I've been growing StatusGator for more than 6 years and recently crossed $8,000 MRR. Until today, I had been very happy with Stripe. It truly is the fastest and most convenient way for developers to get going with payment processing. I have passionately advocated for Stripe at every start up I've consulted for. It really cannot be beat.
But after opening a new Stripe account for a new SaaS product I haven't yet launched, my account was closed unceremoniously. I am disillusioned and left with zero recourse after this confusing email:
Stripe is unable to support businesses with a dispute rate consistently above 1%. The elevated level of disputes on your account(s) has led us to hold a percentage of your incoming funds as a reserve. The reserved funds will help cover any disputes or refunds on your account.
This new account opened had not even started yet. I haven't even finished building the product. I have zero payments and therefore zero disputes. Surely, this was a mistake. I reached out to Stripe support. Their response was to close my account entirely:
After reviewing your business and account information, we've found that your business presents a higher level of risk than we're able to work with.
Now I'm stuck with two questions:
To be clear, Stripe closed an account I had just opened for a product I haven't even launched yet. The account has zero payments and zero disputes. My other account for my successful product has 6 years of history and not a single dispute ever.
What alternatives do I have? I'd like to a.) get my new product launched on a platform that will have me. And I'd also like to b.) move StatusGator off of Stripe. The risk of my rapidly growing business shutting down is just too great.
Does anyone have any experiencing navigating the robotic machinery that is Stripe's dark side? Has anyone successfully moved to an alternative that is as developer-friendly and easy to get going as Stripe?