PayPal may be going through some major trouble.

walkingupwards · #1 01-11-2021

eBay was supposedly the main blood vessel to PayPal, right? I am damn sure they are whining after that gold well dried up on them.

Have you heard about their recent behavior on confiscating people money for AUP violations?!! This company is absolutely going nuts, I have heard a lot of horror stories when it comes to financial institutions such as temporary holds for no reason...etc, but this is the 1st time a comapny has gone that deep.

They are literally robbing accounts without ever giving the user a detailed explanation on why they decided to keep 30, 40, 70 or 400k.

Imagine your bank sending you a letter today and saying we decided to close your account because you violated our Accepted User Policy, we will not be able to share with you further details and ooh by the way, we also decided to keep your 500,000$ so get lost (This is exactly what is happening RIGHT NOW with PayPal).

Do you think this will start happening with eBay/Adyen in the future?

ebaywanton · #2 01-11-2021

Most certainly, ebay becomes more corrupt by the day. Make the most of it for now because ebay isn't a reliable income source anymore with MP...

alamking · #3 01-12-2021

Both eBay and Paypal are dog sht companies. eBay with their MP bullsht will soon be holding funds from banned accounts indefinitely. They have probably seen how much Paypal were able to rake in with free money from abandoned limited accounts. We're taliking millions upon millions here.
Im just going to rinse this last year on PP stealths with eBay for one last year this year and il be done for good and i can focus on a career in a sector related to my degree. Ive saved a fat chunk of cash from eBay and will be investing it.. so wont be finished with business totally

walkingupwards · #4 01-12-2021

But I don't think eBay will start banning accounts for no reason just to get the money, for that to work there should be some kind of collusion between Adyen and eBay... I don't think Adyen would risk stealing money from people as they are not really that big of a company yet.

To be honest, I think PayPal pulled this $hit only because they are suffering financially and need to cover their as$.

I would be truly surprised if eBay ever pulls such a fraud, they are so desperate for new sellers and freezing accounts for no reason will spread like fire among seller communities.

Hank · #5 01-12-2021

Not all, but a very large proportion of the money paypal have 'stolen' is from users who genuine have acted against their AUP, indeed many such users can probably be easily described as crooks.

Paypal know this and know there is nobody to fight their corner. Some would say that they're playing the crooks at their own game.

My question would be 'what are they doing with this money' in the same vein as when Amazon withhold funds. The administrative cost argument is clearly a weak one for larger sums and if they suspect it is from the proceeds of crime, IP infringements for example, shouldn't it belong to the Rights Holder or the authorities?

One thing is for sure, Paypal (and Amazon) will have run this past their very best lawyers and have been advised they are good to go.

mrstealth99 · #6 01-12-2021

The problem is they have us by the BALLS! So does Amazon. They have the traffic we need to sell our crap so we need them. Unfortunately, neither company gives a **** about us as small sellers, they claim they do, but the reality is the only ones they care about are the big sellers and THE BUYERS! always have, always will. And now with the buyer protection and 100% customer satisfaction bull**** we as sellers are the one's paying the price (and dealing with the scammers as well).

walkingupwards · #7 01-12-2021

The problem is the law and nothing else. Fortunately they are not pulling this crap in the EU.

phaz0rz · #8 01-12-2021

I think Paypal is doing fine. They are trying to rebrand themselves as a real payment processor, as they've been trying to do since eBay and Paypal officially became two different companies again a few years ago. A lot of their negative reputation in the past was due to how easy it was to abuse their platform and scam people. They're now discouraging that kind of activity by robbing the shady merchants who took advantage of them in the past. I see what they're doing RE: AUP as the only possible way they have of cleaning up the platform. People aren't likely to continue using Paypal for their money laundering activity (or whatever) after have a 5 digit amount stolen from them.

In most of the world the laws are far from being caught up to the e-commerce realm. There is nothing to stop Paypal from doing what they're doing since it's technically "legal" as long as it's in the TOS. The internet gets more regulated every month but online selling is still basically the wild west. Paypal and the other "big-tech" companies want complete control and that's what they are gearing up for currently.

Stock price is usually a pretty good indication of how well a company is performing and Paypal's stock is at a record high. That means less this year than it normally would considering the massive amounts of money that have been injected into the stock market to keep it afloat, but still, I think they'll make it.

walkingupwards · #9 01-12-2021

I first read about their AUP a couple days ago, but I just found a post on Aspkin about PP AUP dating back to 2010!!!

This is not new at all, I think they drafted this policy to enable themselves to steal money from offending accounts. They know people can't sue them and probably won't go to arbitration over this as well.

yankee · #10 01-12-2021

Quote:

Originally Posted by walkingupwards

I first read about their AUP a couple days ago, but I just found a post on Aspkin about PP AUP dating back to 2010!!!

Yes, it is nothing new. The general census is that Paypal does this to people selling very risky OR dangerous goods. Pills for example. Knock off cosmetics, smutt etc.

james13v · #11 01-12-2021

Quote:

Originally Posted by phaz0rz

I think Paypal is doing fine. They are trying to rebrand themselves as a real payment processor, as they've been trying to do since eBay and Paypal officially became two different companies again a few years ago. A lot of their negative reputation in the past was due to how easy it was to abuse their platform and scam people. They're now discouraging that kind of activity by robbing the shady merchants who took advantage of them in the past. I see what they're doing RE: AUP as the only possible way they have of cleaning up the platform. People aren't likely to continue using Paypal for their money laundering activity (or whatever) after have a 5 digit amount stolen from them.

In most of the world the laws are far from being caught up to the e-commerce realm. There is nothing to stop Paypal from doing what they're doing since it's technically "legal" as long as it's in the TOS. The internet gets more regulated every month but online selling is still basically the wild west. Paypal and the other "big-tech" companies want complete control and that's what they are gearing up for currently.

Stock price is usually a pretty good indication of how well a company is performing and Paypal's stock is at a record high. That means less this year than it normally would considering the massive amounts of money that have been injected into the stock market to keep it afloat, but still, I think they'll make it.

The entire stock market is at record high tho... Even before this year.

ebaystealth1974 · #12 01-13-2021

Quote:

Originally Posted by walkingupwards

eBay was supposedly the main blood vessel to PayPal, right?

Not even close. About 11% of PP's revenue was from eB.

ebaystealth1974 · #13 01-13-2021

Quote:

Originally Posted by walkingupwards

To be honest, I think PayPal pulled this $hit only because they are suffering financially and need to cover their as$.

Again, you're wrong. PP is still killing it.