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Thread: NEW Rpoints re-launch: Rpoints under new management

  1. #11
    Contributor 66upton
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    I wonder if the censorship of quoting other Cashback sites will be lifted.

  2. #12
    Super Moderator Janine@Rpoints is a glorious beacon of light Janine@Rpoints is a glorious beacon of light Janine@Rpoints is a glorious beacon of light Janine@Rpoints is a glorious beacon of light Janine@Rpoints is a glorious beacon of light
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    Quote Originally Posted by 66upton
    I wonder if the censorship of quoting other Cashback sites will be lifted.
    Thanks for the suggestion.
    We will consider this after the relaunch and everything is running smoothly. Its a tricky one though as it will get really hard and resource intensive to police. Perhaps we can consider to allow this only for regular contributors with certain statuses. No decision has been made yet on this though.
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  3. #13
    Expert colsey is just really nice colsey is just really nice colsey is just really nice colsey is just really nice colsey is just really nice
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    please explain how the ring fencing and how it would of applied to the old rpoints if such a policy had been adopted by the old owners and how our funds would be protected.
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  4. #14
    Contributor WarlockUK
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    That explains why there are about four posts here per day these days... I used to come here all the time, too. If there's a re-launch then I may be back daily once again

  5. #15
    Super Moderator Janine@Rpoints is a glorious beacon of light Janine@Rpoints is a glorious beacon of light Janine@Rpoints is a glorious beacon of light Janine@Rpoints is a glorious beacon of light Janine@Rpoints is a glorious beacon of light
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    Quote Originally Posted by colsey
    please explain how the ring fencing
    We will be making more detailed annoucement on this close to launch. But essentially money owed to members will be sitting in a separate bank account, untouched for other company expenses. This separate "client account" will be auditable.

    Its to do with how people calculate profit. Cashback sites can account in the following ways..

    Scenario 1

    Monthly income minus monthly member payments = profit. profit gets spent. This scenario relies on month to month revenue to fund member payments that month.

    Scenario 2

    Monthly income minus monthly member payment = is NOT profit. From what is left after paying members money is put aside for "potential member liability" for unclaimed cashback, money rolled over to next month etc.

    Ring-fencing is taking scenario 2 even further, by keeping "potential member liability" money safe in a separate bank account. We already do this for some other sites of ours and run multiple bank accounts. Our auditors monitor the ringfenced "holding" accounts which are also externally auditable.

    Quote Originally Posted by colsey
    how it would of applied to the old rpoints if such a policy had been adopted by the old owners and how our funds would be protected.
    If they had done that, the unclaimed money owed to members would have been sitting safely in a separate bank account. If the company could not run the sites anymore or went into trouble, at least they would have been able to pay the members before going down.
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  6. #16
    Rpoints Elite One Eyed Snake is a jewel in the rough One Eyed Snake is a jewel in the rough One Eyed Snake is a jewel in the rough
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    The claim we should come back because your cashback is "ring fenced" seems to be a suggestion that all money owed to members is safe come what may, and in the event of you going down the pan we'd get paid in full even though other creditors would lose out.

    But telling us the way you'll do that is you will keep it in a "separate bank account" doesn't mean that at all. Will this bank account be outside the grasp of creditors if you go bust? If so, how?

    And why wouldn't the money be paid out when you get it, not kept in a separate bank account?

    And your 2 scenarios of how cashback companies do their accounts seems to be mixing up profit/loss accounting and cash flow!

  7. #17
    Contributor parchedpea will become famous soon enough
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    How about an 'auto withdraw to BACS' option that members can set up to run however frequently they like.

    It could withdraw a specified amount, a percentage, or the full balance at a set time (once a month, once every six months) so that people can set and forget their withdrawawl options.

    Might have helped some of those who took their eye off the ball at OLDRpoints and got stuck with funds in.

  8. #18
    Contributor pabenny
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    Quote Originally Posted by One Eyed Snake
    And your 2 scenarios of how cashback companies do their accounts seems to be mixing up profit/loss accounting and cash flow!
    Agreed. The two scenarios do mix cash and profit – but possibly that is exactly what goes on in some cashback operators.

    Bernie Madoff – and long before him, Charles Ponzi – ran investment operations and used new investors’ deposits to pay interest to earlier investors. Eventually, their operations fell over because the supply of new funds was not enough to pay earlier commitments.

    I have often wondered how 100% payers cover their running costs, especially those who do not charge a fee. I suspect that some cashback operators are running a Ponzi-type operation where new cashback cashflow funds member payouts and running costs, and there would be nothing in the kitty if every member cashed-out. (No fingers being pointed here, not even at oldrpoints).
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  9. #19
    Super Moderator Janine@Rpoints is a glorious beacon of light Janine@Rpoints is a glorious beacon of light Janine@Rpoints is a glorious beacon of light Janine@Rpoints is a glorious beacon of light Janine@Rpoints is a glorious beacon of light
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    @oneeyedsnake

    I am not an accountant, but was trying to explain the concept behind it. As I mentioned before, a more detailed explanation will be given when we announce the ring-fencing. Re the bank account - you may be aware of "client" accounts which solicitors etc operate - the money owed to their clients sits there. This is a bit like this.

    We already do this for major organisations - so its tried and tested.

    @parchedpea thanks for the constructive suggestion. Auto withdrawal by BACS could work very well indeed.
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  10. #20
    Contributor rayf will become famous soon enough rayf will become famous soon enough
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    My two tips for the NewRPoints (wonder if they're worth anything?):

    1. Keep it simple.

    2. To give yourself a good starting clientbase, why not give all of the existing/old members an extra incentive? e.g. an extra £5 when the cash back reaches £5. Or 50% extra on all points for the first year? Or both? Or something else attractive!

    Hope this is useful.


 

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