Well, today I learned Stripe does not refund fees when you issue a refund so guess we're moving completely to PayPal!
I wish I knew this like.....I dunno....two years ago! So much lost money. I guess it's my fault for not paying attention sooner. #entrepreneurlife
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Replying to @nomadicmatt
how did I not know this?
This seems very un-stripe-like, no? @patio11 ?1 reply 0 retweets 0 likes -
Replying to @joelrunyon @nomadicmatt
You might or might not get a refund of Stripe fees when you refund a transaction, depending on the terms in place when you signed up. We used to cover the costs here for users, and still do for early users for continuity, but they're material at scale and incentives are complex.
1 reply 0 retweets 4 likes -
Typical users selling things over the Internet have extremely low refund rates most of the time, so this is relatively immaterial, but there are some business models where free refunds encourage high refund rates. We decline to bear the risks/costs of those businesses for free.
1 reply 0 retweets 4 likes -
Imagine a business model with an explicit or explicit security deposit. They might take advantage of free transactions in and out to build up $1 million a month in deposits. That model represents substantial cost and risk to us. If refunds are free, you subsidize their business.
1 reply 0 retweets 1 like
(There are very reasonable businesses which have a feature which rhymes something like that, and some of them are supportable, but when asked whether we should be able to support them for free, well my catchphrase is not Charge Zero.)
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