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 we spoke to a woman who operates a portrait studio in Tacoma, Washington, and she has never had a chargeback. matched

That's the industry term for a disputed transaction. matched

She's never had one in three years processing with Square. matched

But because she's one of these businesses where there is a lag between when she books a payment and when she actually does the photo shoot, matched

She may have been swept up in this campaign by Square to protect itself from potential refund requests down the line. matched

So some of these policies are more overly conservative and hit more businesses than those that have been affected so far. matched

But it's what these companies are trying to do to protect themselves from losses in the future that they don't even know will happen yet. matched

Right. matched

So over the past, you know, 10 or 20 years, some of these newer technology companies, we've talked about a lot of them, PayPal, Square, Stripe, they've enabled a lot of businesses to operate on the internet that just previously weren't able to. matched

So for PayPal, in the early days, it was people selling stuff on eBay, you know, for Square, less on the internet, more your person that sells stuff at the farmer's market, the flea market. matched

So these are industries and companies that didn't typically have like a huge amount of refund requests. matched

And in normal times, this isn't a big issue. matched

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

So it's for a lot of people, their first introduction to, you know, this thing called, again, a chargeback, which sounds kind of wonky, but could end up being very expensive for the businesses and processors. matched

They respond by saying, we are here to ensure that refunds get processed and get back to the ultimate end consumer. matched

So we need to do these things to ensure that that happens. matched

Because what you don't want to do is, again, let's say there's a case where there's a ticket vendor and they're selling tickets to concerts that all get canceled. matched

Those consumers want refunds, but the ticket operator goes out of business because it just runs out of cash in the coronavirus pandemic. matched

That puts the payment processor in a tricky situation because they don't have the money on hand to cover every single purchase that they've processed. matched

Potentially, that's just not in the business model. matched

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