Are Startups to avoid Stripe? How We Recovered Our Account Back
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Version 1.0: This post was originally created in 2014. After a short time following the publication of the article, we received a call from some employees from Stripe and we were able to get our account returned. The account is maintained in good standing and we've never had problems since. Start the next step.
The Motives for Us to Choose Stripe
There has been a lot of talk about Stripe lately, however being an European business, we were not allowed to sign up for an extended period of time. They then began to accept UK companies with their headquarters located at the UK. There has been an enormous volume of PayPal user for a long time, in both a buying mode as well as in a transactional mode since 2007, and we've seen more than one million dollars worth of transactions through the platform. There were plenty of disputes along with lengthy chats with the PayPal help desk, but there was nothing that could not be solved.
- Their reputation, a lot of their customers say they'd prefer not to pay via PayPal in any way.
It's simple, however you'll need to submit multiple forms and that's ok. While you're waiting to receive confirmation of your account. you're able to begin creating your own application using their API. They also are able to download libraries for the top languages. These have been written in accordance with modern programming standards which means that it's a breeze to work with. You shouldn't be surprised, since Stripe was developed due to the rage of their creators with the payment processors that were available back when they wanted to shake up the market.
The result was that The API does not feel like it's an extra feature just like when using PayPal It's absolutely enjoyable to use. Setting up and starting to take payments through Stripe is easy.
Then, the problems begin.
As the number of our transactions increased so did the amount of illegal activity. It's also odd that there was just one instance of fraud (who attempted to make use of an account to spam email which was discovered and taken down quickly) each criminal who stole credit cards tried to steal our money and then do nothing this seems to be absurd. If they wanted to verify the validity of a number of accounts, they could accomplish this using a method which could cost around $1. If they were planning to utilize the process to spam or any other reason, why they couldn't try it?
Unfortunately, Stripe has a chargeback fee of $15. So we were required to pay for every transaction that, in my opinion, should be prevented through Stripe before it occurred. In one instance, we had a customer who used an email address that was identical to ours and tried three cards from different countries in only 15 minutes. If the person isn't an individual using a Flash card, it's not an option. It's a huge warning to all processors I've been aware of. But, Stripe isn't blinkered at any time.
As we had been losing money as well as Stripe did not offer any assistance to stop these losses, we chose to look for an agency that specializes in preventing fraud on the internet. Below are three we've heard great things about, but we haven't yet had the chance to evaluate these at this time: minFraud by MaxMind, Sift Science and Signifyd. These are all priced fairly in small businesses, too. I'm not entirely sure what the reason is. Stripe does not have a relationship with any of these companies That is a straightforward choice for me.
As we worked on the creation of the services I described earlier, one evening (and I'd like you to highlight this night portion) we got an email distributed by Stripe in the blue. It read:
Hi,
Thanks for signing up with Stripe!
We're sorry to announce that in the present, we will be unable assist .com. Currently, Stripe can only support customers who have a lesser chance of disputes with clients. If you review your Submissions, as well as your site this could be a sign that your website is at greater risk than other sites that we accept. We're not able to take any further payment on behalf of your website.
And that was it.
I'd like to stress we haven't had any real customers never complained, except for those who have credit cards that were requesting the money from their banks. That's the normal thing to do. What I didn't anticipate to hear from Stripe regardless of what the situation was the potential of them shutting out our account at the beginning of the night with no warning at all. Also, they'd be out of position to provide help to us. This goes against all the things we've had go through in the past using Stripe prior to this.
They could've provided us with suggestions on how to minimize fraudulent transactions or even what we can do differently with the application process or in anything else. A warning such as "if the issue gets worse your account is going to be closed shut down your account" for a few weeks prior to making a final decision would have been helpful, too. Of course, there's an absence of response to inquiries about the issue. This is an excellent example of how to respond to customer complaints.
Do you have any problems? When searching Google for a bit it appears to be the norm for doing business with Stripe in the present. Check out the following: Here, here, here and here. If you're seeking further information, conduct a Google search, and attentively to the comment section.
The truth is that we're blessed as we're able to have competent developers and move to another API rapidly. When ordinary individuals who sell or ship physical products are injured, it can affect their entire business and, sometimes, the lives of their clients too (as we've seen in the related article). The thought that having an effective system for detecting fraud might solve the problem, yet they're not able to take action upon it is awe-inspiring.
