This article is crap. Won't tell us even what industry their startup is in... If I had to guess, it's for good reason: it's probably on Stripe's list of prohibited businesses. (And this isn't really a list Stripe created.. it's all from Visa and MasterCards card rules that Stripe is required to follow.)
Then they continue with: it also hides behind federal regulations like KYC (know your customer) and the Patriot Act as a justification for requesting more documents
Yes... those laws apply to Stripe. That's why Congress created those laws. No, stripe won't commit a felony for you or help you evade those laws.
Then he ends it with saying he works at a bank... and everyone should use a merchant account instead (everyone should use the product his employer sells.. no issues there).
Hey guess what: all of those laws you mentioned and prohibited businesses... those apply to EVERY merchant account whether it's at a bank or Stripe.
I'm guessing this is his first merchant account, and he didn't read the contract (if the startup exists at all). For those of you in a similar situation, here's my advice (and not just for Stripe): read the contract and abide by the rules. If you can't, don't have your customers deposit thousands of dollars into it, and then violate your contract.
Then they continue with: it also hides behind federal regulations like KYC (know your customer) and the Patriot Act as a justification for requesting more documents
Yes... those laws apply to Stripe. That's why Congress created those laws. No, stripe won't commit a felony for you or help you evade those laws.
Then he ends it with saying he works at a bank... and everyone should use a merchant account instead (everyone should use the product his employer sells.. no issues there).
Hey guess what: all of those laws you mentioned and prohibited businesses... those apply to EVERY merchant account whether it's at a bank or Stripe.
I'm guessing this is his first merchant account, and he didn't read the contract (if the startup exists at all). For those of you in a similar situation, here's my advice (and not just for Stripe): read the contract and abide by the rules. If you can't, don't have your customers deposit thousands of dollars into it, and then violate your contract.