1) Stripe cut our account overnight, without pre-warning
2) They never explained it properly, we only received template responses
3) They refuse to transfer our payment profiles to another payment processor. With that, they go against what they state on their website, and according to our understanding also against the law (e.g., GDPR), counting on you not suing them.
Here's the full story:
Stripe cut access to our account suddenly, without any pre-warning. Therefore, we weren’t able to process our clients' payments anymore, causing us loss of significant revenues, and upset clients. We never found out why they did that. They only sent templates stating that we’re “too risky” for them. We asked them why – we never got any more detailed information.
When telling others about this case, we learned that this isn’t unusual at all. Stripe seems to accept clients very quickly, and down the road, when you’re invested in them, they cut you access and don’t care about losses you have.
"We believe that our customers should own the sensitive data they entrust to Stripe, and we work hard to ensure your access to this data—even if you’re moving elsewhere. If you decide to leave Stripe for another payment processor, we’ll work with your new processor’s team to securely transfer your credit card data."
But they don’t do that, they refuse any transfer of data. Why? Again, we only got the response because it’s “too risky” for them. Maybe processing of those payments is risky, but why should it be risky to transfer them to another provider? We asked, no response.
Cutting our account is one thing, but not allowing us to transfer the client payment profiles is a different level. It goes against what they state on their website, and according to our understanding also against the law (including GDPR). It seems they count on you not suing them.
What’s especially frustrating is that they give you the feeling that they never want to sort it out. Maybe there were real issues with our account, who knows? But in the manner they deal with it, they unequivocally make clear: you’re unimportant, we don’t need to spend time on your case, and explain properly what’s going on. It’s utterly disrespectful.
You have been warned. If you still pick them, and the same happens to you, you cannot complain.
P.S.: This isn’t an anonymous review. We are Inisev Ltd., a company incorporated in Malta, and stand by every word we say.