I will keep the story short. We are just another of the thousands and thousands of businesses you can read about being put out of business by Stripe. I never thought it would happen to us. I should have known. They got a description of the business, helped us pick what tools to use, let us spend 8 months developing the payment system and using their convoluted process, only to kick us out a few months after going to market by mis-categorizing our business.
All we need is a processor to help us receive Wires/ACH Push transfers from our “buyers” type users to a large, aggregate account, then to do a push type transfer from that large account to our “seller” type users. So simple. But yet so hard to find a system to do this.
Can anyone help me choose as new payment rail??
Need:
No annual contracts or minimums while we grow
Pay by the transaction
Doesn’t mind our process.
Does anyone know of anything?? Trying to stay in business. Thank you.
I’ve been building on Stripe Connect for years. Whenever compliance issues have come up (which have happened more than a few times) there’s always been a way to remedy and get the account back into good standing. We were even subject to fraud that brought our account into a major negative balance, and we got back into good standing.
Unless you’ve truly been permanently banned, which I can only see happen if you’ve been in severe violation of their acceptable use policies, push for an account representative and get back on Connect. You’ll have a hard time finding a viable non-enterprise alternative for platform payments. One that I’ve touched on before is Adyen for Platforms. Still prefer Stripe, but it’s a doable alternative.
Thanks for altering me to Ayden. I had heard of them, but not looked at them in detail yet. I’m really focusing on Dwolla/Plaid to see if we can get charged by the transaction with them. It seems like the best fit. And Stripe mis-categorized us as an escrow business (we are not - it’s a very specific legal term we don’t fit). States require huge bonds to be put up to operate an escrow business. All 50 states don’t think we are one, but the offshore whoevers and ignorant people at Stripe in the US can’t understand what we do and have mis-classified us, putting us out of business until I find a better payment rail. It’s a permanent account closure.
I see, that sucks. If you’ve got a budget for it, you’ll probably be best served with a small platform fee and a dedicated account rep if your business is kinda outside the mainstream. Working without that steadfast POC is a risk in itself. Don’t want you to waste another 8 months
OK. That is a good point. A very valid point. Having the point of contact would make a big difference. There are just so many fees. The Bubble fees. The transaction fees. Some other new fee to have a monthly contract or whatever. And on and on and on. The costs are so high.
You can also consider, with Dwolla/Plaid that is a good option too, Approvely. However, the first step should be to work with Stripe to resolve the situation.
It’s a regulatory issue not a technical one. Services like Stripe (Airwallex is a good alternative) act as Payment Facilities so your company does not have to deal with regulation.
