Product Development June 30, 2020

Stripe declined my website saying its high risk, even though it serves competitors offering EXACTLY the same

Max20

Whats the best route to go here? Stripe send me the usual email 2 days after sign up saying my website is too high risk and I need to find another payment provider. I submitted my card for verification and I hope to get at least an answer.

I found a competitor offering exactly the same service in the same niche that uses stripe without any issues, what can I do here? I am from central Europe and not a country thats high risk.

I really feel thats unfair and a distortion of competition when stripe decides which business is allowed on the market and which isn't.

  1. 2

    Stripe, like all financial companies end up adhering to this practice. They are forced to.

    I even have this problem with hosting providers. For non risky businesses.

    I do not have any issues with stripe. Maybe tell me more about your "service" and how you described it when signing up. I also have what I think is a trick to lower the alarms..

    1. 1

      Would you mind explaining your trick?

  2. 1

    Try with Paddle instead

  3. 1

    Yes this is unfortunately common practice with payment gateway that will freeze / take control of your funds. Please consider accepting bitcoin payments. With bitcoin you have full control of your money and its also truly international.
    PS: I am a founder of a bitcoin payment gateway. Feel free to ping me if you need any further information in this regard

    1. 1

      I'm all for Bitcoin - really - but moving around funds that have originated in cryptocurrencies is even harder. Don't be surprised when banks refuse to handle or process any of your funds. Bitcoin is nothing close to a panacea.

      1. 1

        Yes some banks have a problem. However, it is easy to just pay your bills/make purchase with bitcoin without ever converting to cash. Example we have https://yestobitcoins.com/ in Canada, how can pay credit card bills/electricity/gift cards etc

  4. 1

    It would be helpful if you shared your product idea (specifics) or a link to the competitor you've found. Then people could speculate what might have been the reason for your rejection.