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Problem is that some connected accounts in platform were selling CBD which is on restricted business list of Stripe. And we already had systems in place to make
by growmify 5y ago
Problem is that some connected accounts in platform were selling CBD which is on restricted business list of Stripe. And we already had systems in place to make sure they don't sell it in areas that are not allowed and they are compliant in terms of regularity perspective
They also blocked us in past and reopened due to decline rate being high, we built security layers it went from 20 to 6-7%.
We are capable of building whatever is necessary to continue with Stripe. Our platform not necessarily require CBD companies to grow.
In less than 4 months, our team were able to grow from 0 to 100-150k a day revenue, of course we can build anything required
I don't understand how me being frustrated have anything to do with actual practical problem
Stripe blocks many people with this unnecessary reasons while they could be working with them by letting them know what should be done, it is not just us, but many companies
For our case, they could simply say, we will work with you as long as you no longer support CBD industry. And we will be more than happy to do so, only thing we would need to do, build auto blocks for CBD and add underwriting guidelines for our team which would take us less than 1-2 days to do so.
They can work with us, it is just unreasonable so that they simply don't even consider
Another thing frustrating is that, many people praising Stripe, and I am thinking how come they don't see how they are destroying many businesses by simply having bad underwriting practices
Then I notices, reason most people like stripe is that, if you don't make money, revenue or have growth, Stripe usually doesn't even care, you don't even notice any issues, so you are happy
Once you have growth and revenue, you are in trouble
This didn't just happen once to us, we have team members in team and the only reason their business failed was Stripe as well
Communication specialist, I don't understand still why it is recommended, making things perfect has huge cost of speed, so doesn't worth it
- anigbrowl 5y agoTo be very blunt, your English is not good and fighting the issue in public makes things harder for your attorneys because your public statements are reducing your legal leverage. That's why you should work with a PR person. I guess you are paying a lot of money to your attorneys. Maybe you should ask them them to advise you about how to talk about this in public.
- growmify 5y agoStripe paid us after closing the account, what do you mean by legal leverage. There is nothing we can do, or sue.