Introduction
One of the most important things that you should know about stripe is that, it evaluates the risk of existing and new business on regular basis and will take various actions, like asking for more information, additional licenses, then setting a reserve or closing an account, especially if stripe thinks that the risk of supporting your business is too high. Before we delve deep into knowing risk, you can also check here more on, high risk payment processors shopify & know more. Another important thing, that you ought to know is that, Stripe takes into consideration multiple factors, especially when determining the level of risk linked with other business.
Level of Risk
It mainly comprises of the industry that you are involved in, & how far in advance your products or services are being sold, reputation and also, history of your products. Besides all of that, the level of risk linked with any business most of the time comes down to the possibility of losses through either dispute or fraud, so it is important that you read the T&C of Stripe, before opening an account in Stripe. There are many things that stripe takes into consideration, when people link with them to open an account. Let’s look at it.
What Stripe Considers
The first and the foremost thing, that Stripe will take into account is the statement descriptor & the descriptions of your product and services – which should be accurate and clear. This will reduce the customer confusion and will also, prevent unnecessary disputes arising out of mistakes. It is also important to know that, Stripe will check whether you have given any clear information to your customer about issues, which can increase the risk of disputes – like how to contact your business & other policies like refund and calculations, and delivery policies & also, details about any complimentary trials that are being offered.
Meeting the Standards
Next thing, that the stripe will see is that, whether your website meets the card network standard. It is also suggested that, you check the Stripe’s website checklist to make sure that your website meets with the requirements. Another thing, that you ought to know is that, Stripe API is well-organized around REST. Their API has got a predictable resource-oriented URLs & it accepts form encoded requests bodies, & returns JSON encoded responses & uses standard HTTP response codes, authentication and verbs. Besides all of that, you can use Stripe API in test mode, which doesn’t affect your live data or interferes with the banking networks. Plus, the API key that you authenticate the request will identify whether the request is a test mode or a live mode. The bulk updates are not supported by Stripe.
