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Gov.uk has replaced Stripe with Dutch provider Adyen

theregister.com

51–60 of 253 posts

Re: Gov.uk has replaced Stripe with Dutch provider Adyen

#51

So maybe it'll stop taking three requests, 1-2 months, and a certified letter every year to receive your tax refund? HMRCs digital services in general are pretty good, but refunds not so much.

My self assessment refund came through within days of submitting my assessment.

Yes I have also received payments for refunds of PAYE automatically within a month or two of no action on my part.

Re: Gov.uk has replaced Stripe with Dutch provider Adyen

#54
post #6

Surprisingly small contract. It's interesting to see that a full government contract for a payment provider is a fraction of a US mid-size company's cloud bill. I am constantly surprised by things like this. Here's another: there are more foreigners in Taiwan (total pop. 25 m) than in China (total pop. 1.4 b).

Payment processing costs are a scam. They're 10x as expensive as they need to be to fund rewards programs and fund the financial system.

EU max credit card transaction fees are 0.3%, in the US they can be up to 4%.

It just doesn't cost 4% of a transaction to handle the exchange of funds. Just wealth transfer to finance people and the upper class who take advantage of credit card perks.

Re: Gov.uk has replaced Stripe with Dutch provider Adyen

#56
Got to love the people taking a swipe at the company. They found their market, can't you just be happy for them? They're hardly the only company in the world to only deal with bigger clients.

This site regularly dunks on European tech as being subpar, but when an American company gets ditched for a European one, barely anyone can find nice words to say. You really reveal yourselves in times like this, I've got to admit.

Re: Gov.uk has replaced Stripe with Dutch provider Adyen

#57
post #6

Surprisingly small contract. It's interesting to see that a full government contract for a payment provider is a fraction of a US mid-size company's cloud bill. I am constantly surprised by things like this. Here's another: there are more foreigners in Taiwan (total pop. 25 m) than in China (total pop. 1.4 b).

Payment processing costs are a scam. They're 10x as expensive as they need to be to fund rewards programs and fund the financial system. EU max credit card transaction fees are 0.3%, in the US they can be up to 4%. It just doesn't cost 4% of a transaction to handle the exchange of funds. Just wealth transfer to finance people and the upper class who take advantage of credit card perks.

Except in the US, it does. Depending on the card, it can cost as much as 4.5% (or more!) to run the card. You can argue that it shouldn't, but that's a different statement than it doesn't.

Re: Gov.uk has replaced Stripe with Dutch provider Adyen

#60
post #6

Surprisingly small contract. It's interesting to see that a full government contract for a payment provider is a fraction of a US mid-size company's cloud bill. I am constantly surprised by things like this. Here's another: there are more foreigners in Taiwan (total pop. 25 m) than in China (total pop. 1.4 b).

Payment processing costs are a scam. They're 10x as expensive as they need to be to fund rewards programs and fund the financial system. EU max credit card transaction fees are 0.3%, in the US they can be up to 4%. It just doesn't cost 4% of a transaction to handle the exchange of funds. Just wealth transfer to finance people and the upper class who take advantage of credit card perks.

Can someone explain to me if EU card transactions are capped, why Stripe charges me (US) the full ride on my EU customer's cards? In fact, I get charged even more for EU cards – perhaps as much as 2.5% extra.

I just checked and I get charged ~8% in fees on a 10 euro transaction on Stripe. Of course some of that is the low transaction amount (flat 0.30), but it's brutal for a small business like myself.

    2.9% + 1.5% (intl card) + 1% (currency conversion) + 0.30

    Payment amount (€1.00 EUR = $1.15253 USD)
 
    €10.00 EUR -> $11.53 USD

    Fees

    Total:    - $0.93 USD

    Stripe currency conversion fee 
    - $0.12 USD

    Stripe processing fees
    - $0.81 USD

    Net amount
    $10.60 USD
I guess the NA interchange is charging the card, rather than the EU? Could using a MOR reduce the fee structure?
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