So........ did you get a little design inspiration from Stripe's site? Maybe changed that background to a dark color and toned down the nuance a bit?
Bolt: An End-To-End Payments Stack with Zero Fraud
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Re: Bolt: An End-To-End Payments Stack with Zero Fraud
#92Re: Bolt: An End-To-End Payments Stack with Zero Fraud
#93Earlier quoted context omitted.
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…
Are you hiring interns for the summer 2018 season?
Yes! Shoot us an email: jobs [at] bolt.com
Re: Bolt: An End-To-End Payments Stack with Zero Fraud
#94Earlier quoted context omitted.
Holy shit, those are titanic interchange fees.
Those aren't interchange fees. Those are payment processing fees...Bolt is paying the interchange.
To be most accurate, those aren't the payment processing fees either. They are the blended rate, which include interchange, the payment processor's cut, the assessment fee, etc.
Most people don't know what a blended rate even means, though, so why bother using that terminology when I'm trying to save some smallco engineers on HN a few points on their startup's margin?
Feel free to replace my use of interchange with 'blended rate' if that helps.
Re: Bolt: An End-To-End Payments Stack with Zero Fraud
#95Since 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…
Thanks brod! Main differences: - Stripe = APIs to build your own payment stack. - Bolt = fully out of the box payments stack. Checkout that doesn't only do payments but also shipping/tax/user-auth. Also w/ 100% fraud coverage. Also to set the record a bit more clearly: we launched in stealth 1.5 years ago, have been moving $100Ms, and have dozens of case studies. Appreciate the kind words too!
Last I checked Stripe does all of this - or at least offers a very parallel product.
Re: Bolt: An End-To-End Payments Stack with Zero Fraud
#96Judging from Crunchbase[0], it looks like this company did a pretty interesting pivot:
"Bolt is an online payments platform which allows users to make payments through digital currencies such as bitcoin.
Bolt wants to give e-commerce retailers a better shot at competing with Amazon."
Can anybody at Bolt talk about that transition? Why is there less focus on digital currencies? Any interesting success/failure stories of eccommerce companies using digital currencies?
Always happy to hear about successful pivots.
Re: Bolt: An End-To-End Payments Stack with Zero Fraud
#97So........ did you get a little design inspiration from Stripe's site? Maybe changed that background to a dark color and toned down the nuance a bit?
Our old, hidden URL site, had the slanted style for the last 2+ years before their redesign: https://drive.google.com/file/d/1qM3lAjCdSuTPAU-R9S2THrD83Zd...
Is pretty consistent with our style today.
Re: Bolt: An End-To-End Payments Stack with Zero Fraud
#98Earlier 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…
What happens if you're flagged for fraud? e.g. on a recent talk by a different company, the presenter said that buying Pepsi implies a slightly higher percentage of fraud than buying Coca Cola. What happens if I, a legitimate customer with a real, non-expired, not-overcharged credit card cannot make a purchase because your system flags my transaction as fraud?
I believe part of your question was answered here[0].
In short: on this platform merchants have the ability to process a transaction that Bolt suggests is likely to be fraudulent (in effect ignoring the warning).
In a general sense, all merchants have to balance their false positive rates with their false negative rates in a way that makes sense for the products/services they sell.
Re: Bolt: An End-To-End Payments Stack with Zero Fraud
#99How could they provide no fraudulent charge back? It's up to the bank and Visa not to the payment processor
Re: Bolt: An End-To-End Payments Stack with Zero Fraud
#100rbres, first off, thank you for sticking around and answering our occasionally snarky questions. Second, what is meant by "Amazon-like checkout?" If that "YOUR BRAND" thing on the front page is a screenshot/representation of the service, it appears to be an AJAXy overlay over the normal site similar to what one of PayPal's three dozen or so integration methods does. I wouldn't qualify that as "Amazon-like" since it d…
Absolutely, more than happy to :-) Amazon is currently able to invest $100M's and 100s of engineers into perfecting the checkout experience. There are actually hundreds of things you can do to optimize checkout. Here's one study: https://baymard.com/checkout-usability We do all those things. We invest the engineering resources to perfect checkout. So that you don't have to. Even our checkout today is not perfect, but…
Is it correct, though, that the checkout experience for users is a modal/overlay? And apart from the ability to display a custom logo, how customizeable is the design? (custom fonts, CSS, etc.)