Re:Show HN: Rentify – Create an online rental store
by chris140957 on Saturday September 26, 2020 @10:22AM
(#24599064)
Another user has raised this point, and it seems totally valid. I think I need to add the ability to put a holding deposit on a customers card, and probably also update the terms of service...
Re:Show HN: Rentify – Create an online rental store
by derwiki on Saturday September 26, 2020 @10:29AM
(#24599103)
At a minimum! Like I said, the deposit is meaningless if it’s a stolen card.
Anecdotally, our fraud attempts dropped drastically when we blocked pre-paid credit cards. I’m sure we lost some legitimate business, but when weighing a 10% cut of a rental fee against replacing a stolen item, the math worked out.
Re:Show HN: Rentify – Create an online rental store
by chris140957 on Saturday September 26, 2020 @10:35AM
(#24599152)
Have started reading the stripe radar docs...
Any plans to help with fraud? This looks like voluntary parting, so most insurance companies won’t help with theft.
If you hold a deposit and it ends up being a stolen card, you have to refund the money. Or Stripe will take it back when the card owner reports the fraudulent charge.
Some advice:
- take more than 10%, account for some of that money going to fraud cleanup
- if it’s an item you don’t want to have to replace, do as many anti-fraud checks as you can. Four years ago Stripe wasn’t enough: a combination of Stripe/Sift Science/in-house heuristics made the problem easier
- make sure you have proper legal protections in place. If a rental shop gets hit big with fraud, it’s not unlikely that they’ll sue you
I know these seem like problems to solve for way in the future, but I started seeing fraudulent attempts almost as soon as I started seeing rentals.
Good luck!