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Completely understand. This is a normal concern for new technology, not every company is an early adopter. The same way Lyft would not even consider using Stri
by andriosr 6y ago
Completely understand. This is a normal concern for new technology, not every company is an early adopter.
The same way Lyft would not even consider using Stripe in its first two years, considering how critical credit card data is for them.
I really like the design you have internally! I would love to hear more about it, can we talk?
- Nextgrid 6y agoCurious, why is card data important to Lyft? How does card data benefit a transportation business in any way beyond just taking money from the cards?
- andriosr 6y agoIf they sent the card data from their customers to a 3 person startup it could be stolen and make their customers unhappy.
- sky_rw 6y agoThis was likely just as much about credit card fees as it is about data. Stripe's amazing service also comes at a substantial premium. For a high-volume thin-margin company like Lyft where every penny counts, per transaction fees at 2.9%+ are killers. Furthermore, large companies prefer to own the raw card data themselves as the interchange rates for card not present debit cards is different than card not present credit cards. Once you hit a certain amount of scale this .15% difference is substantial. (edit: I missed that parent comment was about trust in a 3-person startup, but point is still somewhat valid)
- traek 6y agoCompanies at even a hundredth of Lyft's scale aren't paying 2.9%+ to Stripe, they're on cost-plus pricing based on interchange fees.