Archive for the ‘customer service’ Category

Photo Courtesy: Google Images

Photo Courtesy: Google Images

Before you continue reading the whole post, I have a confession to make. I have become a victim of an investment scam (Aman Futures, 2012). It was year 2012 when a big fraction of my savings bid farewell in my pocket and down the drain to perish forever. Like most of the so called “investing people” that time, we all felt depressed and confused. But that nasty scar brought a gargantuan learning experience. I vowed to myself to not let it happen again. I subjected myself to self-imposed research, sought attendance in financial seminars and read and read to learn stuffs I never thought existed. I realized if people only knew what I know today, we all could have made wise investment decision. I hope this post will help provide guidance to you and the people you love.

Many people confuse investment with business or deliberately use them interchangeably. The truth is they are alike but are not the same. In Robert Kiyosaki’s Rich Dad, Poor Dad book series, it is a continuous theme and pronouncement that an investment is money you put into something that has the potential of getting a return. If you purchased something but has no potential gain/profit then it is not an investment. For example, you buy a new house and call it an investment. If you do not plan to have it rented or sell it in the future for a higher value; it must not be defined an investment.

Investment could mean a lot in many people. Some attach emotions to it which will make it wide of the mark. I know someone who buys a new car and say that it is an investment for himself. This isn’t an investment! You call it an ego bolster instead.

  1. Recruiters are in Haste – Scammers know that they do not offer you anything with value. And because you do not know it or doubt about it, they do not want to give you time to think about it. So to avoid that you’ll do in-depth research, they will be pushy. And to rid-off annoyance, you will sign up only to regret it in the end.
  1. Buy More to Earn More – This usually happen in “networking company” scams. They will sell you products that are hard to sell. When you realize that it is difficult to dispose your inventory, you have no resort but to recruit people to earn from their recruitment commissions. The problem with this thing is that, essentially no company will survive without a product being sold and bought. Earning money due to recruitment is a tell-tale sign of a company waiting to collapse. Here’s more, according to RA 5601 or otherwise known as Anti-Pyramiding Law, the SEC requires all MLM (Multi-Level Marketing Company) to not engage in Pyramiding Scheme. This means that total worth of products given back to members of the MLM must not go lower than 73% of the total capital shelled out by the member. Example, if your registration for a food supplement MLM company is P 10,000 the stocks you must receive should be worth not under P 7,300.00
  1. Recruiting Members to Earn – Now I really, really want you to get this so please read very carefully. If you were asked to recruit so you will be compensated, then you have all the right to doubt. Here’s why. According to the Securities and Exchange Commission (SEC) when a company registered to them as a corporation collects “membership fee” to compensate uplines and representatives and relies on the circulating membership (not on products sold), in effect that company are collecting securities or investment amount. Any company in the Philippines that sells securities or collects investment is defined as an “Investment Company” and because they will fall within that category, they are bound by law to secure a Secondary License (as per SRC RULE 68, AS AMENDED) from the SEC (Securities and Exchange Commission). If they fail to do so, then you are dealing with an unregistered company thereby making their offer null and illegal.
  1. Use the Rule of 72 – According to investopedia, “It is a rule stating that in order for you to find the number of years required to double your money at a given interest rate, you divide the compound return into 72. The result is the approximate number of years that it will take for your investment to grow”. How do you use this rule in your investment? If someone approaches you and says “ I will double your money in two years….” That simply means 72/2=36. Hence, using this formula, you know that your money will grow 36% per year. Although this is possible, this is also very ambitious. Remember risk-reward trade off, the higher the return the higher the risk. So if your heart is not prepared to take on high risk investments, this is not for you. The problem happens when representatives in these so called companies promised you that guaranteed return with NO RISK AT ALL. Quite frankly, a company without proven track record to provide that high return is a scam. Too good to be true as they say.
  1. Do your Homework and Research – We are in the information age so looking for information is easy. If you have any doubts about an investment opportunity or any networking company, you may check Securities and Exchanges Commission’s advisories. In their website you may be surprised to know that it houses a long list of companies who may have engaged into unfair investment practices. Always exercise due diligence so as not to be duped by shark-like scammers hungry to get hold of your hard-earned money.

P.S. I hope you learn something new. If you think this is helpful, please share.

