That said, we've seen a big spike in signups over the past few weeks. If any HN readers have integrated recently and have feedback, we're always eager to hear it. Feel free to email me at patrick@stripe.com and I'll route to the right team(s).
As always, thank you to the many HNers who are also active Stripe users!
1) Many countries still only allow depositing a single currency (i.e. Aus/AUD), doubling the cost of transaction due to the currency conversion, even tripling when we have to convert it back to pay our bills. I always get told either "soon", or "not possible due to the law", despite competitors doing it.
2) If we were an EU company, we'd get charged 1.4%+25c on transactions in the EU, where most of our customers are. Instead, because we're selling from Australia, we get charged 2.9% for some arbitrary reason. This coupled with 1) puts our all-in transaction fees at 5%+ :(
3) I think billing the vendor for refund fees is a really retrograde step - it increases friction in the decision for us when a customer asks for a refund, and industry wide is going to cause less happy customers and less card users online. It's already hard enough convincing Dutch/German customers to use a credit card online.
If any non-EU companies know a cheaper way to process transactions in the EU, I'm all ears...
On (1), we started an FX team this year. (There are a lot of legal complexities here around how the funds move, who has title to what at which moment, and so on.) But we're investing significantly in improving it and it should get better soon. On (2), the core issue is card network pricing rules -- by design, they discriminate on the basis of where the business is located. We happily extend EU fees to all EU legal entities, however, and would be happy to work with you to set that up. On (3), refunds aren't free for Stripe, and we were previously in a position where businesses with a lot of refunds were being subsidized by those who didn't. We want to give this margin away more sensibly.
Still, all the issues you bring up are real and I'd like us to find better solutions.
I understand they're not free, but I also understand Stripe does get a considerable portion back that they are no longer passing on?
Couldn't this just have been applied to the problematic businesses then rather than all?
In our analysis in making this change, we saw that this simply makes little difference for the vast majority of businesses. For example, if you're processing $100k/year and refund 5% of your payments (which would be on the high end of normal), it works out to about $12/month.
While refund rate of course is not definitively coupled to the quality of a business, we do see across our portfolio that it is strongly correlated. Given a basket of possible fees (for example, higher fees on Amex, which most other providers have), we prefer the fees that, on the margin, are least consequential for the businesses that are doing the best job of serving their customers.
Having said all of that, none of our pricing is cast in stone, and we always genuinely appreciate feedback, including contrary views.
Patrick, please don't do that. It's scummy maths and unworthy of you. Either "if you're doing $8k/month it work out to about $12/month" or "if you're doing $100k/year it would work out to about $145/year" would be better. Using different units for the two different figures to make them look further apart is the kind of thing done by people trying to mislead with data.
Most people think of those kinds of expenses in monthly terms, maybe you're not aware of that. This isn't a press release, it's someone's comment off the top of their head.