What has your experience been with Stripe? (12)
Hello guys,
I wanted to see the pro's and con's of using Stripe.
Stripe as in the payment gateway?
Pros:
Anyone with a pulse can process payments.
Cons:
Waiting 7+ Business days for your money
Having to abide by their TOS.
What type of product do you want to sell? Might be better to ask around for people with processing connections.
Here's the prohibited business list from their TOS;
https://stripe.com/prohibited_businesses
Weapons and munitions
Virtual currency that can be monetized, re-sold or converted to physical or digital products or services or otherwise exit the virtual world
Sexually-oriented or pornographic products or services
Marijuana dispensaries and related businesses
Door-to-door sales
Offering substantial rebates or special incentives to the cardholder subsequent to the original purchase
Negative response marketing
Engaging in deceptive marketing practices
Sharing cardholder information with another merchant for payment of up-sell or cross-sell product or service
Evading Card Network’s chargeback monitoring programs
Engaging in any form of licensed or unlicensed aggregation or factoring
Airlines
Age verification
Age restricted products or services
Bail bonds
Bankruptcy lawyers
Bidding fee auctions
Collection agencies
Chain letters
Check cashing, wire transfers, or money orders
Counterfeit products
Currency exchanges or dealers
Embassies, foreign consulates, or other foreign governments
Firms selling business opportunities, investment opportunities, mortgage consulting or reduction, credit counseling, repair or protection, or real estate purchases with no money down
Credit card and identity theft protection
Cruise lines
Essay mills
Flea markets
Drug paraphernalia
Extended warranties
Psychic services
“Get rich quick” schemes
Gambling (including but not limited to lotteries, Internet gaming, contests, sweepstakes, or offering of prizes as an inducement to purchase products or services)
Sports forecasting or odds making
Illegal products or services
Mail-order brides
Money transmitters or money service businesses
Multi-level marketing or pyramid schemes
Online or other non-face-to-face pharmacies or pharmacy referral services
Prepaid phone cards, phone services or cell phones
Pseudo pharmaceuticals
Quasi-cash or stored value
Securities brokers
Shipping or forwarding brokers
Substances designed to mimic illegal drugs
Telemarketing
Telecommunications equipment and telephone sales
Timeshares
Centralized travel reservation services or travel clubs
Personal computer technical support
Selling video game or virtual world credits (unless you are the operator of the video game or virtual world)
Selling social media activity, such as Twitter followers, Facebook likes, or YouTube views
Any product or service that infringes upon the copyright, trademark, or trade secrets of any third party
Any product, service or activity that is deceptive, unfair, predatory, or prohibited by one or more Card Networks
Funding any of the items included on this Prohibited Businesses list
Are you in the USA? How is your credit score? What type of sales are you doing? What is your expected volume and ticket price?
I have 3 processing companies I work with to handle aquiring MIDS. If you need a recommendation hit me up.
Stripe is great if you run a clean business and want to setup quickly and easily. As time goes on and volumes go up I'd go direct to a a large bank once you get to that point.
if it's something grimey I'd stay away from both these options and go with the high risk guys.
BTW, I believe they just reduced the wait time for payments from 7 days down to 2 for at least some customers: https://news.ycombinator.com/item?id=7518681
As usual Caurmen kicks ass haha
I emailed stripe about that 2 day (had no idea btw) and although they couldn't give me the 2 day just yet I got it reduced from 7 to 4. killer ! Thanks for the heads up Caurmen!
Why do they give 2 days to some people, but not others? maybe credit score?
Originally Posted by bravenewworld
If you're looking at Stripe, you should take a look at https://www.braintreepayments.com/ too.
It's very popular among Internet startups and was recently acquired by PayPal for $800 million USD.
One major plus for Stripe compared to most ISO agreements I've seen for smaller businesses:
no personal guarantee, at least not off the bat.
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