81–90 of 158 posts
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Get a local loan, "Hi, we have a very successful local business but we made a mistake with choosing a payments company that might end up killing us entirely. Here are our stats, here are the kind of transactions we're dealing with, etc... We need a loan of X to keep us operating for the next few months. what kind of terms can you give us?" Serbia might not be the kind of place where this is possible, but I could go t…
Yeah, it may be difficult to get funds, but whining on facebook but taking no other action seems to be rather....careless. I do hope that their issue gets resolved but I also sincerely hope that if they get a chance, in the future, they would have some kind of contingency plan.
CarGo's experience is a great example. For an app that lives and dies on efficient payment processing, they would have had been wise to have two payment processors coded up and ready to go. They should have been completely honest with their payment processors, built up a relationship, and sought assurances that their operation was acceptable.
The payment processor's biggest problem by far is fraud. That is why they have to charge significant margins, and why you have to send all your great-grandparent's birth certificates to them, and why they will suspend your account if there is the faintest whiff of suspicion. That's what makes the decrement-increment hard - really hard.
Treat the payments problem with the respect it deserves - as CarGo has found out, it can kill your business dead overnight.
Payment Processing/Network is the most innovation-less thing IMO. But still there is not a non-profit leader. Why ?
On both parts of your comment you are missing a huge piece of the puzzle: fraud. A payments processor (old school or digital) is constantly taking on some certain amount of risk of fraud, from both the credit card user and the merchant itself. I could set up a store that appears to be real and just move my money out of my bank account and run. I could also go to a carding site, use real credit cards on my own fake st…
Fraud can be solved by making each irreversible txn ratable. Each seller can choose to make sum of all ratings and txn over some period public to appear more trustworthy. The algo can be more tweaked but txn rating is the gist.
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All I got form that was "we cloned Uber, then didn't do due process when selecting a payment gateway".
Yes, the only reason this app exists is because Uber isn't allowed to run in Serbia.
I think developers come at payment services with a mindset that it's such a simple thing (it's really just decrementing a number in one account and incrementing a number in another account) that they leave it to last to implement. Like security, it should be part of every decision you make, from day one. Particularly if you live outside the US. CarGo's experience is a great example. For an app that lives and dies on…
The first few weeks of operation the "backup" gateway would suspend your account for not providing the necessary volume of sales.
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How you've opened the bank account in uk without been resident there ?
Opening a business account when not a resident isn't hard. It's personal accounts that require proof of residence.
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Opening a business account when not a resident isn't hard. It's personal accounts that require proof of residence.
Actually, it was quite difficult too. Which is crazy, considering Poland is/was a part of the same union...
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He's very clearly talking about Braintree, which is based in Chicago, not about American corporations in general.
And tell me why Braintree has an obligation to take his business. He's in a risky country Serbia, which has a high potential for chargebacks and fraud.