Mercury and numerous other platforms and platform resellers (Square & Stripe resell others processing platforms) have spent the last decade driving down prices. Some wholesale contracts for certain ISO resellers are as low as 1 basis point (.01% of a transaction) and $0.01 for bank underwriting (where the bank holds the charg…

Square & Stripe don't seem to be reselling other processing platforms. > We work directly with multiple networks https://squareup.com/us/en/payments/payment-platform > Stripe’s platform connects directly to Visa, Mastercard, American Express, Discover, JCB, and China Union Pay across global markets https://stripe.com/newsroom/news/direct-platform

In the merchant processing industry, there are frontends (where your transaction initially is routed for approval by Visa/MasterCard/American Express/Discover or by one of the Debit Networks) and backends (where the amounts of these transactions are debited between banks).

Square and Stripe are both Independent Sales Organizations riding atop Chase Paymentech and First Data respectively: https://www.quora.com/What-payment-processor-do-Braintree-St...

Stripe does use Wells Fargo for the backend settlement, they are one of the most popular acquiring banks on First Data (though many other banks can be used for underwriting risk and settlement of payments on First Data).

Re: Stripe Reader

#37

Post by blackguardx »

toomanybeersies wrote: post #26

Looks exactly like a Square reader [1]. I wouldn't be surprised if they're from the same OEM, just with different firmware. [1] https://squareup.com/au/en/hardware/reader

Square designs all their own stuff. It looks similar because Square did a good job on their chip reader and because there are only so many ways you can make a chip reader without a keypad.

Re: Stripe Reader

#40

Post by notwhereyouare »

posguy wrote: post #24

Stripe makes none of the hardware that is currently available (the BBPOS Chipper™ 2X BT or Verifone P400). Not sure which processing platform they are riding atop of these days (perhaps Tsys?) but we maintain a separate First Data account and CardConnect integration since Stripe's support for certain BINs of business cards is lacking. Said banks expect a breakdown of what was taxable to be sent along with the transac…

I’m seeing something similar with my company. Around 1-1.5% for our transactions with next day funding.

Granted, we do pay a monthly fee that we wouldn’t with stripe. But with our volume, we are saving money

Post reply on HN