Diddo...I have been using paypal for years and have a business account. In the beginning I may go months only collenting 30-100 a month, then I may have a month of 3-4000 then back down to 500. I have been all over the place as far as volume is concerned. SO I can attest that that is not a PayPal issue.
Youre looking at the source. They tried to steal $23,600 from my account. After about 30 emails and 15 usless phonecalls to management. I finally filed motions for a lawsuit against paypal to release the funds. As I stated in a previous post its not If you will have a problem its WHEN?
You can go years without any problems. Remember there are millions of members. It may take a while for a problem to arise and for them to flag your account.
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Over 30,000 people have been victimized by paypal. And every single one complain about the same runaround phonecalls with usless email responses 5 days later.
5 Supreme court judges all stated that paypals useragreement was designed for the interests of paypal and not its members. They even stated clearly that paypals claim of account security, seller and buyer security are completely non existant.
Try reading paypals seller protection policy line for line.
Easy, right?! Make sure to check every payment you get!
# Seller must ship to the address listed on the Transaction Details page.
# Seller must ship to the confirmed address listed on the Transaction Details page. Be sure to make sure it's confirmed, just being listed is not good enough.
# The confirmed Address must be the address at which the buyer receives their credit card statements, or an address of the buyer which PayPal has confirmed outside the credit card system. Of course you as the seller have no idea how to verify this, but you have to do it anyway to be covered under the SPP.
# Seller must get signature of buyer, (if value is over $250) at the confirmed address that matches address shown on transaction detail page, and is at the same address that the buyer receives their credit card statement and the signature must be of buyer/paypal account holder.
So the UPS and Fedex 'driver release' will not cut it. Having grandma sign for it won't cut it. You must send it restricted delivery, to the addressee only and that addressee has to be the paypal account holder, and it has to be confirmed by paypal and it has to be confirmed to be the address that the account holder recieves their credit card bill.
# You must send the item within 7 days of payment. Send it on day 8, and you lose.
# Seller must have tracking that shows address shipped to, and it must match the confirmed address listed on the transaction detail page. But wait... that's impossible. No shipper shows the address shipped to. It only shows the city and state.
# The tracking number verification must be available online, and it must show the ship to address and it must match the paypal account holder, and it has to be confirmed by paypal and it has to be confirmed to be the address that the account holder recieves their credit card bill. Again, no shipping company provides the address via their online tracking. (Probably due to privacy issues.) They only provide the state and city. So it's impossible to comply with this condition of the PayPal SPP, thus the seller protection policy is a farce! Now you know why someone at PayPal made the comment, 'too strong I think given the limited ability to comply with SPP.' Because no matter how hard you try to comply, it can't be done!
# You must reply to paypals requests within 7, or as few as 3, days. If you miss it by one day, you lose.
If any one of these conditions are not meet, you lose! How many items have you shipped that meet everyone of these requirements? None! You can't, because UPS, Fedex and the Post Office, do not show the ship to address in their online tracking report! And even if they did, you have to send it restricted delivery to the account holders name.
Now you know why PayPal's own employee admitted their users have a 'limited ability' to comply with the SPP! But wait, there's more! Now that you know PayPal's SPP is designed to be impossible to comply with
This is exactly why paypal lost a milti million dollar federal class action lawsuit. And more are being filed as we speak.
And paypal is not FDIC approved as the FDIC does not recognize paypal as a legitimate financial institution. Its like leaving your future in the hands of a thug bookie.
You think you have control over your money or your transactions. You dont. When a Buyer files a dispute your money is immediatley held. A merchant account does not do this. If paypal thinks a transaction is suspicious they freeze your whole account. If a chargeback is filed paypal literally does nothing.
When I used paypal I had 3 chargebacks on items I had tracking numbers on. The chargebacks went through anyways.
With my merchant account i have had 2 chargebacks that did not go through after I supplied FedEx Insight documents to my merchant company.
I could go all day with this subject. Paypal is a monster plain and simple. And they are fed by ebay.
Did you notice when ebay did thier so called 33% decrease in seller fees that paypals rates went up?
I have also saved a small fortune in transaction fees since I went to a real merchant account.
For a buyer they are good, For a small seller the risks are not high. But when your a big seller your taking a very high risk putting your funds in the hands of paypal. My recomendation is to never leave more then a few hundred in your account if you continue to use paypal..
You want substantial evidence. Type in ' paypal rippoff' in google. 118,000 items come up.
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10,000 reports and growing.
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Almost every single consumer advocacy group has hundreds to thousands of complaints against paypal.
And almost every complaint reason is the same.
Yes you might think me rash. But after 4 years and 3,900 transactions with paypal I finally learned why there were so many complaints on them I used to stand up for them too. Untill they GOT ME !!
Paypal will diamond stud every thing they can to get members. The interest rate you can get on your funds with the money market program. But think about this folks. Your paying higher fees then a real company with a real merchant account. Oh yeah you get 1% cashback on every pruchase you make with thier debit card. You didnt notice they take 1.8% more per transaction then any other merchant provider? They are getting thier money out of you and wether or not you like it they can take it ALL.
And in October 2007 thier fees increased again.
2.9-3.4% + $0.30 USD It used to be 2.9% and .20USD
My merchant account charges 1.8%