Clean Break Group is a short-term rental and property management business in Bath.
Cash flow One of the biggest challenges to starting and/or scaling a business is cash flow. Truthfully, cash flow is the lifeblood of any business at any stage of growth. (LinkedIn https://www.linkedin.com/pulse/new-report-reveals-why-small-businesses-struggle-cash-amy-crawford/)
So HOW can big businesses like STRIPE https://stripe.com/gb justify withholding 25% of revenue from small businesses?
Jamie Miller, CEO Clean Break Group:
Stripe conducted a review of our account in June 23 and decided we were at high risk of disputes. Disputes being where guests claim fraud against their card, normally because someone has booked the accommodation with a stolen card. True, it happens but the total cost of disputes across our 4 years of trading has been less than £1500.
As a result of the review, they have decided to retain 25% of all revenue on a 90 day rolling basis. Crippling to any business!
Stripe are unwilling/unable to share any details of the report that may help us reduce the level of risk. They point us to a generic list of criteria that may cause a high-risk status, none of which apply to us.
The reviews are conducted every 6 months and there is no option for recourse or appeal. They have a chat service but no option to call despite claiming that they do (call option is always greyed out and non selectable on the contact tab).
I have emailed many, many times to try and appeal but I am always met with the same binary computer says no response.
The current situation is completely unsustainable and threatens the viability of our business.
We are appealing for other businesses in our situation to come forward and join with us to force legislation to stop this crippling practice. It's time to stand up to the bullies who hide behind chat bots and automated email responses.
jamie@millereanespropertysolution.kinsta.cloud
polly@fiero.uk
by dev
