from Hacker News

Cautionary Tale: Stripe force-closed my 9 year account

by jjoe on 8/2/23, 5:30 PM with 30 comments

After more than 9 years of using them for my SaaS business, Stripe has decided to close my account for the following reason:

"""Unfortunately, after conducting a further review of your account, we’ve confirmed that your business presents a higher level of risk than we can currently support, so we won’t be able to accept payments for XYZ LLC moving forward."""

This is after I've made drastic changes that help reduce chargebacks and asked for a review.

I've faded all posts and complaints here against Stripe thinking that people must be up to no good. And that it can't happen to me...

  • by mvdtnz on 8/3/23, 12:00 AM

    Yet another post complaining about Stripe's policies while being vague about the nature of their business. It's a meme at this point.

  • by jacquesm on 8/2/23, 7:12 PM

    > This is after I've made drastic changes that help reduce chargebacks

    You may not have reduced them enough to be eligible for service by Stripe. Chargebacks are a really nasty problem and no business is large enough for Stripe to risk their own: they are obliged to kick you off if you can't stay under a certain chargeback rate. The same goes for any other PSP.

  • by smca on 8/2/23, 5:38 PM

    Hey Joe—what's your business's domain? I can't find any details via your profile other than cachoid.com which doesn't resolve for me.

  • by sschueller on 8/3/23, 5:24 AM

    Did you know that Visa's fees are in the single digit cents for 100 USD[1] ? All other fees are from banks and merchant services.

    [1] Statement from Visa executive on Swiss television. https://www.srf.ch/play/tv/eco-talk/video/verschwindet-das-b...

  • by porkbeer on 8/2/23, 5:52 PM

    i may be wromg, but I am just going to say whats on everyones mind; Seems a bit sus you want to bash a business without persuing legal remedy, publiclly, but not disclosing your own business.

  • by grahamgooch on 8/3/23, 12:59 AM

    Do you sell to businesses? I.E., b2b ot b2c?

  • by ChrisArchitect on 8/2/23, 8:34 PM

    Tell HN: