CT article re hassles of being a retailer

[MichaelB]

A really interesting article from CT discussing several hidden issues with Josh at Silca re fraud, fees and online sales.

Many things I didn’t really think about, especially the fraud returns part.

Also highlights how much the little guys are shafted by the banks !

https://cyclingtips.com/2022/07/intervi ... t-returns/

[trailgumby]

A really interesting article from CT discussing several hidden issues with Josh at Silca re fraud, fees and online sales.

Many things I didn’t really think about, especially the fraud returns part.

Also highlights how much the little guys are shafted by the banks !

https://cyclingtips.com/2022/07/intervi ... t-returns/

No need to talk to me about the banks. Having worked for the market leader for about 10 years and seeing how they treat their own employees, let alone their external customers, was eye-opening. After two of my colleagues were shafted, then bullied when they raised a dispute, I immediately refinanced all my investment loans to a different bank as I could not afford to have income continuity risk *and* $600k of working capital in the form of redraw at risk with the same entity.

As it turned out, that was prescient: about a year after my colleagues were poorly treated, after being off work for two weeks following a near-fatal pulmonary embolism, a week after my return they made me redundant. I've since landed on my feet, and with a nice pay rise, but the certificate from my doctor saying I was able to return to work certainly did not have that scenario in mind.

They could very easily mitigate a lot of wire fraud simply by authenticating BSB and account numbers against the account name, but refuse to do so, crying poor about the money it would cost to upgrade their systems. While making billions in profits each year, they have no interest in improving their protection of customers' nest eggs.

[AUbicycles]

Thanks for sharing, a reslly good read to see how amazon, credit card fees and returns work for brands and the cost and the pain of internet trolls.

On this topic, I feel this forum handles troll well in that topics can be raised but we are generally good in stopping pure trolls.

The approach of a brand responding is something we support…. But there are also businesses who are ‘the bad actor’ and threaten to sue me, the site and everyone they can… that is tough to deal with.

[MichaelB]

Agree.

Like the Bank Royal Commission, the results weren't surprising, more disappointing (to say the least).

My sister used to work for Westpac many moons ago, and the bigger the individual/corporation is, the easier is to access money. A classic example was when an individual involved in the 83 Cup and initials are the 1st two letter of the alphabet was able to secure millsions just by providing a "Letter of Comfort", whilst mere mortals need to jump through hoops was crazy.

Whilst owning a small business can be very rewarding, it's inside tales of reality that make being a salaried employer MUCH more appealing ....