Claplist 1 – Stripe
Where does one start with a company so corrupt?
Several months ago I took Stripe to the small claims court on behalf of KungFuture (a charity for which I am a trustee), they settled and I dropped the case.
In a nutshell, here’s happened:
- KungFuture was using Stripe to take donations through its website.
- Many fraudulent card attempts appeared on the charity’s Stripe account.
- Stripe did nothing about the repeated fraudulent transactions and simply kept reversing the transactions and charging us a £5 fee every time.
- At no point were we ever made aware of any fees being charged to the account. This happened behind the scenes and although we were made aware of the transactions being reversed, we were certainly not made aware that we were being charged for it.
- There were over 100 fraudulent attempts on the account.
- Despite many of the fraudulent attempts going through and being reversed, Stripe did not block those specific cards, neither did the owners of those cards order new cards, nor did the credit card companies replace those cards or put a bar on them… I find this all very difficult to believe/understand.
My theory is that Stripe is behind all of this. I would wager this wasn’t a coincidence or a one-off.
That being said, the situation with KungFuture is not the reason I’m adding this shambolic company to my #CLAPLIST…
The reason I wish to applaud these idiots is as follows:
- Stripe suspended my account recently without any justification whatsoever. They sent me an email which accused me of having purchased or sold “virtual currencies”.
- Disclaimer: #SITES offers crypto services as shown here, we also accept cryptocurrencies as a form of payment. These cryptocurrencies are then held in digital wallets, and when I feel the time is right, they are transferred through an exchange to GBP.
- Neither myself nor my company have ever used Stripe to purchase or sell cryptocurrencies. There is simply no need, given that we would use a crypto exchange for this at a profit to us, rather than at a fiat market rate with a gateway fee.
- There is one transaction on our Stripe account which has the reference “Bitcoin” (for Bitcoin-related services)… which is probably what triggered the situation, however this reference surely cannot justify the suspension of an account…
- Stripe accepts Bitcoin and despite deprecating the service and planning to remove it completely, users are still transferring Bitcoin between Stripe accounts right now.
So, Stripe, I applaud your stupidity. Your prohibited businesses page says that you prohibit “virtual currency that can be monetized, resold, or converted to physical or digital products and services or otherwise exit the virtual world (e.g., Bitcoin)”, and yet between 2015 and the upcoming removal of the service, you are accepting the transfer of Bitcoin through your gateway…