Stripe For Vice Payments

A payment processing platform similar to Stripe but specifically serving businesses that are typically restricted by traditional payment processors. The business targets companies explicitly forbidden in Stripe's terms of service.

Key Points:

• Target Market:

  • Cannabis companies
  • Crypto businesses
  • Adult content
  • Get-rich-quick schemes
  • Mugshot publication websites
  • Other businesses restricted by traditional payment processors

• Business Strategy:

  • Identify restricted categories in Stripe's terms of service
  • Use this as a prospecting list for potential clients
  • Cold email these businesses directly
  • Partner with small banks willing to process these transactions
    • Found success with a Canadian bank charging monthly fees

• Competitive Advantage:

  • Large payment processors can't enter this space due to:
    • Banking partner relationships
    • Core business risks
    • Terms and conditions restrictions
  • Creates natural moat against big competitors

• Revenue Generation:

  • Reached $400,000 monthly revenue within 60 days
  • Primary customers were online dispensaries and cannabis companies

• Infrastructure:

  • Initially approached Galileo and Synapse (declined)
  • Found success with smaller local Canadian bank
  • Bank charges monthly fee for processing services