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I'm curious how they are scaling on the financials side. I'm assuming they are paying for the things ordered off of their personal CC's and with the sudden spik
by joshmlewis 12y ago
I'm curious how they are scaling on the financials side. I'm assuming they are paying for the things ordered off of their personal CC's and with the sudden spike in requests and the long delay of getting money back into their account, I wonder how far they will go.
A blog post after all of it cools down would be a fun read. :)
- deleted 12y ago[deleted]
- joshmlewis 12y agoThey aren't paying with the products they buy online with their customers CC though. That's what I was getting at. Since they don't have access to their customers CC on the websites they're purchasing these services/items from they are having to pay with it and then get reimbursed essentially with their "convenience fee" on top.
- waterlesscloud 12y agoRealized what you meant and deleted and revised my comment. In any case, I can't imagine their personal credit cards handling any actual volume, not to mention the fraud protection issues with orders for deliveries all over the country.
- nileshtrivedi 12y agoThe landing page mentions that they ask the credit card details the first time you request a service.
- bhayden 12y agoThis data goes to Stripe, where Magic bills you. Magic doesn't use your card info to order the services for you. This is why this idea won't work - it's going to get overrun with chargeback fraud and totally ruin it.
- waterlesscloud 12y agoThe users put a card on file with Stripe. Is there a way to use that info through Stripe to make a payment to the vendor? (and a separate charge to Magic for the service fee, maybe?) I assume bitcoin is going through Stripe as well, though if not, that money could come to Magic more quickly. The problem then is that the vendors likely don't accept bitcoin...
- lotsofmangos 12y agoAny sane bank would be running them a fat line of credit right now.