Ask HN: Stripe is asking for bank statements to check financial health
Isn’t stripes job to simply process payments? What kind of liability would stripe need to account for any merchant processing 1$ on its behalf?
Isn’t stripes job to simply process payments? What kind of liability would stripe need to account for any merchant processing 1$ on its behalf?
There are lots of different places credit is extended between counterparties in the credit card processing flow.
The most obvious one for processor to merchant is chargebacks. The window fo those can be up to 6 months.
Bank statements might also be used for fraud prevention and kyc requirements.
Disclaimer: I used to work at stripe but not in this area and I don’t know the specifics of why Stripe is asking for these documents.
Don't use stripe. It's none of their business and they already have a bad reputation.