Can’t you guys just leave us alone???
Hey, I get it – you have PCI, SAQ, EMV and probably more government agencies than you can count in your business in some way or another. Big Brother is watching what you do and how you do it.
The current favorite government regulated compliance flavor that pertains to the majority of you entrepreneurs is UDAAP (Unfair, Deceptive or Abusive Acts or Practices). There are numerous articles all over the internet regarding UDAAP, so I am not going to go into these formal descriptions. Do take a few minutes and look it up, it is to your benefit to know and understand what it means and how it affects you.
Today I thought I would just share what it does take to be left alone to get on with your business and stay under that UDAAP radar – and as you are probably very well aware – nowadays it does take way more than it used to. Here are some recommended “Only Practices” as opposed to “Best Practices” –
- Do not deceive your customers or treat them unfair. Disclose all the costs, the conditions and the terms relating to your product or service. No surprise for the customer means less surprises for you when it turns out your customer was an undercover regulator shopper.
- Do what you say you will do, and if you won’t do it, make sure that is known. NO One says you have to give away the store; give everyone double their money back; or give them a 250% discount if they find another one at a cheaper price just like it some place else. Just make sure you make your practices or way of doing business known, for example; you break it you buy it; I don’t give refunds; the price is the price it is; if you don’t like it, well I get it, you don’t like it.
- Be honest and fair with your pricing – not every one of your customers out there is the sharpest pencil in the box, most are just average guys trying to make it go right. Don’t overcharge or take advantage just because you can – give a good product for a fair price.
- Advertise your business and your product(s) straightforward and above board. Don’t make claims that are not true, don’t say it will do what it won’t and don’t say it is certified, registered, scientifically tested or foolproof if it isn’t.
That my friends will help keep you off that regulatory UDAAP Chopping Block!
Here at UMS Banking it is a very important part of our business to make sure you are conducting your business in a legal and lawful manner. We regularly monitor how you do business and we thank you for playing it safe and being one of the good guys!
Chief Compliance Officer