P.S. 2. Please join our group in Facebook called Pagadian City Stocks Network

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Just recently I encountered a problem with Paypal.  For those of you who normally do some internet purchases and banking know what I am talking about. In cases when you cannot access your online account such as this, you definitely experience some deep-trodden worries since you are dealing about money.

To be fair, I never had any problem with Paypal since. In fact, they have really been very prompt in transferring money to my bank account ready to be withdrawn. That is why you can just imagine my panic when a sudden problem such this happened to me. Because, really; when you talk about money online – you really do not have anyone to talk to but to hope that their customer service doesn’t sucks and gives you a very good response.

The situation goes like this…

I opened my Paypal account year 2010 and from then on I have been constantly receiving payments from my clients abroad (I run a telemarketing firm btw- in the Philippines). My job and my business will tell you that I have experienced almost all type of email customer service, and to tell you quite frankly, I am not at all satisfied with the way how most email customer service addresses concerns. That is why sometimes I’d go an extra mile of “bulleting” or numbering my concerns to really, really get my point come across so that we do not have to wait about 24 hours for every email correspondence. I am sure you know what I am talking about. It is just frustrating.

Well anyways, going back to the story; I request for a withdrawal last March 14, 2013 and I kept going back to the bank to withdraw the money in vain. Normally Paypal can swiftly get the transaction done for just 2 business days. Until on the seventh day I have already figured out that something went wrong. I emailed Paypal right away and thankfully got a response from them. To my surprise, they told me that my Paypal no longer match with my bank information hence the cause of delay. As far as I can remember I have never touched anything in my account and been using it in years. Paypal reverse the process and I was reimbursed with the money they are supposed to charge whenever your bank refuses to process your withdrawal due to irregularities of your information. In other words, your Paypal details no longer match with your records in your bank (this happens due to your bank’s change of policy).

I am writing this post to honor 2 wonderful people who helped me in my case. Often, these people we know virtually are not being complimented for a job well done. Well in my case, I’d like to give them a special mention and a shootout though I do not know them personally. Just my simple way of showing gratitude.

My case was handled by Faia and Dave but I’d like to use Dave as an example here.

Here’s an example of an email sent to me by Dave of paypal.

Dear Moli, Jay

          Good day. I am Dave from PayPal Customer Support. I received your email and I’m happy to assist you today.

          I understand that you wanted to make sure about your bank account information for your withdrawal. No worries about this Jay, I will definitely help you out with this. It’s a good news for us Jay that the response of the previous representative met you’re expectations. That is the goal of PayPal.

          After an extensive review on your account, I can see that you want to remove your bank account information and re-add it as per previous rep.

Here’s how to remove your bank account:

  1. Go to www.paypal.com and log in to your account.
  2. Click Profile near the top of the page.
  3. Click Bank Accounts under ‘Financial Information.’
  4. Select the bank account you want to remove and click Remove.
  5. Review the account information, and then click Remove.

           Here’s how to add the bank account with your new name to your PayPal account:

  1. Click Profile near the top of the page.
  2. Click Bank Accounts under ‘Financial Information.’
  3. Click Add.
  4. Enter your bank’s information.
  5. Review the account information and click Add Bank Account to add your bank account.

           I’ll be glad to hear from you if you need clarification and I will do my best to give you immediate answers.

           Thank you for choosing PayPal.

          Sincerely,

          Dave

          PayPal, an eBay Company

Notice how Dave formulated his email.

Dave started it with a strong greeting.

  1. Showed empathy in the beginning of his email by saying that he is happy to serve me.
  2. Notice that he never failed to mention my name always (this to me gives some personal touch to the message by eliminating the stiffness or tone of a generic customer service email).
  3. Dave assured me that he did something before advising what action to take (by saying that he did an “extensive review” of my case).
  4. Since I “bulleted” what I want to know, he also gave me back with a step-by-step instruction of what to do.
  5. Dave guaranteed me that he is still willing to help me in case my problem still persists.

This may be a simple case but I think this is outstanding customer service. They are hard to find today since most companies online would just formulate written responses that customer service associates would copy and paste thus, eliminating the personal touch and genuineness of the response and would sometimes make you feel like you are messaging a machine.

Now I am awaiting for my money in the bank.

Thank you Faia and Dave.

If you own an online company; please, please learn a lesson from this.