5 ms·
For my consulting business (average invoice size of anywhere from $15k-$125k), we exclusively accept paper checks, ACH (either as a direct credit for larger com
by disillusioned 7y ago
For my consulting business (average invoice size of anywhere from $15k-$125k), we exclusively accept paper checks, ACH (either as a direct credit for larger companies set up to do that,) or QuickBooks Online, which makes ACH relatively trivial, and they charge basically $1 to process it. Can't beat that with a stick.
For our clients, our preference is still Stripe, though we had a client deplatformed by them because their bank had problems with the product. (In our case, specifically, adult toys.) We had spoken with Stripe at length before investing in using them, and confirmed that this would be acceptable, as they had other adult toy companies on their platform, but Wells Fargo, paragons of fucking virtue that they are, decided to step in an try to get extremely and very awkwardly hands on with our specific products. (They tried to dictate what colors we could and couldn't offer, for instance. It was unpleasant, and we recognized we needed to leave immediately.)
We ended up back at a higher-risk merchant service provider, though we're paying typical rates because we fulfill an actual, physical product (not, say, porn), and our chargeback rate is very low. Still a frustrating experience, and yet another reason to hate Wells.
- Hackbraten 7y ago> we had a client deplatformed by them because their bank had problems with the product. (In our case, specifically, adult toys.) What kind of bank would do that, and why? I don’t comprehend the logic that would drive such a decision.
- sdan 7y agoWait until you hear about what PayPal stops.
- iso947 7y agoPayPal isn’t a bank and is known for that behaviour. I understand Wells Fargo is a bank.
- cies 7y ago> PayPal isn’t a bank They are: https://www.quora.com/How-can-PayPal-function-without-a-banking-license/answer/Julio-Vittel https://www.quora.com/How-can-PayPal-function-without-a-bank... In the EU you either work with a bank or you need to be a bank to do what Paypal does. In the US not (yet).
- iso947 7y agoIn the US, are PayPal registered as a bank in the same way Wells Fargo are?
- cies 7y agoIn EU they are. Dunno about the states. In the beginning they were not, that I know. But by now... I heard that even Google and Apple were interested in becoming banks (not sure if they followed up on that).
- faeyanpiraat 7y agoSome specific product/service categories have higher rates of fraud and/or other problems, and it just does not worth it for them.
- Hackbraten 7y agoGood point. It still makes zero sense for me why more fraud would happen specifically at adult toy stores compared to other categories. I just don’t get how banks make their decisions. Mine declined my credit card when I tried to add it to Patreon. I called the bank and the rep told me that online subscriptions can be fraudulent and that a bank needed to protect its customers. I told her Patreon was certainly not a scam site. She replied that she’d never even heard of Patreon and that she wasn’t going to white-list Patreon for me and “jeopardize tens of thousands of other customers.” I feel I’m never going to get behind banks.
- rl3 7y ago>... but Wells Fargo, paragons of fucking virtue that they are, decided to step in an try to get extremely and very awkwardly hands on with our specific products. (They tried to dictate what colors we could and couldn't offer, for instance. It was unpleasant, and we recognized we needed to leave immediately.) That's bad. It deserves media attention.