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So Long Paypal…

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I don’t particularly like ranting and I don’t usually like to talk bad about reputable businesses but my last experience with PayPal deserves to be shared with as many people as possible.

PayPal may make it simple to accept and send payments online as well as giving you several options for withdrawing funds. Don’t let all this simplicity fool you. The fact remains, PayPal is not a bank and your money is not safe with PayPal.

Just yesterday I received an e-mail from PayPal to inform me that my account has been closed ???? What ??? This account has $700.00 of my money in it. Why has it been closed ? Well, PayPal in their e-mail to me says that they suspect that my account may be linked with another PayPal account that has violated their Acceptable Use Policy. Again, what does this have to do with me and my PayPal account ?? Yup, you guessed it, nothing at all.

The e-mail also stated that if there are any funds in the account that PayPal has the right to hold these funds for up to 180 days, that’s 6 months by the way, at which time they will decide if the funds will be released at which point they will issue a wire transfer or send a check. A bank would never do this to you.

It gets better. Supposedly the account that they say has violated the Acceptable Use Policy is in the negative, so after a long conversation with 3 different people at PayPal, they tell me that after the 180 day waiting period, my money may be applied to the account with the negative balance. What ???

I asked them for the persons name that was responsible for making the determination that my account is linked to an account that has violated their policies, they said that they don’t have this information. I then asked them what I need to do to straighten things out, they replied with, “Sir, there is nothing you can do, you just have to wait 180 days”. I then asked if there was anything they could do and they replied, “Sir, there is nothing anyone at PayPal can do”. So I asked, Is there no one at PayPal that has the power to do anything ? The CEO ? Anyone ? to which they replied, “No, Sir, There is no one.” That’s not the entire conversation. As you can probably imagine there were a few more choice word said. All in all the call lasted about 2 hours between being on hold and being transferred around the PayPal cult ring.

I’m done with PayPal, there are plenty of other, real merchants that do not hold your money.

Think about the amount of money PayPal makes, well now its all eBay. So lets do a walkthrough.

  1. You List Something on eBay, they receive an insertion fee, picture fee, etc…
  2. Whatever you listed, sold. eBay receives a final sell value fee.
  3. You are paid to your PayPal account, PayPal receives a percentage.

On top of all that, if its a suspicious transaction, ie ( high dollar item, electronics, etc… ) PayPal may decide to hold the funds so they can investigate. This has taken as long as 3 weeks.

As an example, lets suppose you sell a Mac Pro for $2000.00 ( high value item, and electronics ) so chances are PayPal will investigate. Being that its a Mac Pro, ( Heavy ), you might estimate shipping to be about $100.00 within the US.

So great, you think ok I sold it for $2000, + $100 shipping, $2100.00 in my PayPal account, I’ll ship it out the next day, but wait, PayPal put a hold on the funds because it is a high risk item so you don’t have $2100.00 in your account, you have whatever you had before you sold the item, which might be $0.00

So now you have to wait for PayPal to release the funds so you have enough money to ship the item, in the mean time you try to explain this to the buyer, they get angry and frustrated over something that you have no control over.

By the time you’re done, are you really making any money or would you have been better off just having a yard sale once a week ?

Like I said there are many other merchants that you can sign up with that will treat you with a little more respect and better customer service.

My advice to you is that, if you have a PayPal account and you sell anything or receive any amount of money that you do not want to lose, then take it out the minute you receive it.

If you have been a victim to PayPal or feel like you have been ripped off, post a comment and share your story with the rest of the readers.

eBay and PayPal can go to hell. I will no longer be selling anything

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Comments

4 Responses to “So Long Paypal…”
  1. john says:

    what you think of amazon? they have an alternate service to paypals and I’ve seen a few people gravitate towards that one since paypal is so messed up. I’ve used it recently and it seems great. they charge less fees and seem much more appropriate.

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  2. Chris says:

    I haven’t tried Amazon yet, I’m currently using google checkout, that seems to work pretty well, its more geared towards e-commerce sites, but it works well.

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  3. Roger says:

    I tried to donate on the isox360 website but got an error.
    Are you planning on new ways for donation?

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  4. Chris says:

    Roger,

    Yes I am working on a new donation system, paypal isn’t going to work anymore.

    Thanks for trying to donate

    Chris

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