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Refusal from Stripe API halted App Development

  • Post published:November 12, 2015


Team span: November 2015 to November 2015
Duration: 8 Days
Technology: PHP 5.6/MySQL, Laravel 5, Stripe API
Development Manager: Saadat Ali
Engineer: Naeem Mushtaq
Reason for closure: Stripe API refused to provide merchant account

vteam #603 was set up to work on its customer’s unique idea of creating money pools among friends and relatives to help each others’ financial needs. The web based application had to be developed by using Laravel 5 and Stripe financial API.

Landing Page & User Module:

Our developer Naeem Mushtaq started developing the first milestone – landing page of the application using one page scroll theme. Additionally, he implemented User module including member sign-up, login and basic Dashboard. Client appreciated this first deliverable which was completed 1 day earlier than the promised estimate.

Merchant Account Request from Stripe:

Client was fully involved in requirements clarification and required resources to provide activities for the project to ensure its successful completion. The financial side of the application was to be implemented through Stripe API. The API was considered as the backbone of this application. Using Stripe API, client had to sign-up for a merchant account with

A merchant account was requested from Stripe by our client. Stripe support then requested him to provide information on business model. The required information was provided and then Stripe reviewed the business model information. After review, they refused to provide a merchant account by stating the following reason:

We do not support any business model which involves Money Borrowing or Lending.


As Stripe API was the backbone of the application which resulted in a technical deadlock, hence halted the development and led to the closure of vteam #603. Client evaluated few other alternatives but it was of no use, so on account of no merchant supporting his business model, he was forced to close the team.