I used to use Stripe to process payments. One day someone bought a huge item with a stolen card.
Stripe sent me an email saying the payment had been “processed”, so I gave them the $3000 item. I later logged in and noticed “processed” meant “processing”, and the stolen card bounced at the bank a week later. They refused to take responsibility for sending me an email that clearly said the payment had been fully processed when it in fact had not been, allowing the item to be stolen.
Stripe support mocked me. They refused to cover the money and I never used them again. The only redeeming factor was it logged their IP address in the card logs, so I gave it to the police and they caught someone who had stolen hundreds of other items (but still no recuperation of lost funds for me).
I only use PayPal now. Never had an issue with PayPal, and they have always fully insured all transfers. No confusing transaction states that offload responsibility as a payment processor. None of this “we take a huge cut, but actually grant you no protection” garbage.
I worked for a company that went bankrupt due to sudden massive fraud using stolen credit cards on PayPal, that all went to chargeback which also inflicted a $20/chargeback fee from PayPal. They were something like $6000 in debt to PayPal in chargebacks and fees when they just folded.
PayPal does not protect you from stolen cards, at least they'd didn't back then (5 years ago maybe?)
Stripe sent me an email saying the payment had been “processed”, so I gave them the $3000 item. I later logged in and noticed “processed” meant “processing”, and the stolen card bounced at the bank a week later. They refused to take responsibility for sending me an email that clearly said the payment had been fully processed when it in fact had not been, allowing the item to be stolen.
Stripe support mocked me. They refused to cover the money and I never used them again. The only redeeming factor was it logged their IP address in the card logs, so I gave it to the police and they caught someone who had stolen hundreds of other items (but still no recuperation of lost funds for me).
I only use PayPal now. Never had an issue with PayPal, and they have always fully insured all transfers. No confusing transaction states that offload responsibility as a payment processor. None of this “we take a huge cut, but actually grant you no protection” garbage.