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Learn from my lesson, don't take your pre seed through stripe = Account Closure

23 points by pureyang ↗ HN
we have a real product (thanks claude) and dozen users signedup still using up their free credits. setup payments because it was so easy, then decided to use their atlas product to incorporate and take a single 6 figure pre-seed funding thru stripe invoice (yes stupid, but we are early). Rest of payments are all free coupon payments for testing purposes. Stripe accepted the pre-seed payment, 3 days ago connected to mercury to send it there and just now closed my account and holding funds for 120 days (oct 5th). Got rejected 2x with an automated message after they asked for clarification.

1 invoice payment 0 real transactions 0 refunds 0 chargebacks

stripe gets to collect 500-800$ of interest on my account in the meantime

FML

6 comments

[ 85.8 ms ] story [ 200 ms ] thread
ThePowerOfFuet
So you take a six figure sum as your first transaction and wonder why this happens?

Who puts that sort of thing on a credit card instead of wiring it to you? Why would you want to give up Stripe's cut?

None of this makes any sense.

metalman
certified cheque or bank transfer puts everything in the hands of adult profesionals working with established procedures, rules, and laws. It is amazingly relaxing knowing the simple formalities are as good a guarantee of success as anything in existance. ie: this works everytime, unless something realy realy horrible of fluky happens, and then THEY FIX IT, and all you have to do is nod your head and say your please and thank you's
Normal_gaussian
Whoever is giving a six figure pre-seed to a tech startup and doesn't know this is a bad idea is probably quite out of their depth with the investment.

This does smell of an attempt to avoid AML checks.

Scaled
Transaction fee is going to be what... $3,000+? Instead of a $30~$50 wire fee.

That said, I'm sorry you lost the account. As a heads up they often hold the money six months so if you're in a cash crunch you might want them to chargeback and pay via wire.

kotaKat
There's even easier ways to get a Stripe account closed.

https://help.ko-fi.com/hc/en-us/articles/360007522474-Connec...

I did this and was immediately closed for "crowdfunding" by Stripe :)

Lovely company. Paypal dumped me with no explanation, and Stripe tells me to just straight fuck off and now I'm disconnected from accepting most payments. Glad it wasn't my livelihood or anything :)