Paypal to withhold 10% for 60 days!!!

As of today, I still haven't been a victim of this. On any account.

[SaiJin]

Don't you think that that's illegal to do of Paypal? I bet people will start sueing them again... and win AGAIN

[inverser]

Because PayPal isn't a bank they don't adhere to laws that would prevent this kind of BS from happening.

[Ebay_Victim]

Originally Posted by sowhat

That is just sad.

Really, really, sad that we individual sellers manage our money better than a huge company. Instead of getting mad, we should actually feel sorry for them that they have to lie, cheat, and steal just to stay in business.

Sort of reminds me of that "friend" we all had growing up who always stole from everyone. They figured they could steal from you cause you wouldn't miss it or you could get more.

They should just slap a giant monthly fee on everyone instead of nickel and dime-ing everyone to death. If they would just come out and be UP FRONT about the fees they really want to charge and get it all at once, rather than STEALING it out of peoples accounts, people wouldn't have a problem. Paypal's house is clearly built upon sand.

Not trying to turn this into a church sermon, but Paypal needs to go back to Sunday School and re-learn the song that went like this:


The wise man built his house upon the rock

And the rain came tumbling down


Oh, the rain came down

And the floods came up

The rain came down

And the floods came up

And the wise man's house stood firm.


The foolish man built his house upon the sand

And the rain came tumbling down


Oh, the rain came down

And the floods came up

The rain came down

And the floods came up

And the foolish man's house went "splat!" [clap hands once]


So, build your house on the Lord Jesus Christ

Build your house on the Lord Jesus Christ

And the blessings will come down


Oh, the blessings come down

As your prayers go up

The blessings come down

As your prayers go up

So build your house on the Lord Jesus Christ.

Preaching isn't allowed on this site i believe.

[mantisinc]

Originally Posted by saijin

Don't you think that that's illegal to do of Paypal? I bet people will start sueing them again... and win AGAIN

It's perfectly within their rights.

[badebay]

I read that paypal have had so many losses due to chargebacks ? they also lost money last year? I cannot believe this story? either someone is porky pieing ? or there economical with the truth. They also state that fraud has cost them dearly? thats why there so paranoid? and squeeze allcomers.


President

Scott Thompson is President of PayPal with overall responsibility for growing the global leader in online payments. Succeeding Rajiv Dutta in 2008, Scott previously served as PayPal's Senior Vice President and Chief Technology Officer where he oversaw information technology, product development, and architecture for PayPal.

Prior to PayPal, Scott worked for Inovant, a subsidiary of Visa formed to oversee global technology for the organization. As Executive Vice President of Technology Solutions at Inovant, he was responsible for all development, support and maintenance of Visa's global payment system.

Scott was also Chief Information Officer of Barclays Global Investors, where he implemented a new strategic technology platform and global infrastructure. In addition, he has worked with Coopers and Lybrand, delivering information technology solutions to leading financial services clients such as Wells Fargo.

Scott received a Bachelor's Degree in Accounting and Computer Science from Stonehill College

If Paypal is taking a loss, then the statement in paragraph 2 (the global leader in online payments) would be invalid. Unless every other venue is losing even more than Paypal.

So, there's the contradiction. Either they are the leader, or they are taking a loss. To be the leader, they must be making a profit...

[doughboykilla]

I rather have %10 for 60 days then 21 day holds cause at least u get %90 of your cash up front as to waiting 21 days and chanceing loseing everything.

[roka]

when google auction will helpppp

[mine]

Originally Posted by vicvelcro

If Paypal is taking a loss, then the statement in paragraph 2 (the global leader in online payments) would be invalid. Unless every other venue is losing even more than Paypal.

So, there's the contradiction. Either they are the leader, or they are taking a loss. To be the leader, they must be making a profit...

It may be refering to number of transactions or members.

True. But then it is a false and misleading statistic. Very common practice, though.

A true determiner if something is 'the leading <whatever>' would be ratings based on profit (not revenue) or user satisfaction.

It seems Paypal fails for both.

[NotGoodEnuff]

It seems that PP makes up rules as it goes along. I have 2 new accounts - 1 started July 14 and 1 started on July 25. From the 1st account - they are holding my small transactions - $2.24. But, letting my other transactions - $10.99 - go through. On the 2nd, I have only sold 2 items - both $2.24 - no hold.

[NotGoodEnuff]

Yes, this is true! I have almost $100 sitting one of my PP because of that stupid 21 day hold.

Originally Posted by doughboykilla

I rather have %10 for 60 days then 21 day holds cause at least u get %90 of your cash up front as to waiting 21 days and chanceing loseing everything.

[DogFacedBoy]

Originally Posted by bizmanbob

Really?! When did they announce this?! I looked on the site and there is no notice of it. I called them and they said it was going to affect everyone, not just people selling in my category. They claim this is industry standard now. That is bull****! they cannot treat good customers this way! I can see for new people, but 6 years!!!

You've got to be kidding me! Do you really think they care?
Most of the people on ebay don't do enough business to justify the expense of maintaining a merchant account and since ebay restrains trade by not allowing any other small user friendly payment accepter...Paypal is your only choice. When there is no alternative or competition, there is no need for customer service...period

Their playground

Their ball

Their rules

[lumberjack]

well you can always use ccnow on ebay and they wont be suspending that account, OR have things changed since 2007? :P