BidSquid transaction system

Work on BidSquid has been going pretty steady. We’re aiming for a beta launch for next week. As of the time of writing this post, the first release of BidSquid  – the minimum viable product – is pretty much ready to be used by buyers and sellers. There is one major component that needs to be sorted out: the payment system. I’m in the process of setting up Stripe for payment.

Bottleneck

Using Stripe requires us to have a verified SSL certificate on our server, to ensure that our site is secure for our users. Having the SSL certificate we need requires that our business is a registered one. That’s something that we’re in the process of dealing with, but it’s kind of a bottleneck right now. Everything is relying on it in some way or another.

Complex

We’re going to be using Stripe Connect to connect payments between buyers and sellers. The only problem is that the sellers currently have to go through a complex signup form, requiring them to supply information that they might not even have, as an independent seller. This definitely doesn’t make sense for BidSquid’s model – We want to give our users the ability to place a listing within 30 seconds. Getting paid from our site shouldn’t be so tedious.

Compromise

Luckily, Stripe Connect has something called “Managed Accounts”. What this means is that basically Stripe gets out of the way and lets us do all the payment interaction with the buyers and sellers. The caveat being that BidSquid is liable for chargebacks and credit card disputes. Stripe also takes another 0.5% per transaction with Managed Accounts. It looks like that’s just how it’s going to have to be.

BidSquid should be efficient. That’s what we’re all about. I wouldn’t be happy with forcing our users to go through a tedious signup experience.


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