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

Post by the-dude » Tue, Jan 23, 2018, 6:55 PM UTC

rbres wrote: post #26

ABCLAW wrote: post #22

Earlier quoted context omitted.

Holy shit, those are titanic interchange fees.

That's the starting processing rate for any major processor: - https://www.braintreepayments.com/braintree-pricing - https://stripe.com/us/pricing All of our clients (typically larger businesses) provide proof of lower rates with their existing processors and get those rates 100% matched. We do not negotiate processing, we just match the industry.

Post by jebeng » Tue, Jan 23, 2018, 6:56 PM UTC

huhtenberg wrote: post #40

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…

Say, I got myself a credit card number of someone from Toronto, Canada and I am checking out through your system using a botnet-based Toronto exit node. Similar scenario, but this time I am an actual owner of that Canadian credit card, but I'm using Tor (or VPN) with an exit in Romania. Can you elaborate how your 200+ variables will be able to block first and allow second purchase?

Post by rbres » Tue, Jan 23, 2018, 7:00 PM UTC

Cyberdog wrote: post #46

ABCLAW wrote: post #36

Earlier quoted context omitted.

No, it isn't? Those are the prices for two providers that aren't even close to lowest-cost providers in the space. They compete on service, not price. I can get .9 to 2.0% (depending on the industry of my business) off the shelf from at least 6+ sources. And that's before any interchange rebate programs, volume discounts, or specially negotiated interchange waivers past a certain fee per quarter.

So your complaint is that a payment processor competing on service, not price, is priced similarly to other processors competing on service?

Post by ajinkyai » Tue, Jan 23, 2018, 7:05 PM UTC

rbres wrote: post #37

skrebbel wrote: post #31

Earlier quoted context omitted.

Marginally related question: I just read https://bolt.com/team and how do you build such a large company before even launching? I mean, you have a fulltime recruiter on payroll. If you started in 2014 and stayed stealth for 4 years, how on earth did you manage to raise the funds needed to a) survive and b) have such a large team? Note: I mean this entirely unskeptically. I wonder how you pulled this off and I think i…

Good question. It was actually pretty insane. In payments, the MVP bar is high and we built like 4 companies in one (payment processor, fraud detection co, checkout platform, + more). So we had to raise a bunch, hire world-class people, and write code for a couple years before launch, all the while convincing investors that we weren't going to be another stealth-disaster-company. We then landed close to 100 customers…

Post by rbres » Tue, Jan 23, 2018, 7:06 PM UTC

brod wrote: post #56

Since there's no demo's I had a look at a couple case studies.. https://i.imgur.com/TBTF63h.png https://i.imgur.com/HP0DNNg.png It looks / feels like stripe but without the brand recognition, I'd hope it's more cost effective than competitors but having to contact them for pricing doesn't inspire confidence. I also don't see how this is any more frictionless than competitors. On the flip side I'm a little blown away…