In one scenario, merchants apply for processing with Stripe and are informed that they are approved and ready to go.After processing one or more transactions, these merchants find that their payments have been frozen and their accounts cancelled due to their business’s engagement in prohibited activities of some kind.
Stripe is similar to Braintree Payment Solutions in that it does not charge any setup fees, monthly fees or monthly minimum charges.
Interestingly, the company has also received investment capital from the founders of another competitor, Pay Pal.
The company has seen a large increase in complaints since our last update, but its overall complaint volume remains low for its size.
Stripe’s transparent pricing model and simplicity appear to satisfy the majority of its clients, but its reserve policy, cancellation policy, and customer support are responsible for most of the company’s complaints.
Founded in 2010, Stripe (stripe.com) is a web application that allows merchants to accept credit card payments through their websites.
The service is particularly tailored to merchants with web development skills who want to customize it according to their specific payment needs, and its capabilities include billing on a recurring basis, accepting bitcoin, and facilitating payments on marketplace-style platforms.
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The company has had 417 complaints filed in the past three years, with 193 of those related to the product or service, 118 due to billing and collection, 18 having to do with delivery problems, and 79 related to advertising issues.
Seventy-five of these complaints were successfully resolved with assistance, while 342 complaints either were not resolved to the merchant’s satisfaction or did not receive a final response from the merchant.