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The business even admits they took on a ton of liability by not using Stripe Connect. They switched to Connect but grandfathered old accounts. If you’re taking
by scrollaway 4y ago
The business even admits they took on a ton of liability by not using Stripe Connect. They switched to Connect but grandfathered old accounts.
If you’re taking liability for what your customers do, you can end up getting fines like this. Stripe doesn’t want this. It’s not like they get the money from the fine, if anything they’re on the hook for it.
So, why again is this a scam?
- nubinetwork 4y agoAs you claim, if they are a payment processor, then they shouldn't need another payment processor to handle money for them... their prospective customers could just use stripe directly.
- scrollaway 4y agoI misunderstood your post, I thought you were blaming stripe. I agree with you though there is sometimes value in payment gateway aggregators. Having one for managing multiple processors, including payment methods stripe doesn’t support. Stripe itself is a payment processing aggregator: you could just implement the direct integrations from the banks/card networks. But yes fintech is built on middlemen building on top of middlemen. Sadly it’s too expensive to build from the lowest layer, so businesses tend to start from the highest one and only rebuild a layer below if they’re successful and have money. It’s only fixable with more open source fintech layers imo.
- nubinetwork 4y agoI think the worst part is these "companies" get shut down by stripe, and then wind up posting here as if we'll get out our pitchforks and demand stripe reinstate their accounts... we seem to get like one of these per month here...