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KYC integration w/Stripe


jwhm

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We had a ticket about this and I do not know what you mean by Stripe 2FA. I haven't seen anything from Stripe regarding them needing KYC either. We are bringing in KYC options relatively soon but I've not heard anything about this.

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I have a Stripe account executive that we pay for, and they bring us news before the formal releases, they’ve let us know that KYC is going to become a requirement soon with high risk industries such as “Web hosting”, and other “digital services”, requiring 2FA and KYC soon to lower disputes and fraud within this industry. 

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I understand they want to reduce disputes down. Where have you heard that this is happening from January? KYC is an extremely broad term so I'd want to see some more specific information from them about what they are actually saying. I run several hosting businesses with significant monthly Stripe spend and this is news to me.

 

 

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Yeah but that could be anything from checking their email is valid, to doing address verification - all the way through to having them do a passport verification with a third party (which can be expensive). We already do the first two and are likely to integrate the last option but you'll have to add in your third party details as we can't cover the cost of verifications and it's frankly prohibitive for many hosting businesses.

I'm sure Stripe flag issues with customers based on their dispute rates, but I can't see them doing anything wholesale. They also have excellent fraud prevention tools (e.g. Radar), and could quite easily add in things to solve this on their end like forcing 3dsecure.

 

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  • 1 month later...
5 minutes ago, Adrien said:

Thank you Seb. Do you confirm Stripe plans on getting tougher with web hosting businesses? Or business as usual if we are compliant?

Btw, I'm new to Upmind and I love it. You've really made a great product.

In the U.K yes, we’ve had a convo with stripe about it, and they want us to crack down on verification etc as hosting is high risk in their eyes. 

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I think in general they are going to get much hotter on things like dispute rates, though we haven't heard anything specific

But from our perspective, the more surity we can help you get on customers the better, so long as it doesn't cause them excess burden or reduce conversion rates.

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2 hours ago, Seb said:

I think in general they are going to get much hotter on things like dispute rates, though we haven't heard anything specific

But from our perspective, the more surity we can help you get on customers the better, so long as it doesn't cause them excess burden or reduce conversion rates.

We really need a way of verifying customers ASAP, I have had three disputes in the last 6 month period I couldn't prove they were legitimate customers to the customers bank.

Their excuse has been "fraud" which if we had KYC wouldn't be a issue, I could provide proof! 

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  • 3 weeks later...

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