Tell HN: Stripe Destroyed My Business

9 points

5 years ago

We were Stripe Connect Platform: growmify.com and had a 100k-150k daily revenue (not transactions, pure revenue) Suddenly, on Friday, Stripe emailed saying they are blocking our account because some companies under our portfolio violating TOS. They could simply block those accounts. Then we appealed to decision, basically people who are violating TOS were selling products that are restricted on some states and we already hired people and built checks to manage risk, decline transactions from those areas

We had 200 companies working with us and due to Stripe, not only us but all other 200 companies has been closed.

After 2 weeks of review, they simply blocked our platform, even though we asked we are advertising platform, we don't have to work with those sellers, we can simply build filter to block them

We tried many times to explain whatever is the issue can be fixed from our side but they just stuck to their decision

This is ridiculous, they have this much money in their hand, and instead of fixing core problems like this, they are celebrating increasing checkout conversion by 0.01% With this much money under your access, you should have been able to fix those issues

Also I have other friends whose business has been closed the exact same way and many of their businesses failed only but only due to Stripe

For reference: https://www.trustpilot.com/review/stripe.com?stars=1

I can't believe that developers out there actually like stripe, this company destroying businesses, only reason you didn't have this experience because your business was small

If anyone from Stripe reading this, please fix your platform, we are not doing anything wrong, we built everything and anything possible to comply with your restrictions

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