2.7% + $0.05 per transaction is expensive for in person payments. We are averaging 1.2% (since debit is so cheap) for our First Data account, with next day funding (Stripe has variable delivery, sometimes taking up to a week).
If you want funds in minutes, we have Instant Payouts in the US, Canada, and Singapore now, which lets you cash out to a debit card right away for a small processing fee. Our standard bank transfers are limited by existing banking infrastucture (e.g. the ACH network), but most transfers land within 2 days.
For BINs support—I'm sorry for those issues. Would you be able to email me and I can see if we can work on this? edwin@stripe.com
I'm not going to hunt down test cards for you, but DataCap should have a few they can share if you ping them.
Which is admittedly crazy, but there's a lot of people out there making purchasing and implementation decisions that don't really care about the bottom line.
I work for an online retailer and with Stripe we spend almost no time working on our payments infrastructure because Stripe handles so much of it. That's worth quite a lot to us! Also bear in mind that the 1.5% difference might be on the sticker price, but Stripe fees are negotiable and closer to industry norms at scale.
Granted, we do pay a monthly fee that we wouldn’t with stripe. But with our volume, we are saving money
For reference: I use CC for my $dayJob and while it's far from as nice as Stripe in just about every way, it's easy enough to code against. Just be ok with having to build out more infrastructure and store more data on your end to get close to what Stripe provides. That said, I think I'm ok with that if it means not having to pay $0.30/transaction and the high %.
I wouldn't be surprised if they're from the same OEM, just with different firmware.
Not going to say that Stripe was uh... influenced by the design, but I do think that imitation is a nice form of flattery.
Stripe Identity - https://news.ycombinator.com/item?id=27502993 - 2 days ago
Stripe Terminal - https://news.ycombinator.com/item?id=27534884 - 3 hours ago
Stripe Reader - https://news.ycombinator.com/item?id=27534156 - 2 hours ago
[1] https://www.bloomberg.com/news/articles/2021-06-15/stripe-sa...
[1]https://usa.visa.com/about-visa/newsroom/press-releases.rele...
From experience there's still a large mental barrier from folks willing to process a payment on an individual's mobile device though. Some degree of separate physical widget provides more trust to the transaction.
/edit
Neat, it looks like the company I used to work for finally released their offering to the market.
https://markets.businessinsider.com/news/stocks/dojo-becomes...
There, vendors would prefer to have a cheap NFC terminal to take card payments than have to leave a much more expensive phone within public reach to take payments. Opportunistic thieves wouldn't find much value in an NFC terminal even if it isn't very cheap.
https://www.pcisecuritystandards.org/assessors_and_solutions...
Edit:
Found the key sequence handling code
addToKeySequence(t) {
if (this.keySequence.push(t),
this.insertCardScreen.createShowDotsAnimation(this.keySequence.length).play(),
this.keySequence.length < 4)
this.insertCardScreen.createHideLogosAnimation().play();
else {
switch (this.keySequence.join("")) {
case "1337":
this.handleWpp();
break;
case "4242":
this.handleInsertCard();
break;
default:
this.handleInvalidCode()
}
this.keySequence.length = 0
}
}I didn't know they went IPO, and they have a market cap of ~$100B. Wow.
This seems less about stealing customers and more about keeping Stripe attractive to existing customers who might be continually evaluating other payment providers and their hardware offerings.
Long term, we likely end up like China with WeChat and Alipay, using apps and QR codes primarily for payments eventually. Venmo and PayPal support C2C and C2B payments with QR codes, Zelle is beta testing them currently.
https://www.paymentsjournal.com/how-wechat-alipay-networks-m...
Lately contactless payments (with and without pin) have been gaining in popularity. Most payment terminals now support them. I'm sure there's a market for Stripe Reader in the US, but I can't imagine there being one over here. Unless they're a lot cheaper than the current providers; or they start accepting a lot more payment methods.
I had never actually bothered to sign my car, which was apparently a problem for the flight attendants, even though my passport (with a matching signature) had the same name, and obviously did my ticket. But by whatever logic, they were happy with me signing the card there and then.
It amazes me that swipe and sign was ever considered vaguely secure. Most teenagers learn how to forge their parents signature during their high school years.
However, contactless payments are gaining popularity very fast here. Actually contactless in general in Germany is rising very rapidly. I think this is due to hygiene fears.
Other than the fact that it doesn't have a keyboard for typing PIN code, which makes the chip reader useless for many cards (all of them in France at least).
and I get the impression that Square already has decent saturation in point of sale systems. Anyone that wasn't already vendor locked, or would have been cash only, is using Square already. Other the past year I've seen many leapfrog that straight to Venmo (haven't seen any vendors using Square's Cashapp personally). If you aren't in the system you're illiquid.
After 5 requests to support, I'm sure they don't want to communicate clearly for a deployment in Europe, and this is hence a no go to choose Stripe as a payment solution to develop stuff like modern POS software. What a pity, I like Stripe so much...
I guess an app somewhere (like on a phone or iPad) needs to be handed over to you to do that...? I really dislike PIN code backed payments, the whole touchless/contactless experience should be as fast as paying for the "tube" in London with an Oyster IMHO
PIN Pads have the underwriting bank's encryption keys injected into them at a secure facility, and these pads have anti-tamper features (think thin ribbon cables that tear when opened, contact sensors to detect case opening, heat and vibration sensors, all battery backed where if the battery dies the PIN Pad is toast).
PIN Debit transactions are less expensive to process since there is less risk, but it adds complexity (First Data has many different bank keyloads like Carlton 500, Wells 350, etc depending on the bank that is underwriting the chargeback risk for your account if your company folds).
Update: The new M2 version is not available at the Stripe store still.
Anyway, I hope they used a better quality plastic than Square, which gets scratched and dirty so easily.
Omnichannel commerce is a product of the Internet, and specifically an Internet that's capable of supporting commerce, because a business could not operate this way without it. Seen through that lens, Stripe is "increasing the GDP of the Internet" here.
Though, I admit, this is starting to stretch the limits of how much you can consider "the Internet" being a separate place.
On the other hand, being not in the US, swiping cards to read the actual magnetic stripe is really quaint and not something I do a lot of these days. And it would have been weird to name it for a minor/compatibility feature, I guess.
Besides the look, Stripe Reader works a bit differently—it can be docked on a counter or mounted on iPad/iPhone.
What types of features / compatibility are you looking for?