PayPal'ers Beware

[Simon Templar]

Have just recently run across this.....

http://paypalwarning.com/

An associate has just recently run afoul of some this firsthand.


Certainly food for thought!



....sT

[johnnyapollo]

Site has been up for a while. If you look at the dates of most of the postings, they are from 2001. The site was put up by a few disgruntled eBay sellers who had problems with PayPal back then. Most of the "bugs" have been ironed out now. Of course it's still easy to get in trouble. There are two things I always suggest to people that use PayPal:

1. When buying, always us a credit card. Do not be tempted by that stupid message about loosing your eligibility for winning their random drawing for $$. I've never heard of anyone winning, and by choosing a credit card you can always dispute a charge with your cc company up to 60 days. PayPal requries disputes to be made within 30 days, making them much more seller-centric rather than buyer-centric. Also, your cc will pretty much put those funds in "stasis" while the dispute is being hancled - meaning no interest charges - so the "side effects" are much less.

2. If you are selling, have your account automatically swept to deposit funds into your bank account on a daily basis. No charge for this, and it's very difficult for them to get back the $$ once it's out of their system. This will also limit your exposure to one of their account freezes. They don't make doing this very easy (ability is buried several levels deep).

PayPal used to have great customer service, with a call center of about 100 to answer customer calls. They continued to reduce the number as they were forced to get their expenses down. I believe the call-center pretty much ended when eBay took them over.

In case you were wondering I was and still am a huge fan of the company. I was one of the first 100 to sign up for PayPal, and at one point we flew out and talked to PayPal about acquisition (they were considering acquiring our company when they were building out selling-tools for eBay). We declined when we heard the offer.


-- John

[edyavno]

I agree with John, if you use the protective mesures, it's the best way for individuals to send payments over the net, and I use it quite often.
However, paypal does have some inherent problems due to the lack of regulation which users should be aware of.

Here's a more updated site, with some more details:
http://www.paypalsucks.com

[WormGod]

I was actually the victim of PayPal gone bad once. I had $80 in my PayPal account and it just disappeared. They told me they had NO RECORD of me ever even having an account with them. I was S.O.L.

So, I will never use their services again. That's my luck though. Nothing new.

[Simon Templar]

Posted by johnnyapollo
Site has been up for a while. If you look at the dates of most of the postings, they are from 2001.

'Most' ....not all. Several presently active law suits, both private civil litigation as well as Class-Action motions.

As stated, I've an associate who has been a recent victim.



Caveat emptor! If you like the site and the company...by all means, pony up all your financial information to them. Wouldn't dream of stopping you.

Myself, I can find alternatives that I am more comfortable with.


....sT


PS -- Some other reading on the matter....