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1. Use Stripe 2. Get booted at 11th customer cause their underwriting doesn't like your name. 3. Use different provider.

by edoceo 9y ago

acangiano 9y ago
I'm surprised to hear this. They happily serve RankScanner, a European company who continued to charge my credit card after I canceled with them. Stripe wouldn't do anything about it. Countless stories of people having to have their bank involved to cancel RankScanner. Stripe still happily processes their transactions.
- edoceo 9y ago
  Right, my point is their underwriting department is a joke. It's inconsistent, bad actors linger and good actors are booted for a "bad name" while other actors in the same space continue. All while Stripe tries to play some saviour role, you're just a CC processor, same core issues as the rest. Just have a shiny UI+API
newlyretired 9y ago
According to your own site[0], it sounds like Stripe declined to continue to serve you because of an association with a cannabis business. (That's a sub-optimal reality, but I think it's disingenuous to state that it was because they didn't like the name.) [0] http://edoceo.com/blog/2017/04/stripe-rubbing-salt-in-the-wound http://edoceo.com/blog/2017/04/stripe-rubbing-salt-in-the-wo...
- tomcam 9y ago
  It is regulatory compliance software. It’s not like they’re selling weed.
  - newlyretired 9y ago
    Even if they were selling, I would think it's a net loss for society that they cannot fully participate in banking. My point was more about OP's presentation of why they could not participate. It's pretty clear they're an edge case in an edge case industry -- I cannot judge a large company being risk averse when there is no incentive for them to take on the risk. (That said, if anyone solves cannabis banking, they are going to be a unicorn.)
- edoceo 9y ago
  They did, then after I raised that issue, they invited me back, thanked me for being a poineer and said I should proceed and likely wouldn't get caught this time. I told them to check first, cause I don't want to move platforms then have an issue. So, weeks later they told me that underwriting doesn't like my new name and I won't get to use their platform. Bad names include the terms "weed" or "the". Acceptable words are "GrowFlow" or "Mister Kraken" - direct competitors who basically sneak through. Even when everyone knows what's going on everywhere.
  - newlyretired 9y ago
    Bureaucracies are inherently risk averse; that is what it sounds to me like you ran into. You have my sympathy for it. I think it's wrong and a net loss to society, but I also have no impetus to criticize a banking/finance company from staying away from anything that even smells possibly grey.
    - edoceo 9y ago
      You didn't understand. They have accepted 2/3rds of they grey, and booted me - twice - based on name alone, even after lengthy phone calls and email threads spanning weeks.
kennethologist 9y ago
Which provider did you use?

1. Use Stripe 2. Get booted at 11th customer cause their underwriting doesn't like your name. 3. Use different provider.

by edoceo 9y ago

1. Use Stripe 2. Get booted at 11th customer cause their underwriting doesn't like your name. 3. Use different provider.

acangiano 9y ago

I'm surprised to hear this. They happily serve RankScanner, a European company who continued to charge my credit card after I canceled with them. Stripe wouldn't do anything about it. Countless stories of people having to have their bank involved to cancel RankScanner. Stripe still happily processes their transactions.

edoceo 9y ago
Right, my point is their underwriting department is a joke. It's inconsistent, bad actors linger and good actors are booted for a "bad name" while other actors in the same space continue. All while Stripe tries to play some saviour role, you're just a CC processor, same core issues as the rest. Just have a shiny UI+API

newlyretired 9y ago

According to your own site[0], it sounds like Stripe declined to continue to serve you because of an association with a cannabis business. (That's a sub-optimal reality, but I think it's disingenuous to state that it was because they didn't like the name.) [0] http://edoceo.com/blog/2017/04/stripe-rubbing-salt-in-the-wound http://edoceo.com/blog/2017/04/stripe-rubbing-salt-in-the-wo...

tomcam 9y ago
It is regulatory compliance software. It’s not like they’re selling weed.
- newlyretired 9y ago
  Even if they were selling, I would think it's a net loss for society that they cannot fully participate in banking. My point was more about OP's presentation of why they could not participate. It's pretty clear they're an edge case in an edge case industry -- I cannot judge a large company being risk averse when there is no incentive for them to take on the risk. (That said, if anyone solves cannabis banking, they are going to be a unicorn.)
edoceo 9y ago
They did, then after I raised that issue, they invited me back, thanked me for being a poineer and said I should proceed and likely wouldn't get caught this time. I told them to check first, cause I don't want to move platforms then have an issue. So, weeks later they told me that underwriting doesn't like my new name and I won't get to use their platform. Bad names include the terms "weed" or "the". Acceptable words are "GrowFlow" or "Mister Kraken" - direct competitors who basically sneak through. Even when everyone knows what's going on everywhere.
- newlyretired 9y ago
  Bureaucracies are inherently risk averse; that is what it sounds to me like you ran into. You have my sympathy for it. I think it's wrong and a net loss to society, but I also have no impetus to criticize a banking/finance company from staying away from anything that even smells possibly grey.
  - edoceo 9y ago
    You didn't understand. They have accepted 2/3rds of they grey, and booted me - twice - based on name alone, even after lengthy phone calls and email threads spanning weeks.

kennethologist 9y ago

Which provider did you use?