Takeaway
In the past, Stripe was a small startup that was happy to welcome new customers. They determined to change how PayPal dealt with customer support as well as the business overall. In a couple of years it's the same company but without a face. While it can be difficult to grow, it's essential to keep in mind the goals that were set in the beginning in order to stay in line with your goal and deliver the same level of services to the clients they signed up for in the first place. This is the primary lesson for all those who work with clients, not just .
If you're launching a new business which you'd like to continue for a long period of time, do not forget that your current tiny customers (and I'm definitely not confident enough to believe that we're any other way than Stripe believes us to be) have the potential to expand dramatically in a matter of seconds. This is because it's the Internet you're dealing with! Today, we are in the midst of hyperscaling.
Furthermore, it is crucial to ensure that prior to you begin your venture that you offer a variety of payment choices to customers. Many do not prefer PayPal but, not everybody trusts businesses on the internet with debit or credit card. There are also those who prefer using Bitcoin. If you're planning to start an enterprise of your own in this time and age, you should plan for the "next best trend". Bitcoin may be one of them.
We're hoping Bitcoin (or another cryptocurrency that is built on the foundation established by Bitcoin) is embraced by mainstream users in the coming years. It is a simple system (no disputes, no chargebacks and extremely low charges). For now though we'll talk about some other businesses who process credit cards (but we're leaning toward Braintree) and very well. This article will be updated once we've come up with a solution. For now, we can, advise you to avoid Stripe as well as their counterparts. A great company they were once.
The next follow-up, a Couple of Hours Following
Everybody makes mistakes. The fact is that we're an average hosting provider but there will be times that we've made a mistake. I'm sure how challenging it can be to handle hundreds of thousands of clients. But, it's not a reason to give excuses. It is important to remain vigilant when you do fail to recognize the error and then be able to take the lessons learned from your mistakes.
That's exactly what Stripe has done and I'm pleased to announce that we have had the account reinstated and several people who are friendly from the business have reached out to us, and assured us that we wouldn't be left with no chance of getting the money back. I was even able speak to Patrick Collison, the co-founder of Stripe as along with Andy Young, director of Stripe's UK division. The company is worth approximately one billion dollars yet, they've made the effort to personally reach out. this is a first. this is an outstanding level of customer service.
If you're managing a large number of clients, it's important to maintain the (high) degree of automation. Alternatively, you'll have be able to establish a support department which is so big that it could fill an entire city. They're not perfect but, as a person who worked for 5 years in the search engine optimization (SEO) company I've grown accustomed to being pulled in by algorithms.
In the case of Google, it was due to not being able connect to anybody and our only option was to get up and review the procedure. It's not like I'd consider the same scenario situation for an organization which is an entity that we're part of. That's what hurts me most to me: having trouble finding help for your issues or not getting any communication from your business partners.
Takeaway
When you're dealing directly with your customers, direct customer support is crucial, but especially so in current age that social media has become. PayPal isn't the only payment processor available online, and like they used to be in the shadow of PayPal (which was not able to give adequate customer service which made it difficult for developers to connect their services) They could be wiped off by a competitor, which may offer more support or a superior service that's priced at the same level. In today's world of connectivity the giants are growing and shrinking every each day.
It is proven that news of a negative nature as well as information are disseminated more quickly over positive reports. Be aware of social media platforms as much as you can. Conversations regarding your business are likely to be ongoing whether you want it or you do not. The only way to be a part of the discussion is either to be a involved, or in the opposite direction of pretending that social media does not exist. If you are looking to build an organization that will last, it's unlikely to be a good option.
To allow a start-up to achieve success, my view is that I believe that you must be able to provide outstanding support, the most valuable products (or services) in your niche and an expense that is competitive.
Customer support is vital, however. It's possible that the company's founders and its leadership were not aware of problems customers experience when trying to reach the assistance desk. It's also possible that the founders of the business were unaware of this, and accounts are closed without warning. It's crucial to direct customers for their feedback regularly and to collaborate with them in order to improve the quality of your services.
The market (web hosting) is being criticized due to a lack in customer service. There was a time when, in the earlier times, it was easy to build an okay(ish) server, then add as many customers to the server as you wanted to and then take the money and then, when the complainers complained, you weren't interested, they felt like they weren't able to help due to the cost.
Summary
Like I said earlier We really like Stripe. As the director of development for our team I'd have to declare that this is the most remarkable incident that has occurred to payment via the internet in the past 10 years, ever before PayPal. It was a mistake they. made. It was a small mistake that they made, but it was a significant one for us. When I brought the issue up with them the issue, they were able to acknowledge it. backed for it and took all they could to rectify the issue. Thank you for being my business associates.
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