Peter Rudegeair

speaker

756 appearances 12 recordings 1 series first heard Nov 2017 last heard May 2021

Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · New Rules, Later Deadline for Small-Business Loan Program · 8 Jul 2020 podcast

There was.

There was about 170,000 loans worth $38 billion that were returned to the SBA.

And that had to do with a rule change the administration made, again, after this outcry that big public companies were getting these loans before.

It was kind of on the honor system.

You just had to say that,

there's economic uncertainty created by the coronavirus, so I need this loan.

WSJ Your Money Briefing · Rush of Refund Requests Slows Cash Flow to Consumers · 15 Jun 2020 podcast

Now what you're seeing is you have so many millions more people selling stuff online, selling stuff in farmers markets that never had to deal with, you know, refund requests of this magnitude before. matched

You have things like people being reluctant to spend cash because they might be worried about getting the virus from a dollar bill and wanting to use their credit card more to people, you know, canceling longstanding things they had booked with their credit card online. matched

So think plane tickets, think cruise lines, concerts, stuff that people might never have thought they knew how to figure out how to do, like get a refund for a concert ticket they're now having to navigate. matched

We've heard from some analysts and consulting firms that there's been a doubling or a tripling of the number of refund requests that different credit card companies are receiving. matched

In normal times, we hear about 0.05% of all transactions are disputed. matched

And now in some industries, think travel, those disputes have risen to 40% of all transactions at times. matched

So a company might use Square, PayPal, Stripe, one of these companies, to accept credit card payments. matched

The flow of the money is I'm the customer, I swipe my credit card. matched

It goes through my bank that issues the credit card, the money through a Visa or MasterCard network to a company like Square or PayPal who distributes the money to the merchants that use them. matched

If there's a refund request, sometimes PayPal and Square or Stripe, they have to go to that merchant. matched

Sometimes that merchant might not be around if there's an economic downturn like there is at the moment. matched

Sometimes those merchants don't have enough money on hand to handle the refunds because of their other costs going up. matched

So as a middleman, Square, PayPal, and Stripe have to negotiate those refund requests and make sure there is enough cash to support the number of refunds among the merchants it serves. matched

And if there isn't, sometimes they have to step in and foot the bill. matched

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