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Stripe Reader

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Re: Stripe Reader

#71

Post by posguy »

granzymes wrote: post #47
posguy wrote: post #36

Earlier quoted context omitted.

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-pa…

Don't you need to be a bank to settle funds from issuing banks? That's not what I interpreted you meaning when you said "platform reseller" for processing. I believe Square is a bank now, so maybe they'll stop using Chase.

The frontend (what authorizes the transaction with the card network, like Visa, Pulse, Star, Mastercard, etc) and backend (settlement bank that ACHes the cash around and usually takes the underwriting risk (unless the independent sales organization, eg: Stripe or Gravity decides to do this themselves)) are generally called a payment platform in the industry.

This platform can get wrapped with many different payment terminals (Verifone, Pax, Dejavoo, Ingenico, etc) or processing interfaces (Authorize.net, PayPal, Stripe, Square, et all).

Square does look to be a bank now, but it appears the only products they are underwriting risk on are loans to businesses, which they immediately try to sell off to third party investors: https://www.cnn.com/2021/03/02/tech/square-bank-business-len...

Kinda surprising, I would expect them to have underwritten their own payment processing, but it might be the case that they don't want to have the outsized liability of chargebacks on their books if a client business goes bankrupt, all to save 2 cents on a $100 transaction.

Perhaps once the US economy slows its rapid economic shift they will consider handling their own underwriting and batch settlement.

Re: Stripe Reader

#72

Post by posguy »

edwinwee wrote: post #61
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 work at Stripe.) Keep in mind that Stripe Terminal has upfront pricing: there are no additional software, PCI compliance, or monthly fees (or even equipment lease payments!). When factoring in these additional fees that many legacy players charge on top of the payment processing, Terminal oftentimes has more favorable pricing (along with working alongside your existing online Stripe transactions). If you want fund…

Stripe Terminal's upfront pricing is neat, but it would triple the processing fees of most 3+ lane retail stores while still lacking reporting of tax (causing many business cards to decline), FSA/HSA, EBT and WIC support.

I'm not going to hunt down test cards for you, but DataCap should have a few they can share if you ping them.

Re: Stripe Reader

#74

Post by prasoon2211 »

posguy wrote: post #71
granzymes wrote: post #47

Earlier quoted context omitted.

Don't you need to be a bank to settle funds from issuing banks? That's not what I interpreted you meaning when you said "platform reseller" for processing. I believe Square is a bank now, so maybe they'll stop using Chase.

The frontend (what authorizes the transaction with the card network, like Visa, Pulse, Star, Mastercard, etc) and backend (settlement bank that ACHes the cash around and usually takes the underwriting risk (unless the independent sales organization, eg: Stripe or Gravity decides to do this themselves)) are generally called a payment platform in the industry. This platform can get wrapped with many different payment t…

This is tangential but you seems really knowledgeable about the payments industry. Can you perhaps recommend some sources to understand how the payments infrastructure works (POS but also web/online/mobile)? I only seem to have a broad idea and would love to understand the nitty-gritty of it all!

Re: Stripe Reader

#75

Post by nikolay »

andrethegiant wrote: post #54
ibraheemdev wrote: post #46

Earlier quoted context omitted.

Stripe Tax - https://news.ycombinator.com/item?id=27459712 - 6 days ago Stripe Identity - https://news.ycombinator.com/item?id=27502993 - 2 days ago Stripe Terminal - https://news.ycombinator.com/item?id=27534884 - 3 hours ago Stripe Reader - https://news.ycombinator.com/item?id=27534156 - 2 hours ago

Damn -- 4 products in the last week .

Terminal is not a new product - only Stripe Reader is. The other readers are made by third parties.

Re: Stripe Reader

#79

Post by amelius »

andrethegiant wrote: post #54
ibraheemdev wrote: post #46

Earlier quoted context omitted.

Stripe Tax - https://news.ycombinator.com/item?id=27459712 - 6 days ago Stripe Identity - https://news.ycombinator.com/item?id=27502993 - 2 days ago Stripe Terminal - https://news.ycombinator.com/item?id=27534884 - 3 hours ago Stripe Reader - https://news.ycombinator.com/item?id=27534156 - 2 hours ago

Damn -- 4 products in the last week .

I wonder what 4 products they come up with next week.

Re: Stripe Reader

#80

Post by ksec »

the_arun wrote: post #57
fshbbdssbbgdd wrote: post #52

Earlier quoted context omitted.

With a value of $95B, they are the largest yc alum now. They can afford to invest in building lots of new products.

I am just dreaming - any big boys - Apple/Google/Amazon talking to them to acquire?

I mean why would they?

Especially when Apple has Apple Pay. Which is sort of a competitor.

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