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 · Rush of Refund Requests Slows Cash Flow to Consumers · 15 Jun 2020 podcast

So because of that, they are being more conservative on stances around accepting payments than they would be in normal times. matched

Absolutely it is. matched

This usually happens with businesses where there's some lag between payment and delivery. matched

So if I'm going to a donut shop and I buy donuts and eat them, I can't really request a refund. matched

Most people wouldn't even accept that because I got what I paid for. matched

But if I'm buying a plane ticket... matched

and I buy it in February and I want to take the trip in June and I haven't taken it yet, that's where things get a little tricky. matched

So some of the things that payment firms want to do is institute what's called a hold or a reserve. matched

So say, hey, we used to give you your money every day or every two days. matched

Now we're going to hold it for two weeks or even a couple months. matched

Sometimes it's saying we're going to hold a portion of those sales for even longer, maybe three months, four months. matched

And for businesses that are facing a cash crunch right now that are having lower sales, that are having to increase costs to spend on things like PPE for their workers, it's really not a welcome announcement to hear, oh, by the way, my payment processor is going to be holding 30% of my money for four months. matched

Right. matched

So there's the customer of the business itself, and then there's that business, which is a customer of Square and Stripe. matched

So that business's customer is seeking a refund because they're not being able to take that trip. matched

So a good business will refund that customer, but that business is also a customer of these payment processors. matched

And these three parties are not always aligned, and one policy change that is trying to protect one party might harm another. matched

So there's this kind of tug-of-war going on between... matched

many of these different industries. matched

And I should say that some of these restrictions are also falling on businesses that don't have any refund requests yet or don't have any chargebacks. matched

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