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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 10 Sep 2019
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      This often hits young entrepreneurs, ones recovering from business or personal setbacks, and entrepreneurs who only recently immigrated to the US.

      2 replies 0 retweets 13 likes
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    2. Patrick McKenzie‏ @patio11 10 Sep 2019
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      Thus, the Stripe Corporate Card. It's an actual corporate charge card, issued to your business. No personal guarantee required. No personal credit check.

      2 replies 2 retweets 31 likes
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    3. Patrick McKenzie‏ @patio11 10 Sep 2019
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      "So how do you underwrite it, then?" A bit of secret sauce, as you'd imagine, but in the case where your business processes revenue on Stripe, we can make some pretty informed guesses on whether you have non-zero revenue. That is a hard thing for banks to know. Really.

      1 reply 2 retweets 37 likes
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    4. Patrick McKenzie‏ @patio11 10 Sep 2019
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      We also have an option where you can Plaid into your business bank account, and then we math out how much credit we can extend that business, based on demonstrated cash flows.

      1 reply 2 retweets 26 likes
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    5. Patrick McKenzie‏ @patio11 10 Sep 2019
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      As much as I love credit card rewards and maximizing for them, this is *almost never* the best use of founder brainsweat. You should be building things or talking to customers. So we made the card optimize itself rather than having a complicated point system.

      2 replies 1 retweet 26 likes
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    6. Patrick McKenzie‏ @patio11 10 Sep 2019
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      It picks your top two categories monthly and rewards 2% cash back; everything else gets 1%. You can have any reward you want, as long as it is an automatically applied statement credit.

      2 replies 0 retweets 26 likes
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    7. Patrick McKenzie‏ @patio11 10 Sep 2019
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      To sweeten the deal, we added a fee waiver for $50k of Stripe processing volume (after you spend $5k on the card), and a number of other startup-supporting companies threw something into the pot.

      2 replies 0 retweets 13 likes
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    8. Patrick McKenzie‏ @patio11 10 Sep 2019
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      This prominently includes AWS, which will give you $5k of credits if you sign up for the card. If you use AWS, this is a *screamingly* good deal. (Their standard promotional terms apply, including eventual expiry. c.f. https://aws.amazon.com/awscredits/ )

      1 reply 1 retweet 23 likes
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    9. Patrick McKenzie‏ @patio11 10 Sep 2019
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      There are also some niceties about having your logo on it, expense management (including a very slick SMS-powered interface), virtual cards, etc etc, but the above is what was most interesting to me personally.

      1 reply 0 retweets 10 likes
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    10. Patrick McKenzie‏ @patio11 10 Sep 2019
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      The Corporate Card, and our Capital launch earlier , are just a few of the ways that we hope to start fixing business' money challenges in addition to handling revenue. If you've got ideas for things that would help you, let us know.

      3 replies 1 retweet 26 likes
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      Patrick McKenzie‏ @patio11 10 Sep 2019
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      (In case you didn't see it yet: Stripe Capital: https://stripe.com/capital  )

      11:13 AM - 10 Sep 2019
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      • Ran Reichman Brandon Dail c9n Jane Portman Shane Mc Allister Meet Alex Wellman 🚡 Jackson Bubala Rishab Hegde
      0 replies 0 retweets 22 likes

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